Bhutan's national BTC holdings reach one-third of GDP, can BTC become the new global reserve darling?

As BTC embarks on a new upward cycle, national BTC "Pixiu" including Bhutan are reaping huge rewards. At the same time, as the attitude of major economies such as the United States towards BTC gradually turns positive and open, it is expected that more countries will list BTC as a national reserve asset in the future. (Synopsis: Bhutan mining BTC" Bit deer is deploying 23,000 Mining Rigs, estimated to mine 6 BTC per day) (Background supplement: National mining BTC) Bhutanese sovereign fund cooperation Bit fawn, 500 million magnesium bet on cryptocurrency mining) With a population of only 800,000 and more than 12,000 BTC, Bhutan, a small country located in the southern foothills of the Himalayas, has triggered global follow-up with its bold BTC betting strategy. As BTC embarks on a new upward cycle, national BTC "Pixiu" including Bhutan are reaping huge rewards. At the same time, as the attitude of major economies such as the United States towards BTC gradually turns positive and open, it is expected that more countries will list BTC as a national reserve asset in the future. With a size of more than $1.1 billion, Holdings got involved in BTCMining many years ago Bhutan is rapidly accumulating wealth through the BTCMining business and becoming an important player in the encryption market. According to Arkham, the Bhutanese government conducts mining through multiple mining pools such as AntPool, Braiins and Foundry. As of November 13, the Royal Government of Bhutan held 12,576 BTC worth more than $1.1 billion. In terms of the known size of government holdings, Bhutan is the fourth largest holder after the United States, China and the United Kingdom. This amount of holdings is quite staggering. Based on Bhutan's GDP of $2.89 billion in 2022, its BTC holdings are worth more than one-third of the country's GDP. In contrast, El Salvador, for example, with a population of 6.4 million, holds $500 million in BTC, accounting for less than 1.5% of its 2023 GDP of $34.02 billion. Unlike most governments that acquire BTC through asset seizure and other means, Bhutan's BTC comes from its active participation in BTCMining. PANews previously reported that Bhutan has one of the world's largest hydropower water reserves, creating a significant advantage for its participation in BTCMining. Bhutan is an "early entrant" who has been heavily deploying BTCMining for several years, and its government representatives have revealed that Bhutan started mining BTC "a few years ago as one of the early entrants with a BTC price of about $5,000." In 2023, Bhutan's investment arm, Druk Holding & Investments, joined hands with listed mining company Xiaolu to launch a $500 million encryptionMining fund, with the goal of using Bhutan's abundant hydropower to establish a 0-carbon encryptionMining base, and the construction of the mining data center is expected to be completed in the third quarter of 2024. Ujjwal Deep Dahal, CEO of Druk Holding & Investments, also explained that mining is the least risky way for Bhutan to participate in the encryption field, and the country will focus on BTCMining for now. The on-chain profile also confirms this. According to Arkham tracking data, Bhutan has been involved in the encryption space since at least February 2021. At that time, Bhutan received its first BTC from AntPool of 0.0267 BTC, which was worth about $1280 at the time, which may be Bhutan's first foray into BTCMining. Since then, Bhutan has begun to transfer some BTC to the exchange on a regular basis, especially since the second half of last year, Bhutan has deposited hundreds or even thousands of BTC into the trading platform almost every month. In addition to the mining business, Bhutan also has a large-scale funding exchange with several encryption platforms. According to public information, the total amount of encryption transactions between Bhutan and encryptions such as BlockFi, Celsius and Hodlnaut exceeds $800 million, covering a variety of encryption assets such as BTC, Ethereum and stablecoins. As the value of BTC continues to climb, more and more countries are beginning to follow and value this encryption asset, Bhutan and El Salvador are typical examples. In fact, in the past period, many countries around the world have had initiatives to include BTC in their national reserve assets. For example, President-elect Trump has promised to list BTC as a strategic reserve asset, and Trump's presidency and encryption-friendly U.S. politics have greatly increased the likelihood of realizing this idea. Venezuelan opposition leader María Corina Machado also proposed the creation of a national BTC reserve system in the second half of the year, saying that BTC is a "key component" in rebuilding Venezuela's economic and financial system, providing a "lifeline" for the Venezuelan people to bypass the government-controlled Exchange Rate. Hong Kong SAR Legislative Council member Wu Jiezhuang also tweeted a few months ago that BTC and Web3 are important nodes for global development and should encourage global common development. In the future, in the case of compliance, BTC can be considered as a national or regional strategic fiscal reserve. It is believed that the HKSAR Government will open up the market responsibly and gradually. It is worth mentioning that the country missed out on at least $1.5 billion in profits due to the sale of 50,000 BTC by the German government this summer. In October, BTC supporter Samson Mow was invited to speak at the German Bundestag to discuss issues related to BTC strategy at the national level and propose that Germany include its BTC holdings in its strategic reserves. Several leaders in the encryption industry have also predicted this trend. For example, Binance founder CZ predicts that many countries will use BTC as a reserve, including other cryptocurrencies; Bitcoin Magazine CEO David Bailey recently disclosed on social platforms that at least one sovereign country is actively acquiring BTC and has ranked among the top five holders; Dennis Porter, founder of the Satoshi Action Fund, recently said that he has received calls from 5 different countries about the BTC strategic reserve, asking him to draft regulations to establish the strategic BTC reserve. "Now, the success we have achieved through legislation in the United States can be exported to the rest of the world," he added. encryption analyst PlanB pointed out that from March 2025, Bhutan, Argentina, Dubai and other countries are expected to use BTC as legal tender, and from April, the United States will also launch BTC strategic reserves under the impetus of Trump. Other countries will follow, especially non-EU countries. Related reports "The happiest country" Bhutan secretly excavates BTC! Worth $5,000 to enter Mining to date Bhutanese sovereign fund Holdings "several million dollars" BTC, Ethereum! The happiest country targets Cryptocurrency CBDC|Bhutan cooperates with "Ripple CBDC solution" to experiment with Central Bank digital currency 〈Bhutan's national BTCHoldings reaches one-third of GDP, BTC can become a new favorite of global reserves? This article was first published in BlockTempo "Dynamic Trend - The Most Influential Block Chain News Media".