The Bhutan government recently transferred $63 million worth of Bitcoin to three wallets, significantly increasing its cryptocurrency holdings. One wallet alone now holds 600 BTC, valued at around $53 million. Bhutan has been mining Bitcoin since 2019, utilizing its rich hydroelectric resources. Currently, the country’s Bitcoin investments represent 30.7% of its GDP, which totaled $2.9 billion in 2023. While Bitcoin is the main focus, Bhutan also holds a small amount of other cryptocurrencies like Ether and LinqAI. Additionally, local governments are exploring the recognition of various digital assets as part of their strategic reserves, showing a growing interest in cryptocurrency among municipalities.
The Bhutan Government Expands Bitcoin Holdings
On March 24, the Bhutanese government made headlines by transferring $63 million worth of Bitcoin to three different wallets. According to data analyzed by Onchain Lens and reported by Arkham Intelligence, one of these wallets now contains 600 BTC, equivalent to about $53 million.
Bhutan has been strategically mining Bitcoin since 2019, leveraging its rich hydroelectric resources. The government’s investment arm, Druk Holdings, had its first wallet identified last year. As of now, this wallet alone holds nearly $889.9 million in Bitcoin assets.
Recent statistics reveal that Bhutan’s cryptocurrency investments make up a significant portion of its economy, totaling around 30.7% of the country’s gross domestic product (GDP), which reached approximately $2.9 billion in 2023. Bhutan isn’t solely focusing on Bitcoin; it also holds smaller amounts of Ether and other digital currencies in its portfolio.
Governments Worldwide Embrace Cryptocurrency
Bhutan’s proactive approach to cryptocurrency reflects a growing trend among governments worldwide. More nations are recognizing Bitcoin and other digital assets as part of their strategic reserves. For instance, El Salvador has seen its Bitcoin holdings surge to around $100 million within the past year.
Additionally, local governments within Bhutan are also joining the cryptocurrency movement. In January 2025, the Gelephu Special Administrative Region announced plans to include various digital assets in its strategic reserve, highlighting the increasing acceptance and integration of cryptocurrencies into traditional financial systems.
As more governments explore the potential of cryptocurrencies, the landscape of global finance is poised for significant changes. The momentum of Bitcoin’s increasing adoption demonstrates its potential role as a financial asset, reshaping economic strategies worldwide.
Stay tuned for more updates on Bhutan’s cryptocurrency ventures and the broader implications of digital currencies in government finance.
What did the Bhutan government do with $63 million in Bitcoin?
The Bhutan government moved $63 million worth of Bitcoin to three different wallets. This is part of their strategy to manage their cryptocurrency investments.
Why is Bhutan investing in Bitcoin?
Bhutan sees Bitcoin as a way to diversify its investments and boost its economy. The government believes that Bitcoin could be a valuable asset for the future.
Where did Bhutan send the Bitcoin?
The Bitcoin was transferred to three separate wallets. This is likely to help with security and to manage the investment more effectively.
Is this the first time Bhutan has invested in Bitcoin?
No, Bhutan has been involved in cryptocurrency before. They have explored various digital currencies to understand their potential benefits for the country’s economy.
What happens next with the Bitcoin investment?
The Bhutan government will monitor the value and use of the Bitcoin. They may decide to hold it, sell it, or invest further depending on the Market conditions and their economic goals.