Bhutan Sells $66M of Bitcoin Amidst Record High Prices

The Kingdom of Bhutan has cashed in on the recent Bitcoin surge, selling off a portion of its cryptocurrency holdings for a reported $66 million. This move comes as Bitcoin prices hit new highs, exceeding $71,000. While the sale represents a significant chunk of the country’s Bitcoin stash, Bhutan still holds a substantial amount of the cryptocurrency, estimated to be worth $886 million. Bhutan has been actively involved in Bitcoin mining and holding for over five years. The government’s decision to sell a portion of its holdings could be attributed to several factors, including the need to diversify its assets, fund national development projects, or capitalize on the current market rally. However, the exact reason behind the sale remains unclear.

The sale of Bitcoin by Bhutan could have implications for the cryptocurrency market. While the amount sold is significant, it represents only a small fraction of the total Bitcoin supply. However, with Bhutan holding a substantial amount of Bitcoin, further sales in the future could introduce more selling pressure on the market. The country’s recent Bitcoin sale highlights the growing adoption of cryptocurrencies by governments and institutions worldwide. As the cryptocurrency market continues to mature, it will be interesting to see how countries like Bhutan navigate their cryptocurrency holdings and utilize them for economic development.