Bhutan transfers $ 63 million in Bitcoin: speculation about sales plans and the future of cryptocurrency

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Bhutan: Ein Pionier in der Bitcoin-Welt Bhutan ist eines der Länder mit den meisten Bitcoin (BTC) und hat sich als echter Vorreiter im Bereich der Kryptowährungen etabliert. Allerdings gibt es nur begrenzte Informationen über die Bitcoin-Operationen des Landes und dessen Strategie. Bitcoin-Transfers aus Bhutan Kürzlich hat die Regierung von Bhutan eine beträchtliche Menge an Bitcoin transferiert. Insgesamt wurden 721,46 BTC im Wert von 63 Millionen Dollar auf drei neue Kryptowallets überwiesen, wie Berichte von Onchain Lens zeigen. Diese Maßnahme weckt Spekulationen über einen möglichen Verkauf der Kryptowährung. Es entziehen sich jedoch die genauen Umstände und die Verbindung dieser Wallets zu …
Bhutan: A pioneer in the Bitcoin world Bhutan is one of the countries with the most Bitcoin (BTC) and has established itself as a real pioneer in the field of cryptocurrencies. However, there is only limited information about the country's Bitcoin operations and its strategy. Bitcoin transfers from Bhutan recently transferred the Bhutan government to a considerable amount of Bitcoin. A total of 721.46 BTC worth $ 63 million were transferred to three new cryptovallets, as reports by Onchain Lens show. This measure arouses speculations about a possible sale of cryptocurrency. However, the exact circumstances and the connection of these wallets… (Symbolbild/KNAT)

Bhutan: A pioneer in the Bitcoin world

bhutan is one of the countries with the most Bitcoin (BTC) and has established itself as a real pioneer in the field of cryptocurrencies. However, there is only limited information about the country's Bitcoin operations and its strategy.

Bitcoin transfers from Bhutan

Recently, the BHUTAN government has transferred a considerable amount of Bitcoin. A total of 721.46 BTC worth $ 63 million were transferred to three new cryptovallets, as reports by Onchain Lens show. This measure arouses speculations about a possible sale of cryptocurrency. However, the exact circumstances and the connection of these wallets to crypto borns of our knowledge.

This is not the first transfer of this kind: According to the data from Arkham Intelligence, Bhutan has already sent millions of dollars in Bitcoin to different addresses in the past few months.

The Bhutan's Bitcoin strategy

Bhutan has been active in Bitcoin mining since 2019 and initially invested $ 1.1 million in computer chips when the Bitcoin course was still about $ 5,000. The government's mining operation is operated by hydropower plants, whereby the exact scope of the operation has so far remained unclear.

According to Bitcoin Treasuries, BHUTAN has around 10,070 BTC, which corresponds to around 30 % of the country's gross domestic product (GDP). However, there is a lack of transparency regarding the Bitcoin stock, which is why different numbers circulate. However, it can be seen that Bhutan does not only rely on Bitcoin as a reserve; Other cryptocurrencies are also part of the portfolio of the State Investment Society Druk Holdings.

Effects on the Bitcoin course

with sixth place among the countries with the largest Bitcoin stocks, Bhutan has a limited influence on the Bitcoin course. The sale of a few hundred BTC is expected to have no significant effects on the price of cryptocurrency. Nevertheless, the Bhutanian government indirectly contributes to the general acceptance and spread of Bitcoin.

In contrast,

In contrast, the United States is currently considering setting up a strategic Bitcoin reserve . This could have a noticeable influence on the Bitcoin course, since the US budget is much larger than that of Bhutan and other countries with Bitcoin stocks.

In the past seven days, the Bitcoin course has increased by over 5 % and is currently just below a level of resistance of around $ 90,000. It remains to be seen whether the course can overcome this resistance, but last Thursday this price level was a challenge for Bitcoin.

FAZIT

Bhutan has established itself as an important player in Bitcoin mining and examines options for dealing with its stocks. While the country is pursuing an interesting strategy, it remains unclear how this will affect the Bitcoin market in the long term. However, the influence of great nations like the United States could affect Bitcoin course more than the activities of a small kingdom like Bhutan.