- Arkham Intelligence’s on-chain data revealed Bhutan outpaces El Salvador with 13,029 Bitcoin ($BTC) holdings.
- Bhutan is now the fourth-largest $BTC holder among governments globally, following the US, China, and the UK.
- El Salvador holds only 45% of Bhutan’s $BTC holdings, with 5,875 $BTC (worth $331M).
The South Asian country of Bhutan now has more than double El Salvador’s $BTC stash, making Bhutan the fourth-largest $BTC holder among governments, behind the US (213K $BTC), China (190K $BTC), and the UK (61K $BTC).
Bhutan Holds Over $750M in $BTC
Bhutan’s $BTC holdings mainly comes from mining operations rather than investment or crypto seizures by law enforcement.
On September 16, Arkham Intelligence revealed that Bhutan’s state-owned investment arm, Druk Holdings (DHI), now owns 13,029 $BTC (worth around $758M.) Per Statista, Bhutan’s GDP is expected to reach $3.11B by the end of this year, which means the country’s current $BTC holdings amount to a quarter of its GDP.
The latest DHI’s portfolio also includes 656 Ethereum ($ETH), worth approximately $1.5M, and a small amount of Polygon ($MATIC) and BNB ($BNB) holdings.
In May 2023, DHI partnered with Singapore-based crypto company Bitdeer to develop carbon-free crypto mining operations in Bhutan.
Bhutanese officials confirmed in local news that they began mining $BTC with hydroelectric power in April 2019, when $BTC was trading at around $5K.
El Salvador’s $BTC Adoption
In 2021, El Salvador’s president Nayib Bukele announced the adoption of $BTC as a legal tender, making El Salvador the first country to do so. The country generated over $31M in profit within three years of adopting $BTC.
Interestingly, El Salvador uses volcanic geothermal energy to mine $BTC and began purchasing the token at $51.7K in September 2021. According to Nayib Tracker, El Salvador now holds 5,875 $BTC (worth $331M.) This is approximately 45% of Bhutan’s Bitcoin holdings.
In Summary
Beyond its impressive $BTC holdings, DHI’s portfolio expansion into $ETH, $MATIC, and $BNB reveals a strategic approach to diversifying its investments.
Additionally, Bhutan’s green $BTC mining practices could provide the country with new revenue streams and position it as a leader in this domain.
References
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
