A Closer Look at Their Massive $1.15B Holdings
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Recently, the Royal Government of Bhutan deposited 365 BTC, equivalent to $33.31 million, to a Binance crypto exchange. The specific transaction occurred on the 14th of November, 2024, and has raised many controversies in the crypto space. Royal Government of #Bhutan deposited 365 $BTC($33.31M) to #Binance 40 minutes ago. Royal Government of #Bhutan currently holds 12, 573 $BTC($1.15B).https://t.co/hiNf1ySism pic.twitter.com/1Jj4Sj6t8V — Lookonchain (@lookonchain) November 14, 2024 The transaction, recorded on Lookonchain, emphasizes the fact that Bhutan has been particularly active in the crypto space. Bhutan’s Growing Crypto Portfolio Due to its sovereign wealth fund known as Druk Holdings Bhutan, it holds a diverse cryptocurrency portfolio. The Kingdom claims to own about 12,573 BTC, now worth about $1.15 million. Despite being a tiny market, with Bitcoin currently trading at around $91,247 per piece, Crypto assets remain a part of the Bhutanese wealth bucket. Coordinated with the global vision of further developing the country’s economy and having digital assets as its primary goal, this attempt is quite well-organized. Beyond Bitcoin: A Diversified Asset Pool Nevertheless, Bhutan’s rest of the crypto investments are in other cryptocurrencies today. Bhutan also owns 656 Ethereum worth approximately $2,110,000 alongside other digital coins, including APU, KIBSHI, BOBO, SAND, MATI, and BNB. This diversified approach shows that Bhutan plans to invest in higher-value coins, such as BTC and ETH, along with small altcoins, which can minimize or lower the risk of market fluctuations. Reasons Behind the Binance Transfer It is still uncertain why the BTCs were sent to Binance recently. Experts consider it a strategy to use available cash, make transactions, or rebalance an investment portfolio. Due to the prohibitive nature of cryptocurrencies in many countries, the country must look at a wide range of use cases, from staking and lending to yield generation and trading models. Conclusion In…
Filed under: News - @ November 15, 2024 5:27 pm