Bhutan transfers 929 BTC worth $66.1 million to Binance, becoming the fourth government globally to hold significant Bitcoin assets.
On Tuesday, the Royal Government of Bhutan transferred approximately 929 BTC, valued at $66.1 million, to a Binance deposit address. This significant transaction was reported by Arkham, a blockchain analytics platform.
The transfer was divided into two steps. First, Bhutan sent 100 BTC, worth $7.1 million, at 9:09 a.m. UTC. Shortly after, at 9:56 a.m. UTC an additional 839 BTC, equivalent to 59 million US dollars, was moved. This marked the first time Bhutan had traded Bitcoin since July 1st, when it moved 381 Bitcoin worth $24.1 million to Kraken.
Royal Government of Bhutan’s Bitcoin Holdings Reach 12,456 BTC
The data also shows that Bhutan currently ranks fourth among the countries with the largest state ownership of Bitcoin. Today, the Royal Government of Bhutan has 12,456 BTC, or about 886.58 million USD. This large stake puts Bhutan among the topmost countries regarding ownership of Bitcoins.
It is still unclear why the management needed to make this latest transfer. However, such deposits to crypto exchanges are usually associated with the sale of assets. This large transaction may affect the market since the current price of Bitcoin is $71,200.
Lookonchain also pointed out this transaction, stressing that it was a big deal in the crypto world. The Royal Government of Bhutan’s activity demonstrates that more governments focus on cryptocurrencies. To that extent, with more nations adopting digital currencies, Bhutan’s approach could be a model for others to follow.
The reasons behind Bhutan’s actions are still unclear, but its move can be seen as part of the growing trend of governments embracing cryptocurrency. This transfer also proves that Bhutan has significant amounts of Bitcoin, which creates doubts regarding the future use of these Bitcoins.
Therefore, Bhutan’s recent transfer to Binance has exposed it to a huge Bitcoin reserve. As the country tries to find its place in the world of cryptocurrencies, investors and analysts will closely observe how this impacts Bitcoin. Consequently, government participation in cryptocurrency has significant consequences, and others may follow Bhutan’s actions.
