In September, Arkham Intelligence announced that another country had Bitcoin. Accordingly, it was revealed that the South Asian country of Bhutan, one of the most isolated countries in the world, also had 13,011 BTC worth approximately $780.49 million.
Bhutan’s Bitcoin address was first spotted in September, with Arkham noting that Bhutan is the fourth-largest government holding the most BTC.
With the rise in Bitcoin, the value of BTC held by Bhutan has also increased, with Lookonchain reporting that Bhutan transferred 929 BTC worth $66.16 million to Binance.
According to Loookonchain's post, Bhutan transferred 929 BTC and still has 12,456 BTC worth $886.5 million.
While this transfer is considered to be for sales purposes, some analysts say that they have never received confirmation that Bhutan shares the same views with El Salvador on Bitcoin, and that one should be cautious about possible selling pressure.
Bitcoin continues to trade at $71,130 at the time of writing.
Royal Government of #Bhutan deposited 929 $BTC($66.16M) to #Binance in the past hour.
Royal Government of #Bhutan currently holds 12,456 $BTC($886.58M).https://t.co/ki4I4mfRpo pic.twitter.com/w3D7IqpJ08
— Lookonchain (@lookonchain) October 29, 2024
*This is not investment advice.
