Bhutan is making some noise in the crypto community by announcing that it will hold Bitcoin as part of its strategic reserve.
The special administrative region of Gelephu Mindfulness City, nestled in the heart of the Himalayas, is stepping up its game with a crypto stash that includes Bitcoin, Ethereum, and BNB.
Reserve asset
Gelephu Mindfulness City has decided to invest in cryptocurrencies with big market caps to make trading easier and dodge the liquidity risks.
With Bitcoin sitting pretty at the top of the crypto food chain, followed by Ethereum and BNB, it’s clear they’re going for the big players.
This initiative likely isn’t just about jumping on the crypto bandwagon, but it’s also aimed at boosting the region’s economic resilience and also boosting Bhutan’s existing Bitcoin mining operations.
A nod from crypto king CZ
Binance founder Changpeng Zhao had some thoughts on this development, and pointed out that this is the first time any jurisdiction has set up a multi-asset cryptocurrency reserve.
A few more points about Bhutan GMC making a crypto Strategic Reserve.
1. It's not just a bitcoin reserve but a crypto one, including ETH and BNB. I believe this is a first, and it sure won't be the last. This signals that Bhutan is open-minded and open to other cryptocurrencies,… https://t.co/Wvw7ejVTh8
— CZ 🔶 BNB (@cz_binance) January 8, 2025
“This shows that Bhutan is open-minded and ready to embrace other cryptocurrencies.”
For those keeping score, El Salvador was the first to establish a strategic Bitcoin treasury reserve, so Bhutan is definitely following in some big footsteps.
This whole project is part of King Jigme Khesar Namgyel Wangchuck’s vision for Gelephu Mindfulness City, a planned economic hub with its own set of rules and regulations, a special economic zone. This setup gives businesses more legal freedom and autonomy to thrive.
A country with a Bitcoin stash, is that a big deal? Well, yes.
Bhutan has been turning heads lately with its rapidly growing Bitcoin holdings, as they’re sitting on 11.688K BTC already, valued at over $1 billion.
This places them as the fifth-largest government holder of Bitcoin globally, just behind heavyweights like the U.S., China, the UK, and Ukraine, and even ahead of El Salvador.
And here’s an interesting twist, because Bhutan’s Bitcoin reserves didn’t come from law enforcement seizures but rather from their own mining capabilities powered by abundant hydropower resources, so they’re actually earned it.
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