Bhutan Holds Twice as Much Bitcoin as El Salvador According to Arkham Coin Insider
Bhutan Holds Twice as Much Bitcoin as El Salvador, Says Arkham – Coin Insider
In a surprising revelation, the Kingdom of Bhutan has been reported to hold a significant amount of Bitcoin, surpassing even El Salvador, which has garnered international attention for its embrace of the cryptocurrency. According to data from Arkham Intelligence, Bhutan’s Bitcoin holdings are estimated to be twice that of El Salvador’s.
El Salvador made headlines in September 2021 when it became the first country in the world to adopt Bitcoin as legal tender. The Central American nation has since accumulated a substantial amount of the digital currency, with the aim of fostering financial inclusion, attracting investment, and reducing reliance on the US dollar. As of the latest reports, El Salvador’s Bitcoin holdings are estimated to be around 2,300 BTC.
However, Bhutan, a small Himalayan kingdom known for its emphasis on Gross National Happiness and environmental sustainability, has quietly outpaced El Salvador in Bitcoin accumulation. Arkham Intelligence estimates Bhutan’s Bitcoin holdings to be approximately 4,600 BTC. This strategic move by Bhutan reflects the country’s forward-thinking approach to economic diversification and technological adoption.
Bhutan’s interest in Bitcoin can be seen as part of a broader strategy to modernize its financial infrastructure and leverage emerging technologies. The country’s government and financial institutions have been exploring the potential of blockchain technology and cryptocurrencies to enhance financial inclusion, improve transparency, and facilitate cross-border transactions.
Additionally, Bhutan’s focus on sustainability and environmental consciousness may also play a role in its Bitcoin strategy. The kingdom’s abundant hydroelectric power resources provide a renewable energy source for Bitcoin mining, aligning with global efforts to make cryptocurrency mining more eco-friendly.
The Bhutanese government’s discreet approach to accumulating Bitcoin contrasts with El Salvador’s high-profile promotion of the cryptocurrency. While El Salvador has actively promoted Bitcoin adoption through initiatives like the Chivo wallet and Bitcoin City, Bhutan has maintained a lower profile, allowing it to build its Bitcoin reserves quietly.
This revelation highlights the growing interest in Bitcoin among nations seeking to diversify their economic strategies and explore the potential benefits of digital currencies. As more countries consider the adoption of cryptocurrencies, Bhutan’s significant Bitcoin holdings position it as an unexpected but noteworthy player in the global crypto landscape.
In conclusion, Bhutan’s substantial Bitcoin holdings, estimated to be twice that of El Salvador’s, underscore the kingdom’s strategic approach to economic diversification and technological adoption. As the world continues to witness the evolving landscape of digital currencies, Bhutan’s discreet yet impactful Bitcoin strategy may serve as an inspiration for other nations looking to explore the potential of cryptocurrencies.