After being publicly condemned by governments around the world, Bitcoin (BTC) has emerged as a popular asset, with several countries showing renewed interest in the cryptocurrency sector.
While countries like El Salvador have fully adopted Bitcoin, some others, such as India, have been adopting it more slowly. Among them, smaller countries with a GDP of less than $3 billion have been found to hold significant amounts of Bitcoin.
Bhutan’s Bitcoin holdings compared to El Salvador
Bhutan’s staggering cryptocurrency reserves
A recent report from Arcam Intelligence found that the South Asian nation of Bhutan holds an astounding 13,029 BTC, equivalent to roughly $758 million. Despite having a population of less than 900,000, Arcam said the country currently holds the fourth-largest national BTC reserve in the world.
Other cryptocurrencies held by Bhutan
In addition to BTC, the country also holds other major cryptocurrencies, including small amounts of Binance Coin (BNB) and Polygon (MATIC), as well as 656 ETH worth nearly $1.5 million.
El Salvador’s Bitcoin holdings
El Salvador has openly declared its commitment to Bitcoin. El Salvador, a leading Bitcoin country, was seen as lagging behind, with data from Najib Bukele’s tracker website revealing that the country holds around 45% of Bhutan’s current holdings.
This is approximately 5,875 BTC, or the equivalent of $331 million. Additionally, El Salvador purchased Bitcoin when its price was higher than in the United States. Bhutan.
How did Bhutan get so many royal coins?
Bhutan BTC Mining Journey
Bhutan reportedly began mining BTC in April 2019, when Kingcoin was trading at a low of $5,000.
This was done using hydroelectric power. Following this, DHI and BitDeer will work together to develop carbon-free mining operations in the country in 2023. Regarding this, Arkham said:
“Bhutan is building Bitcoin mining facilities in multiple locations, with the largest facility located on the site of the abandoned Education City project. Unlike most governments, Bhutan’s BTC comes not from asset seizures by law enforcement, but from Bitcoin mining operations, which have increased dramatically since the beginning of 2023.”
