650 BTC Swapped in 14 Days by Government
The Royal Government of Bhutan, through its sovereign wealth fund branch Druk Holding, has swapped out 650 BTC valued higher than $74 million to cryptocurrency exchange Binance in the past fortnight. The largest single swap on June 30 had 137.24 BTC exchanged when the value of Bitcoin was $107,000, which was equal to $14.7 million.
Blockchain analytics platform Onchain Lens shed light on the latest 99.47 BTC transaction worth $12.05 million at transaction time on Monday. The latest development coincides with Bitcoin reaching an all-time high of over $120,000.
Taking Profits Implies Timing
Bhutan’s latest transfer came just two hours after BTC broke through the $120,000 barrier. The consistent selling action through Binance may imply that the government is taking profits in the context of a bull run.
Bitcoin itself is at $122,300, still on the rise.
Bhutan holds 11,411 BTC (nearly $1.4 billion) and 656 ETH (approximately $2 million) in assets as per Arkham Intelligence. They are part of a larger crypto strategy of King Jigme Khesar Namgyel Wangchuck, which includes hydro-based mining and reserve creation.
Crypto in Bhutan’s Economy
Bhutan keeps on incorporating crypto into its development plans at the national level. It collaborated with Binance in May to support crypto-based payments for tourism purposes. Nonetheless, issues such as unreliable internet infrastructure remain.
