Bitcoin news: How Bhutan beat El Salvador with 2x BTC reserves

As a seasoned crypto investor with a decade of experience under my belt, I find it fascinating to observe the diverse strategies countries are adopting when it comes to cryptocurrencies. The contrast between Bhutan and El Salvador is like night and day, and it’s not just about Bitcoin, but also about how nations approach this burgeoning asset class.

New information from Arkham Intelligence suggests that Bhutan owns a substantial amount of Bitcoin compared to El Salvador, a nation known for its daring adoption of Bitcoin.

As reported by Arkham, approximately 13,029 Bitcoins worth about $758 million are linked to a number of addresses associated with Druk Holdings in Bhutan. This amount surpasses the Bitcoin reserves owned by El Salvador by more than double, which started being accumulated since September 2021 when the value of Bitcoin was roughly $51,700 per coin.

This disclosure positions Bhutan as an emerging force in the world of cryptocurrencies, indicating a growing tendency among countries to embrace digital currencies.

Bhutan vs El Salvador

Although Bhutan didn’t receive as much attention as El Salvador did when it became the world’s first nation to adopt Bitcoin as legal tender in 2021, Bhutan’s approach to cryptocurrencies has mostly flown under the public eye.

El Salvador’s decision was motivated by President Nayib Bukele’s ambition to leverage Bitcoin for offering financial services to the underbanked and stimulating economic development. Since then, the country has acquired about 2,381 Bitcoins, embracing a nationwide strategy towards cryptocurrency adoption.

Instead of openly displaying their Bitcoin assets, Druk Holdings, the business division of Bhutan’s royal government, has chosen to keep their 13,029 Bitcoin holdings under wraps. The discovery of these holdings by Arkham implies that Bhutan’s approach towards Bitcoin is focused less on shaping policy and more on utilizing it as a means for value storage and investment purposes.

In addition to Bhutan, it’s also true that they possess a varied collection of digital assets. Among these are approximately 656 Ethereum (ETH) valued at around $1.5 million, along with smaller quantities of Binance Coin (BNB) and Polygon (POL). This strategy suggests a more strategic and thoughtful approach to cryptocurrency adoption, aiming for long-term value retention and diversification.

Crypto adoption on the rise globally

The unique methods employed by Bhutan and El Salvador serve as a reminder of the wide range of tactics nations have been using regarding cryptocurrencies.

The bold move by El Salvador to wholeheartedly adopt Bitcoin is garnering worldwide interest and serving as an example for countries pondering over cryptocurrency in their economic strategies. Conversely, Bhutan’s cautious accumulation of digital assets underscores a widespread pattern of national institutions discreetly investing in the crypto market.

With an increasing number of nations delving into digital currencies, either as a strategic economic move or for safekeeping purposes, the worldwide influence of cryptocurrencies is expanding progressively.

Bhutan and El Salvador, though adopting distinct strategies, are essentially two facets of the same entity: independent nations acknowledging the significant value of cryptocurrencies as crucial financial resources.

As a researcher, uncovering Bhutan’s Bitcoin reserves serves as a significant milestone in the narrative of global cryptocurrency adoption. It underscores the fact that even small nations are actively participating and making meaningful strides in the evolving realm of digital currencies.

2024-09-18 22:47

Bhutan vs El Salvador

Crypto adoption on the rise globally

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