Amid the mainstream adoption of Bitcoin (BTC) by nation-states as a form of hedge factor against fiat currency devaluations, the Royal Government of Bhutan has been a major supporter. According to on-chain data analysis provided by Arkham Intelligence, the Royal Government of Bhutan has purchased nearly 14k Bitcoins since early 2021.
However, the Royal Government of Bhutan has significantly slowed down the Bitcoin adoption rate. In the past two months, the Bitcoin addresses associated with the Royal Government of Bhutan have offloaded more than 1k Bitcoins.
Earlier today, the Royal Government of Bhutan transferred 406 Bitcoins to QCP Capital, worth around $40 million.
As a result, the Royal Government of Bhutan now holds around 12k Bitcoins and is the seventh largest BTC holder among the nation-states that have adopted a strategic Bitcoin reserve.
The Royal Government of Bhutan and the Bitcoin Strategy
The Royal Government of Bhutan has held Bitcoin throughout the bull market in the bull run in the past two years. While other countries use the Gross Domestic Product (GDP) to measure overall economic growth, the Royal Government of Bhutan uses the Gross National Happiness (GNH) as a way to measure the population’s well-being.
With Bitcoin having been identified as a digital gold by virtually all global governments led by the United States and Russia, it is safe to assume that the Royal Government of Bhutan has significantly benefited from the Bitcoin strategy in its GNH.
Furthermore, the country, which has a huge supply of green energy through hydro-generation, has backed Druk Holding & Investments (DHI) to facilitate the adoption of digital assets. Notably, DHI contributes 25 percent of the country’s GDP through its tech investments over the years.
