The Royal Government of Bhutan has made a significant move in the world of cryptocurrency by transferring a whopping 751,309 BTC worth $74 million to two separate wallets. This transfer, which took place just a few hours ago, has raised eyebrows in the crypto community and sparked speculation about the government’s intentions.
According to data from Arkham, the first transfer involved 377.777 BTC worth $37.87 million being sent to an unidentified wallet with the tag “32BRLG5…ZJ9fhkE”. The second transfer, made an hour later, saw 373.532 BTC worth $36 million being sent to “bc1q8fdn…rqf9euxk”. The reasons behind these transactions remain unclear, but they come at a time when Bhutan still holds a substantial amount of Bitcoin, with 11,145 BTC valued at about $1.1 billion.
This is not the first time that Bhutan has made such large transfers in the cryptocurrency space. Just last week, the government transferred 495 ETH to a BitGo wallet when the price of ETH was trading at $3,200. Additionally, Bhutan has previously transferred significant amounts of Bitcoin to other entities, such as QCP Capital and Binance, in transactions worth millions of dollars.
The movement of such large amounts of Bitcoin by the Bhutanese government has the potential to impact the market, causing a rush among investors. Whether Bhutan is selling off its assets, reallocating them, or simply securing them remains to be seen. It is worth noting that Bhutan has been quietly involved in Bitcoin for years, mining and accumulating the cryptocurrency using its hydroelectric power to generate revenue.
The country’s adoption of cryptocurrency extends beyond just holding reserves, as reports indicate that Bhutan’s Gelephu City has adopted crypto for strategic reserves. This latest move by the Royal Government of Bhutan underscores the country’s growing involvement in the world of digital assets and raises questions about the future of its cryptocurrency holdings.