Bhutan Emerges Among Top Crypto-Holding Nations: Full List of Countries Revealed

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CCN2024/09/18 03:18

By:CCN

Key Takeaways

The Bhutan government holds more than double the Bitcoin that of El Salvador.
Bhutan’s Bitcoin mining infrastructure aims to reach 600 megawatts by 2025.
The U.S., China, and the U.K. are the top three crypto-holding governments.

Bitcoin (BTC) quickly became one of the world’s favorite stores of value. With governments around the world now holding billions worth of BTC and other crypto, its role as a modern economic force shouldn’t be understated.

Now, it’s been revealed that Bhutan is amongst the richest crypto-holding countries on Earth and now holds over $770 million in BTC.

Bhutan Bags Bitcoin

As per data from Arkham Intelligence, the Royal Government of Bhutan currently commands a whopping $772.3 million in crypto . More specifically, it holds 13.036k BTC worth $770.82 million at the time of writing.

This is more than double that of the pro-Bitcoin nation, El Salvador, which commands some $350 million in BTC.

In addition, it also holds 656.03 in Ethereum (ETH) worth $1.52 million. This is an exceptionally large portfolio for the Himalayan nation with fewer than 1 million people populating it. But it would seem that a gigantic BTC mining operation is being led by Bitdeer.

The Singapore-based mining firm began working with the Bhutan government in 2023. They have quietly, but dramatically, expanded their mining facilities to great effect and plan to reach a 600-megawatt capacity by 2025. Arkham noted:

“Unlike most governments, Bhutan’s BTC does not come from law enforcement asset seizures, but from Bitcoin mining operations, which have ramped up dramatically since early 2023.”

Per data from the International Monetary Fund (IMF), Bhutan has an estimated gross domestic product (GDP) of $3.11 billion, ranking among the likes of Andorra, Timor-Leste, and Belize. This would imply that Bhutan has just under a third of its GDP in BTC.

Other holdings, valued at $15 and under, include The Sandbox (SAND), Polygon (MATIC), Binance Coin (BNB), BIM (BIM), and iNFTspace (INS).

Crypto-Holding Countries

A list of the top crypto-holding governments in 2024, per data gathered from Arkham Intelligence and Bitcoin Treasuries:

Country Amount

The United States	$12.2 billion
China	$11 billion (estimated)
The United Kingdom	$3.5 billion
Ukraine	$3 billion (estimated)
Bhutan	$761 million
El Salvador	$342 million
Germany	$404.88

Now that El Salvador is no longer the only country to actively mine Bitcoin, there could be a long line of small but capable governments eager to follow in the footsteps of Bhutan. With Russia’s recent move to approve Bitcoin mining in the country, we could soon see a BTC mining race around, led by some of the most powerful government entities in the world.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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