At TOKEN2049, Binance’s CZ shared some unexpected details about Bhutan’s approach to cryptocurrency. Speaking with Raoul Pal, CEO at Real Vision, CZ explained how the small Himalayan nation has been steadily building up a large cryptocurrency stash.
He said, “I think Bhutan, I believe His Majesty the King of Bhutan is actually in the city today, and he’s an early crypto adopter. He’s a very smart guy and they have excess energy, clean energy, hydro energy. So they’ve been mining bitcoin for years.” This is an impressive feat for a small nation that uses its abundant renewable energy to mine Bitcoin, amassing a fortune in the process.
But Bhutan isn’t stopping with just Bitcoin. CZ pointed out, “And now they’ve added Ethereum and BNB to their national reserve.” This diversification further strengthens Bhutan’s position as an early adopter of crypto, making it one of the few nations with such reserves.
What stands out, according to CZ, is Bhutan’s approach to not selling its Bitcoin. “The early adopters are moving forward based on public information, seems to be using the holding at least no longer selling their bitcoin,” he explained.
Bhutan’s strategy may seem unconventional, but it highlights the potential of small nations with the right resources, like Bhutan’s clean hydroelectric power, to compete on a global scale in the cryptocurrency space. As CZ noted, other countries will have to follow suit, especially as the value of cryptocurrencies like Bitcoin continues to rise.
