The timing of this transfer has raised questions about the country’s crypto plans.
By Mayowa Adebajo
Edited by Julia Sakovich
Updated
3 mins read
The Royal Government of Bhutan recently transferred 929 Bitcoin BTC $85 402 24h volatility: 1.0% Market cap: $1.70 T Vol. 24h: $10.31 B to Binance, in a move that may have caused a stir within the crypto community. This transaction, valued at $66.16 million, was reported by the blockchain analytics platform Lookonchain in an announcement via its X account.
Considering the recent transfer, Bhutan’s government now holds 12,456 BTC. Going by current prices, the Bhutan government now has around $886.58 million worth of Bitcoin in its possession.
Meanwhile, the unexpected transfer has sparked curiosity in the crypto community. That is especially true given its timing, as Bitcoin’s price continues to eye its previous all-time high of around $74,000.
Without a doubt, the timing of this transfer has raised questions about the country’s crypto plans. However, the real reasons behind Bhutan’s decision remain unknown.
As earlier noted, Bitcoin has awakened from last week’s slumber that initially saw it drop below the $66,000 mark. By Tuesday, it had surged over 5% in 24 hours to cross $70,000, reaching its highest level since June.
With this rally, many governments and investors see an unmissable opportunity to adjust their holdings. By transferring to Binance, one of the world’s largest crypto exchanges, the Bhutan government may be looking to take advantage of Bitcoin’s price surge, either by selling, trading, or simply repositioning its assets on a more active exchange.
Another possibility is that Binance offers a vast range of services beyond basic trading. Some of those include staking, lending, and other investment products. So, the country may want to leverage these features to grow its holdings further.
The above is the standpoint of many experts who believe that the recent transfer is part of Bhutan’s broader financial strategy, as it continues to explore modern investment opportunities as opposed to traditional ones.
As it stands, Bhutan’s Bitcoin holdings are now worth nearly $900 million. The country’s crypto moves suggest that it is taking a unique approach to national asset management. That is considering the fact that only a few other governments hold such large amounts of digital assets.
At the moment, it is not exactly clear what the country intends to do with Bitcoin or what its future plans are. However, the latest transfer to Binance might be the first step in a grander plan that could include more trading activity or new crypto initiatives in the future.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
