📢 The Bhutanese government recently transferred $66 million in Bitcoin to Binance, stirring considerable speculation within the crypto community! 🚨
Data from Lookonchain reveals that the government sold around 929 Bitcoins through Binance, totaling approximately $66.16 million. The sale was split into two transactions: an initial 100 Bitcoin batch, followed by an additional 839 Bitcoins. This marks Bhutan's first Bitcoin transfer to an exchange since July.
Why the sale? The government has not yet clarified, leading to extensive community speculation. Some suggest the sale might be aimed at liquidity generation for new projects or perhaps asset liquidation.
Since 2019, Bhutan has utilized its hydropower resources to mine Bitcoin, effectively transforming green energy into a financial asset, aligning with the global trend of diversifying national reserves.
In light of this Bitcoin sale, some believe Bhutan could be positioning for market shifts or gathering funds for future initiatives. Others, however, argue this may reflect a short- to mid-term view of Bitcoin as a 5-10 year asset conversion tool, rather than a long-term strategy like El Salvador’s. This stance could lead to future regrets if the government doesn't hold its Bitcoin long-term.
As of now, Bhutan still holds 12,456 Bitcoins, valued at roughly $886 million. Additionally, on October 18, the government transferred 228.8 ETH, worth about $600,000, to Binance's hot wallet.
💬 What do you think about this major Bitcoin transfer by Bhutan? What strategic goals might they be pursuing? Share your thoughts in the comments!
