📢 The Bhutanese government has transferred $66 million worth of Bitcoin to Binance, sparking widespread speculation in the community! 🚨
According to Lookonchain data monitoring, the Bhutanese government has just sold about 929 Bitcoins through the Binance exchange, with a total value of up to $66.16 million. This transaction was divided into two batches: the first batch of 100 Bitcoins and the second batch of 839 Bitcoins. This is the first time since July that Bhutan has transferred Bitcoin to a cryptocurrency exchange.
Why sell Bitcoin? The government has not provided a clear answer yet, but this has already led to widespread speculation within the Bitcoin community. Some believe this could be for liquidation purposes, or to acquire liquidity for upcoming projects.
Since 2019, Bhutan has been utilizing its abundant hydropower resources to mine Bitcoin, converting green energy into Bitcoin. This strategy aligns with the global economic trend of diversifying national reserves.
In this instance of the Bhutanese government selling Bitcoin, some viewpoints suggest that Bhutan may be preparing for market trends or acquiring liquidity for upcoming projects. Therefore, the government may be looking to capitalize on recent market gains.
However, differing opinions indicate that this action by Bhutan may suggest they view Bitcoin as a 5-10 year asset conversion tool, rather than a long-term financial strategy like that of El Salvador. This implies that Bhutan may regret not holding onto Bitcoin for the long term at some point in the future.
It is worth noting that Bhutan currently holds 12,456 Bitcoins, valued at approximately $886 million. In addition, Bhutan also transferred 228.8 ETH to Binance's hot wallet on October 18, valued at about $600,000.
💬 Finally, what are your thoughts on this significant Bitcoin transfer by the Bhutanese government? What strategic intentions do you think might be behind this? Leave your views in the comments section!
