How Bhutan Quietly Built $750 Million In Bitcoin Holdings [Forbes]
Planet Labs PBC Class A (PL)
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Source: Forbes
Blockchain intelligence firm Arkham revealed on September 16, 2024, that Bhutan's bitcoin holdings have reached $750 million. This represents approximately 27.9% of Bhutan's estimated 2023 Gross Domestic Product of $2.686 billion. Notably, Bhutan's bitcoin holdings are more than twice the value of El Salvador's, which stand at $335 million, despite Bhutan having only about 12% of El Salvador's population (782,000 versus 6.336 million). The holdings come from Bhutan's own mining operations, which have ramped up dramatically since 2019. Origins Of Bhutan's Cryptocurrency Strategy (2019) Bhutan's venture into bitcoin mining began in April 2019, when the cryptocurrency was valued at approximately $5,000. The country's sovereign investment arm, Druk Holding & Investments, confirmed to local newspaper The Bhutanese that it "entered the mining space" at this time. The kingdom leveraged its abundant hydroelectric resources to power its mining operations. Bhutan's rivers, fed by Himal
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