Bhutan Surpasses El Salvador as a Major Bitcoin Holder in South Asia: Arkham
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
Bhutan has emerged as a major Bitcoin holder, surpassing El Salvador in terms of cryptocurrency holdings, according to data from Arkham Intelligence.
On September 16, the on-chain analytics platform revealed that Bhutan holds 13,029 Bitcoin, valued at approximately $758 million.
This makes Bhutan the largest Bitcoin holder in South Asia, surpassing El Salvador, which holds 5,875 BTC worth $331 million.
The Bitcoin holdings are reportedly linked to the Kingdom of Bhutan’s investment arm, Druk Holdings and Investments (DHI), which has been mining Bitcoin using the country’s abundant hydroelectric power.
Arkham Intelligence was able to confirm the activity through a combination of on-chain data and satellite imagery, pinpointing mining operations at the site of Bhutan’s former Education City project.
In addition to Bitcoin, Druk Holdings also holds 656 ETH, valued at around $1.5 million, along with smaller amounts of BNB and Polygon, further diversifying its crypto portfolio.
BREAKING: BHUTAN GOVERNMENT’S $750M BTC NOW ON ARKHAM
Bhutan’s Bitcoin holdings are now labeled on Arkham. These holdings come from Bitcoin mining operations carried out by the Kingdom of Bhutan’s investment arm, Druk Holdings.
Arkham is the first to publicly identify these… pic.twitter.com/a8ScUNJJ9F
The scale of Bhutan’s Bitcoin holdings is significant when compared to the country’s economy.
Bhutan’s gross domestic product (GDP) is expected to reach $3 billion by the end of 2024, meaning the Bitcoin stash represents roughly a quarter of its GDP.
Bitcoin mining
Read more on cryptonews.com
