Global Economic Shifts Ahead? Bhutan’s PM Calls for Worldwide Bitcoin Mining Efforts

Title: Bhutan’s Prime Minister Wants the World to Mine Bitcoin—Global Shift Ahead?

The recent statement by Bhutan’s Prime Minister, Tshering Tobgay, has sent shockwaves globally, as he urges nations worldwide to adopt Bitcoin mining. This bold move could signal a significant shift in the global economic landscape.

In an interview with Al Jazeera, Tobgay emphasized that state-backed Bitcoin mining is “a simple strategic choice.” He stressed that many individuals have successfully grown their wealth through cryptocurrency, and therefore, it is essential for the government to explore this opportunity.

The Bhutanese Prime Minister’s words carry significant weight, as his country is grappling with economic challenges. The recent decline in tourism revenue has significantly impacted the nation’s economy, with over 10% of GDP contributed by this industry. The COVID-19 pandemic led to a drastic drop in tourist arrivals, resulting in only 150,000 visitors in 2024, a stark contrast to the $334 million generated in 2023.

Furthermore, Tobgay acknowledged that youth unemployment is an issue that needs immediate attention. An astonishing 10% of Bhutan’s educated population has been forced to emigrate from the country in 2022 alone.

To combat these challenges, Bhutan has already taken steps to explore alternative revenue streams. In 2023, the government successfully raised $100 million by selling cryptocurrencies to boost salaries for civil servants.

Bhutan is not new to Bitcoin mining; it has been actively involved in this space. The country is home to a significant portion of the world’s hydroelectric power, which could be harnessed to fuel its cryptocurrency endeavors.

The Prime Minister’s words have resonated globally, and many are left wondering if other nations will follow suit. His statement serves as an invitation for countries around the world to explore alternative revenue streams that can benefit their economies.

In related news, Pakistan has also shown interest in Bitcoin mining. The Ministry of Energy is engaged in discussions with various stakeholders to design special electricity tariffs for emerging sectors like crypto mining. This move aims to capitalize on the excess electricity generated by underutilized power plants, effectively utilizing an untapped resource.

The future of cryptocurrency remains uncertain, but one thing is clear: the global shift towards alternative revenue streams and the exploration of Bitcoin mining as a viable economic strategy has gained significant momentum.

Source: https://www.crypto-news-flash.com/bhutans-pm-says-world-to-mine-bitcoin/?utm_source=rss&utm_medium=rss&utm_campaign=bhutans-pm-says-world-to-mine-bitcoin