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Bhutan Trims $92 Million in Government Bitcoin Amid Market Dip
The Royal Government of Bhutan has reportedly offloaded a staggering $92 million worth of Bitcoin from its reserves during the recent market downturn. This drastic measure comes as a response to the unexpected dip in cryptocurrency prices, with analysts attributing this decision to a strategic move aimed at diversifying the country’s crypto assets.
According to blockchain analysis platform Onchain Lens, Bhutan transferred 799.69 BTC, valued at approximately $92.06 million, from its original wallet to two new ones. This transfer likely signals that the transferred Bitcoins will be sent to a centralized exchange (CEX), possibly Binance, in preparation for sale.
It’s essential to note that despite this significant sell-off, Bhutan still maintains a substantial crypto portfolio. With roughly 9,969 BTC and approximately $1.15 billion in value, it surpasses El Salvador as the fifth-largest national Bitcoin holder.
The recent market fluctuations have led many governments worldwide to reevaluate their investment strategies in the cryptocurrency space. While some nations are doubling down on their holdings, others, like Bhutan, seem to be reassessing their crypto exposure.
Source: cryptoslate.com
