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Bhutan Signals Possible Bitcoin Sale and Other Countries That Hold BTC
The Kingdom of Bhutan has sparked concerns in the cryptocurrency market after it was reported that they have transferred a substantial portion of their Bitcoin (BTC) holdings to exchanges, hinting at a potential sell-off. This development has led to speculation about the implications on the market trajectory.
As of writing, Bhutan’s Bitcoin holdings are valued over $900 million, making them one of the most significant holders in the world. These assets were accumulated through state-owned mining operations managed by Druk Holdings, which aims to reach a capacity of 600 megawatts by 2025.
Bhutan’s reported transfer of approximately $65 million worth of BTC to Binance coincided with Bitcoin’s price surge towards a record high of $73,500 on Gate.io. The market reacted swiftly, with the price pulling back to around $72,400 by mid-morning in London.
This potential sell-off joins a broader trend where governments are actively managing their cryptocurrency holdings and influencing market conditions. Several countries have already made significant sales of Bitcoin, which has had a notable impact on prices.
Germany’s recent sale of nearly 50,000 BTC, valued at billions of dollars, serves as an example. This substantial sale was conducted in stages through exchanges like Coinbase and Kraken, resulting in slight dips in market value due to the scale of transactions.
The United States is the largest government holder of Bitcoin, with approximately 213,297 BTC (valued around $14.82 billion) primarily seized from cryptocurrency-related criminal investigations such as Silk Road. Recent transactions suggest they have been selling parts of these holdings but still maintain a considerable reserve.
China ranks second on this list, holding about 190,000 BTC worth over $13 billion, which were mainly seized in connection with the PlusToken Ponzi scheme, one of the largest crypto scams in history. Despite China’s strict stance on individual cryptocurrency ownership, these state-held assets remain substantial.
The United Kingdom also holds a significant amount of Bitcoin, around 61,000 units, primarily obtained through financial crime investigations. Ukraine has accumulated Bitcoin through donations to fund defense efforts, with holdings fluctuating as funds are actively used and replenished.
Source: www.allcryptowhitepapers.com
