The Royal Government of Bhutan has made a significant move by depositing 929 BTC into crypto exchange Binance.<\/p>\n
The activity was flagged shortly after BTC climbed above $70,000 for the first time since June 10.<\/p>\n
In its latest tweet, Lookonchain cited data from Arkham Intelligence, which revealed that the Bhutan government-linked wallet transferred the stash worth approximately $66.16 million through two transactions on October 29.<\/p>\n
Currently, Bhutan holds<\/a> 12,456 BTC which is nearly $891 million. The motives behind the transfer remain unclear but deposits to crypto exchanges are usually associated with plans to sell the assets, especially since this move comes at a time after bitcoin surged by over 5% in the past day, climbing above $71,700. BTC went even further in the following hours, by topping<\/a> $73,000 for the first time since the ATH period in March.<\/p>\n Interestingly, this is the first time Bhutan has sent bitcoin to a crypto exchange since it deposited<\/a> 381 BTC to Kraken in July. Additionally, nearly ten days ago, the country-linked wallet transferred<\/a> 228.8 ETH, worth around $600,000, to a Binance hot wallet, leaving $1.72 million in Ether as its only other significant cryptocurrency holding.<\/p>\n Unlike many countries that obtain bitcoin through criminal seizures, Bhutan has been actively mining<\/a> the cryptocurrency since 2017, when it was worth around $5,000, according to certain reports. The landlocked country situated in the Eastern Himalayas has been utilizing abundant hydroelectric resources for sustainable mining practices.<\/p>\n The Bhutanese government also partnered with the Nasdaq-listed mining company Bitdeer in May 2023 to develop a 100% carbon-free bitcoin mining operation in the country.<\/p>\n As a result of these efforts, Bhutan is now the fifth-largest known nation-state holder of BTC, trailing only the United States, China, the UK, and Ukraine, as per data<\/a> compiled by Bitcoin Treasuries.\u00a0The assets are held by Bhutan\u2019s state investment arm, Druk Holding & Investments.<\/p>\n Bhutan also ventured into bitcoin mining as a new revenue stream in response to plummeting tourism revenues driven by the COVID-19 pandemic. According to a local media \u2018The Bhutanese,\u2019 the funds generated from bitcoin mining helped<\/a> finance a 50% salary increase for some government officials.<\/p>\n The post Bhutan\u2019s Govt-Linked Wallet Transfers 929 BTC to Binance Amid Bitcoin Price Surge<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The Royal Government of Bhutan has made a significant move by depositing 929 BTC into crypto exchange Binance. The activity was flagged shortly after BTC climbed above $70,000 for the first time since June 10. Bitcoin Transfer to Binance In its latest tweet, Lookonchain cited data from Arkham Intelligence, which revealed that the Bhutan government-linked […]<\/p>\n","protected":false},"author":0,"featured_media":16717,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-16716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/16716"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16716"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/16716\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/16717"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16716"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Bhutan\u2019s Bitcoin Reserves<\/h2>\n