The Royal Government of Bhutan is still making strategic use of its Bitcoin assets. On December 10, the government Sent 502 Bitcoinor about $49.42 million, to two platforms, Binance and QCP Capital. Blockchain tracking service Arkham Intelligence says this is the latest scheduled sale aimed at maximizing profits by taking advantage of changes in the market.
Bhutan sent 402 bitcoins, worth $39.56 million, to Singapore-based QCP Capital in four separate transfers. A short time later, Binance acquired an additional 100 coins worth $9.81 million. This is the latest in a series of similar deals that began in October. At the time, Bhutan sold a total of 1,696 bitcoins and generated $139 million, with each cryptocurrency unit selling for an average of $81,999.
Record Bitcoin sales for November
On November 14, 2024, Bhutan made a major sale through Binance, offloading 367 Bitcoins for approximately $33.5 million. Meanwhile, Alpha Coin reached an intraday high of over $90,000. This deal was one of the most lucrative decisions made by the Bhutan government, according to Arkham Intelligence, demonstrating its skill at market timing.
Source: Arkham Intelligence
Bhutan still owns a significant amount of Bitcoin – 11,688 Bitcoin, or more than $1.15 billion – despite this recent sell-off. Along with the United States, China, the United Kingdom, and Ukraine, the Himalayan kingdom is now one of the top five countries in the world in terms of cryptocurrency ownership.
Take advantage of a rising market
The current bull market has made it possible for countries like Bhutan and El Salvador to use cryptocurrencies in business. For example, El Salvador has taken advantage of the rise in the price of Bitcoin to pay for the construction of projects such as an ambitious Bitcoin City and eliminate its debt. Although it is not as well known, Bhutan’s approach also focuses on using cryptocurrency as part of larger economic plans.
Market dynamics and future forecasts
Bhutan’s trading coincides with a general decline in the market in terms of timing. Bitcoin just fell below the psychological level of $100,000, falling to $94,350 before rising to around $97,000. Analysts believe that after Bitcoin’s significant gains, this decline is a natural correction.
The way Bhutan approaches reserve management underscores how governments can deliberately take advantage of market developments. Bhutan demonstrates how countries can include digital assets in their economic plans by matching their sales to times of high demand and peak prices.
This calculated use of Bitcoin reserves not only generates significant income, but also underscores the growing importance of digital assets in global financial institutions. Bhutan’s actions could serve as a model for other governments trying to negotiate this volatile but lucrative environment as the cryptocurrency market develops.
Featured image from Business 360, chart from TradingView
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