{"id":18173,"date":"2024-10-29T15:42:08","date_gmt":"2024-10-29T13:42:08","guid":{"rendered":"https:\/\/forklog.com\/en\/bhutans-government-transfers-935-btc-to-binance\/"},"modified":"2024-10-29T15:42:08","modified_gmt":"2024-10-29T13:42:08","slug":"bhutans-government-transfers-935-btc-to-binance","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bhutans-government-transfers-935-btc-to-binance\/","title":{"rendered":"Bhutan&#8217;s Government Transfers 935 BTC to Binance"},"content":{"rendered":"<p>On the morning of October 29, the Royal Government of Bhutan transferred approximately 935 BTC ($66.4 million) to a deposit address of the largest cryptocurrency exchange, Binance, according to data from <a href=\"https:\/\/platform.arkhamintelligence.com\/explorer\/entity\/druk-holding-investments\">Arkham<\/a>.<\/p>\n<p><!--more--><\/p>\n<p>The transfer was executed in two parts: first 102.782 BTC, followed by 832.249 BTC about an hour later.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Arkham1.webp\" alt=\"Arkham1\" class=\"wp-image-244116\"\/><figcaption class=\"wp-element-caption\">Transactions by the Bhutanese government. Data: <a href=\"https:\/\/platform.arkhamintelligence.com\/explorer\/entity\/druk-holding-investments\">Arkham<\/a>.<\/figcaption><\/figure>\n<p>The last time Bhutan&#8217;s authorities sent bitcoins to a centralized exchange was on July 1, when <a href=\"https:\/\/platform.arkhamintelligence.com\/explorer\/tx\/046ad9d3de2734c7fca46df904233ba5eb0357a6f6216c6db7f2eb1f3c752a14\">381 BTC<\/a> valued at $24.1 million at the time were transferred to Kraken.<\/p>\n<p>The reason for the latest operation is unknown, but historically, deposits to <span data-descr=\"centralized exchanges\" class=\"old_tooltip\">CEX<\/span> are often followed by sales.<\/p>\n<p>At the time of writing, the total value of crypto assets held by the Bhutanese government exceeds $890 million.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Arkham2-1.webp\" alt=\"Arkham2-1\" class=\"wp-image-244117\"\/><figcaption class=\"wp-element-caption\">Crypto assets in Bhutan&#8217;s government wallets. Data: <a href=\"https:\/\/platform.arkhamintelligence.com\/explorer\/entity\/druk-holding-investments\">Arkham<\/a>.<\/figcaption><\/figure>\n<p>The funds are managed by the state investment fund Druk Holding &#038; Investments. According to Bitcoin Treasuries, Bhutan ranks fifth among countries holding crypto assets.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"308\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/BT-1024x308.png\" alt=\"BT\" class=\"wp-image-244118\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/BT-1024x308.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/BT-300x90.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/BT-768x231.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/BT.png 1178w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Largest holders of crypto assets among countries. Data: <a href=\"https:\/\/bitcointreasuries.net\/\">BitcoinTreasuries<\/a>.<\/figcaption><\/figure>\n<p>While many countries augment their bitcoin reserves through confiscated assets, the &#8220;kingdom of dragons&#8221; actively increases its reserves through mining. The state utilizes abundant hydroelectric resources for this purpose.<\/p>\n<p>At the time of writing, the leading cryptocurrency is trading around $71,170; it remains 3.4% below its all-time high, according to <a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin\">CoinGecko<\/a>.<\/p>\n<p>Earlier, Forbes conducted an investigation and found that the Kingdom of Bhutan has become a &#8220;crypto Shangri-La&#8221; thanks to the allocation of land, funding, and energy by the country&#8217;s authorities for bitcoin mining.<\/p>\n<p>In July 2023, Bitdeer completed the construction of the Gedu bitcoin mining facility in Bhutan.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On the morning of October 29, the Royal Government of Bhutan transferred approximately 935 BTC ($66.4 million) to a deposit address of the largest cryptocurrency exchange, Binance, according to data from Arkham.<\/p>\n","protected":false},"author":1,"featured_media":18172,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1676],"class_list":["post-18173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bhutan"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18173","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=18173"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18173\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/18172"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=18173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=18173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=18173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}