The Royal Government of Bhutan is once again making noteworthy crypto moves.
According to data provided by blockchain analysis platform Arkham Intel, the Bhutanese government transferred 517 Bitcoin (BTC), valued at roughly $59 million, to a new wallet earlier this week.
The receiving address performed a test transaction on Binance just one day before receiving the funds, but the exact motivation for the transfer remains unknown.
Druk Holding and Investments (DHI), the country’s leading holding company, still retains 10,769 BTC, worth approximately $1.23 billion as of the time of writing.
Bhutan Bitcoin sales
The hefty transfer has generated a lot of speculation as historical patterns suggest it could lead to a potential sale.
Bhutan has indeed moved BTC to centralized exchanges (CEX) in the past, most notably Binance, shortly before liquidating portions of its holdings.
In fact, the country moved 650 BTC (around $74 million at the time) to Binance just weeks ago, in mid-July.
Of course, the South-Asian country is always a hot topic in crypto, being the first nation to roll out a nationwide crypto payment system.
Its moves often spark debates about potential future plans for more dynamic state-level crypto engagement and reshaping of Bitcoin’s utility in national financial strategies.
Indonesia is also exploring Bitcoin
Bhutan appears not to be alone, as the Indonesian government is reportedly considering adding Bitcoin to its national reserves.
Similar to the Himalayan nation, Indonesia believes in leveraging its renewable energy, such as hydroelectric power, to support a domestic Bitcoin mining industry.
The country’s crypto market is already expanding rapidly, with over 20 million users now participating in it despite crypto payment prohibitions and increasing crypto taxes.
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