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Analytics account @lookonchain discovered that a developing world country has recently embraced this idea Bitcoin And many other cryptocurrencies, to build a strategic crypto reserve, have transferred a large stock of Bitcoin.
The cryptocurrency community received this tweet with a wave of enthusiasm, confusion, and speculation about the nature of this deal.
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Bhutan moves $65 million worth of Bitcoin
Bhutan, a country with a population of less than a million people, is located in South Asia, in the eastern Himalayas, on the border with China and India.
According to the aforementioned data source, the Royal Government of Bhutan has amassed 633 Bitcoins worth $64.57 million. The transaction was split as these bitcoins were sent to three new blockchain wallets.
As of now, the government of Bhutan boasts $1.3 billion worth of Bitcoin – that's 11,055 BTC.
Bhutan's Bitcoin holdings are backed by its mining operations. In September last year, the country was able to generate between 55 and 75 bitcoins on a weekly basis.
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Bhutan adopts BTC, ETH and BNB as reserve assets
like Reported by U.Today earlierGelephu Mindness City (GMC), in Bhutan's new Special Administration Region, announced that it is building strategic cryptocurrency reserves and adding to it three large-cap cryptocurrencies - Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).
Authorities believe that holding cryptocurrency reserves will help the region enhance its economic resilience and increase its participation in Bitcoin mining.
Co-founder and former CEO of the Binance exchange, Changpeng Zhao (CZ), wrote an
The newly elected US President also promised to create a strategic Bitcoin reserve for the United States by purchasing Bitcoin over the next four years. He will take office next week, and many are watching whether a Bitcoin reserve will actually be created.
Currently, the US government (the Department of Justice in particular) has a tremendous amount 69,370 Bitcoin Worth $7,097,961,000 at the time of writing. Bitcoins seized from the Silk Road hacker can be sold after recent court permission was obtained from the Ministry of Justice. Bitcoin users wonder whether Trump will be able to prevent this, although the liquidation may happen before he comes to power.
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