While debate around the U.S. government's Bitcoin BTC/USD holdings continues and El Salvador's pioneering embrace hogs headlines, a small Himalayan nation nestled between India and China was quietly adding the top cryptocurrency to its reserves.
What happened: According to a report by Firstpost America, the landlocked South Asian held about 13,011 Bitcoin in its coffers, worth $821 million as of this writing. This made it the fourth-largest government holder of the apex digital currency behind the U.S., China, and UK, and surprisingly, above El Salvador.
With an estimated GDP of $3.11 billion as per Statista, Bitcoin holdings represented nearly one-third of Bhutan's economy.
However, unlike other nations, Bhutan's holdings didn't come from law enforcement seizures, but from indigenously developed mining capability, backed by its abundant hydropower resources.
The report added that Bhutan's state-owned investment firm, Druk Holdings, maintains custody of all Bitcoins.
These findings were amplified on X by none other than Michael Saylor, a well-known proponent of Bitcoin who, via his company MicroStrategy, has spearheaded the corporate adoption of the world's largest cryptocurrency.
"Bhutan is leading the way in global Bitcoin adoption," Saylor wrote.
Furthermore, Max Keiser, senior Bitcoin adviser to El Salvador President Nayib Bukele, expressed astonishment at Bhutan surpassing the Central American nation in Bitcoin holdings, saying, “We need to STEP IT UP!!!”
Why It Matters: Recent months have seen a surge in discussions on the topic of holding Bitcoin in national reserves, with former President Donald Trump pitching in favor of the idea during his campaign.
The narrative was strengthened when pro-cryptocurrency Senator Cynthia Lummis (R-Wyo.) proposed a bill to establish a U.S. strategic Bitcoin reserve.
Price Action: At the time of writing, Bitcoin was exchanging hands at $63,122.89, down 1.06% in the last 24 hours, according to data from Benzinga Pro.
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Photo courtesy: Flickr
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