The Kingdom of Bhutan's Bitcoin Reserve Reaches $1.3 Billion, Accounting for Nearly 40% of GDP

BlockBeats News, June 27th, according to Coinfomania, Bhutan's Bitcoin reserve is now valued at $1.3 billion, accounting for about 40% of the country's GDP. Dennis Porter, CEO of SatoshiActFund, referred to this as a "crypto milestone."

In 2020, Bhutan started mining under the initiative of King Jigme Khesar Namgyel Wangchuck, utilizing its abundant hydroelectric resources. Five years later, Bhutan has become the world's third-largest Bitcoin-holding government.

Ujjwal Deep Dahal, Head of Druk Holding and Investments, stated that Bitcoin mining was a "fairly obvious choice" for Bhutan. The country currently operates at least six mining farms, some in collaboration with Singaporean mining company Bitdeer Technologies.

Bhutan plans to hold its Bitcoin reserves long-term and has begun to explore the use of cryptocurrency in daily life. In May of this year, Bhutan launched a tourist payment system supporting over 100 cryptocurrencies, allowing visitors to use cryptocurrency to pay for air tickets, hotels, and visa fees.