CandleFocus ? Firstpost America Reports That Bhutan Has One-Third of Its GDP in Bitcoin
2024-09-24
Author: Content Editor
The Kingdom of Bhutan has become a significant player in the cryptocurrency scene, with approximately one-third of its gross domestic product (GDP) held in Bitcoin. The country has harnessed its abundant hydropower resources for Bitcoin mining, making it the fourth-largest government holder of Bitcoin behind the US, China, and the UK. In 2023, Bhutan's GDP was $2.9 billion, and 28.6% of this ($831 million) came from its crypto mining activities. Bhutan has invested heavily in mining operations through its state-owned crypto miner, Druk Holdings and Investment, and has amassed 13,093 BTC ($831 million). The country continues to expand its mining capacity and holds other cryptocurrencies such as ETH, SAND, and MATIC. Bhutan's adoption of Bitcoin sets an example for other countries facing economic challenges, and the success of Bitcoin as a long-term investment has been highlighted.
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