A new report reveals that Bhutan has surpassed El Salvador as the third-largest holder of government bitcoin reserves. Despite having a significantly smaller population, Bhutan’s bitcoin holdings are more than twice the value of El Salvador’s.
The United States remains the undisputed leader in government bitcoin holdings, followed by the United Kingdom. However, Bhutan’s rapid ascent is a notable development in the cryptocurrency space.
Bhutan’s bitcoin holdings primarily stem from its own mining operations, which have expanded significantly since 2019. The country’s sovereign investment arm, Druk Holding & Investments, began mining bitcoin when the cryptocurrency was valued at approximately $5,000.
Leveraging its abundant hydroelectric resources, Bhutan has been able to power large-scale bitcoin mining operations while maintaining its commitment to environmental sustainability. The country’s rivers, fed by Himalayan glaciers, provide significant hydropower potential, allowing Bhutan to generate clean energy at a large scale.
