TechFlow news, June 27 — According to Coinfomania, Bhutan's Bitcoin reserves are now valued at $1.3 billion, accounting for approximately 40% of the country's GDP. Dennis Porter, CEO of SatoshiActFund, called this a "crypto milestone."
Bhutan began Bitcoin mining in 2020 under the initiative of King Jigme Khesar Namgyel Wangchuck, leveraging its abundant hydropower resources. Five years later, Bhutan has become the world's third-largest government holder of Bitcoin.
Ujjwal Deep Dahal, head of Druk Holding and Investments, said Bitcoin mining was a "fairly obvious choice" for Bhutan. The country currently operates at least six mining facilities, some in partnership with Singapore-based mining company Bitdeer Technologies.
Bhutan plans to hold its Bitcoin reserves long-term and has begun exploring applications of cryptocurrency in daily life. In May this year, Bhutan launched a tourism payment system supporting over 100 cryptocurrencies, allowing tourists to pay for flights, hotels, and visa fees using crypto.
