Royal Government of Bhutan Shifts 406 BTC ($40M) to QCP Capital, Still Holds $1.2B in BTC

The post Royal Government of Bhutan Shifts 406 BTC ($40M) to QCP Capital, Still Holds $1.2B in BTC appeared first on Coinpedia Fintech News

Amid the mainstream adoption of Bitcoin (BTC) by nation-states as a form of hedge factor against fiat currency devaluations, the Royal Government of Bhutan has been a major supporter. According to on-chain data analysis provided by Arkham Intelligence, the Royal Government of Bhutan has purchased nearly 14k Bitcoins since early 2021. 

However, the Royal Government of Bhutan has significantly slowed down the Bitcoin adoption rate. In the past two months, the Bitcoin addresses associated with the Royal Government of Bhutan have offloaded more than 1k Bitcoins.

Earlier today, the Royal Government of Bhutan transferred 406 Bitcoins to QCP Capital, worth around $40 million.

As a result, the Royal Government of Bhutan now holds around 12k Bitcoins and is the seventh largest BTC holder among the nation-states that have adopted a strategic Bitcoin reserve.

Also Read :   Marathon Digital Expands Bitcoin Holdings with $130 Million BTC Purchase   ,

The Royal Government of Bhutan and the Bitcoin Strategy

The Royal Government of Bhutan has held Bitcoin throughout the bull market in the bull run in the past two years. While other countries use the Gross Domestic Product (GDP) to measure overall economic growth, the Royal Government of Bhutan uses the Gross National Happiness (GNH) as a way to measure the population’s well-being.

With Bitcoin having been identified as a digital gold by virtually all global governments led by the United States and Russia, it is safe to assume that the Royal Government of Bhutan has significantly benefited from the Bitcoin strategy in its GNH.