Buddhist Kingdom Bhutan Transfers $40 Million in Bitcoin to Crypto Firm QCP Capital

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As a seasoned analyst with over two decades of experience in global finance and technology markets, I find this development intriguing. The Royal Government of Bhutan, a nation known for its unique Gross National Happiness index rather than financial speculation, has ventured into the volatile world of cryptocurrencies.

According to reports, the Bhutanese Royal Government has sent approximately 406,074 Bitcoins, valued at roughly $40 million, to the well-known cryptocurrency investment firm QCP Capital. This action is thought to be a precursor to selling these assets.

Initially detected by Onchain Lens, it’s been established that Bhutan’s sovereign company Druk Holdings is yet to sell its 11,688 Bitcoins, currently valued at approximately $1.15 million. Additionally, the company also holds around 656 Ether, equivalent to a value of roughly $2.53 million.

Just In: Royal Government of Bhutan has sent 406.074 $BTC worth $40M to #QCP Capital.

— Onchain Lens (@OnchainLens) December 9, 2024

Druk Holdings & Investments was established in 2007 with the purpose of overseeing investments that would bring long-term prosperity to the people of Bhutan. As per their website, they currently manage assets worth approximately $1.13 billion, which are invested in businesses like Bhutan Telecom, Drukair Corporation, and stakes in Bank of Bhutan and Royal Insurance Corporation of Bhutan.

As a dedicated crypto investor, I’ve been fortunate to be part of an operation that mines between 55 and 75 Bitcoins each week. This mining process is spread across significant mining pools such as AntPool and Foundry. What makes this even more appealing is that the energy requirements for these operations are met by affordable, eco-friendly hydropower.

According to Arkham Intelligence’s findings, Druk Holdings’ digital wallet has been in use since the start of 2021 and has primarily been accumulating funds, experiencing occasional small withdrawals. Furthermore, it appears that the firm has taken advantage of cryptocurrency lending platforms to earn returns on their holdings.

At this point, there’s speculation about the government selling its assets, coinciding with the current high value of Bitcoin, which hovers near $100,000. This price surge occurred following Republican presidential candidate Donald Trump’s victory in the U.S. presidential election.

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2024-12-09 18:20