- In a most audacious move, Bhutan has divested itself of $100 million in Bitcoin to double the salaries of its public servants and, perchance, to stem the tide of brain drain. 🧠💸
- Alas, the nation’s Bitcoin holdings have diminished from a robust 13,000 to a mere 8,000 in the span of a year. Such is the fickle nature of fortune! 😅
As reported by the esteemed Al Jazeera, the Kingdom of Bhutan has placed its faith in the enigmatic Bitcoin, a decision that has proven pivotal in addressing the island’s economic tribulations.
Indeed, this most illustrious cryptocurrency has facilitated the doubling of civil servant salaries, whilst simultaneously attempting to mitigate the exodus of its most skilled workers—an unfortunate phenomenon that has been dubbed “brain drain.” 🏃♂️💨
Bitcoin Use Cases: A Most Curious Affair
The report further elucidates that a staggering 10% of Bhutan’s 800,000 inhabitants sought greener pastures abroad in 2022, a trend that has regrettably persisted into 2024. 🌍
Yet, fear not! For Bitcoin has emerged as a veritable savior in this crisis. In a separate discourse in March, the esteemed Prime Minister Tshering Tobgay proclaimed,
“We have employed Bitcoin to furnish free healthcare and to attend to environmental concerns. However, these are but trifles; the principal application of BTC has been to finance the salaries of our public servants.”
The report further divulges that the island has sold $100 million worth of BTC in 2023 to enhance salaries. Bhutan, blessed with abundant hydroelectric power, finds itself in the enviable position of either selling excess electricity to India or dedicating it to the noble pursuit of Bitcoin mining. ⚡️
According to the astute analysts at Arkham, Bhutan currently possesses 8,190 BTC, valued at approximately $700 million at present. 💰
In the year 2024, the island’s Bitcoin holdings reached a zenith of 13,000, indicating that a rather substantial 5,000 has been relinquished in recent months.
However, Bhutan is not alone in this Bitcoin escapade. El Salvador has adopted a similar strategy, mining BTC with its abundant geothermal resources, a most ingenious use of volcanic power! 🌋
Yet, it appears that a significant portion of its current reserves has been procured directly from the markets. One can only speculate how it shall wield its holdings to remedy the nation’s quandaries. 🤔
Countries such as the United States, El Salvador, Bhutan, and others collectively command a staggering 529,000 BTC, as per the data from Bitcoin Treasury. The continued embrace of Bitcoin by nation-states may very well ignite demand and bolster its value in the long run. 📈
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2025-04-15 01:15