Bhutan's government has transferred over $66 million in Bitcoin to Binance, capitalizing on the cryptocurrency's rise above $71,000. This comes as Bhutan holds an impressive $886 million in Bitcoin, which it has been mining for over five years.

The transfer occurred on October 29, shortly after Bitcoin hit the significant $70,000 mark—often a trigger for profit-taking by major holders, or "whales," potentially adding volatility to the market.

Bitcoin mining is vital to Bhutan's economy, contributing over 26.9% to its GDP in 2023, and even funded a 50% salary hike for public servants this year. Notably, Bhutan now holds double the amount of Bitcoin compared to El Salvador, which has made Bitcoin legal tender since 2021.

Bhutan's government has transferred over $66 million in Bitcoin to Binance, capitalizing on the cryptocurrency's rise above $71,000. This comes as Bhutan holds an impressive $886 million in Bitcoin, which it has been mining for over five years.

The transfer occurred on October 29, shortly after Bitcoin hit the significant $70,000 mark—often a trigger for profit-taking by major holders, or "whales," potentially adding volatility to the market.

Bitcoin mining is vital to Bhutan's economy, contributing over 26.9% to its GDP in 2023, and even funded a 50% salary hike for public servants this year. Notably, Bhutan now holds double the amount of Bitcoin compared to El Salvador, which has made Bitcoin legal tender since 2021.