# Bhutan Sells BTC

*Bhutan Moves $66M in Bitcoin to Binance as Prices Surge*

By [aundingoya.eth](https://paragraph.com/@aundingoya.eth) · 2024-10-30

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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.

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*Originally published on [aundingoya.eth](https://paragraph.com/@aundingoya.eth/bhutan-sells-btc)*