Bhutan government off-loading 400++ BTC

Kemarit

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And it's not the first time that they have sold, they've done it during the tops at $70,000.

Quote

Bhutan’s government has started moving its quietly accumulated Bitcoin holdings as the price soared above the key $70,000 level.

https://cointelegraph.com/news/bhutan-government-sells-66m-bitcoin-stash-price-tops-71k

And if we look at the chart that time, it was the first time that we have seen Bitcoin hits that magic $70,000, meaning they sold as well when the price is at top. And just like this news when we are almost at $100,000.

If we read this on why they are selling,

Quote

In June 2023, The Bhutanese reported that DHI was considering selling a portion of its bitcoin holdings to fund a 50% salary increase for government officials.

The government has considered using bitcoin to fund public sector salary increases, indicating its importance to national finances.

https://www.forbes.com/sites/digital-assets/2024/09/17/how-bhutan-quietly-built-750-million-in-bitcoin-holdings/

So just imagine your government selling their Bitcoin to give you salary increases, that could be the first as well. And if you are in the government or even in public sector, for sure you will "taste" that sell-off.

Botnake

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Quote from: pakhitheboss on December 12, 2024, 05:44:34 AM

..by the way, they have been mining Bitcoin using natural resources since 2019.

It’s wrong to think they could make a lot more profit just by waiting, especially since they didn’t invest money to acquire Bitcoin, it was earned through mining. They can sell anytime because it’s all profit, and honestly, we should applaud them for holding this long and waiting for the right timing to sell.

$100k is already a huge price, sure, the price could go higher in the future, but nobody can predict that. What if next month Bitcoin drops to $50k? Then people might call them foolish for not selling when the price was high.

Dave1

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Quote from: pakhitheboss on December 12, 2024, 05:44:34 AM

Quote from: NotATether on December 12, 2024, 03:05:30 AM

They were not patient enough!

They hold the BTC for two more years and it probably becomes worth way more than 100 thousand dollars.

Unless they were holding coins prior to 2021, then the gains make more sense to cash out.

The King is not in the mood to wait, as Bhutan is a small country ruled by a monarch with a small population. If they sell a small percentage of mined Bitcoin to support the country's development, it could be beneficial for their citizens. I've visited Bhutan, and as an Indian, it is easy for me to travel there as we Indians do not require a visa to enter the country. Trust me, it is truly heaven on earth, by the way, they have been mining Bitcoin using natural resources since 2019.

And I think as long as they are in the profits, obviously they will sell, even average joe has that kind of mentality. We can argue that if they waited, the profits might be bigger. But again, as compare to us, it's fine, as long as we have in the net positive and the money that we will get is for some other purposes, then it's no regret.

Besides, they will go and probably have stash some BTC already after they sold as they continue to mine again. And with this news or at least them in the Bitcoin mining industry, it could be a travelers haven for Bitcoin enthusiast although I don't know if the place is safe or not.

pakhitheboss

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Quote from: NotATether on December 12, 2024, 03:05:30 AM

They were not patient enough!

They hold the BTC for two more years and it probably becomes worth way more than 100 thousand dollars.

Unless they were holding coins prior to 2021, then the gains make more sense to cash out.

The King is not in the mood to wait, as Bhutan is a small country ruled by a monarch with a small population. If they sell a small percentage of mined Bitcoin to support the country's development, it could be beneficial for their citizens. I've visited Bhutan, and as an Indian, it is easy for me to travel there as we Indians do not require a visa to enter the country. Trust me, it is truly heaven on earth, by the way, they have been mining Bitcoin using natural resources since 2019.

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Quote from: SamReomo on December 10, 2024, 02:05:56 PM

I think they are dong a good job, because at current rate of Bitcoin they are making some good profits by offloading their Bitcoins.

But there's chance that if Bitcoin grow more in value then they might regret that why they have sold their Bitcoin for $100k.

Some people have predicted that Bitcoin might reach $500k this cycle, I personally don't think that such thing will happen but it's still possible.

If bitcoin doesn't hit $500k and bear season suddenly hits, what will they do? Or if you think about it that way, even if they sell bitcoin for $500k, they might still regret it because there are also many predictions that bitcoin will rise to $1 million. Should they wait for bitcoin to hit $1 million and sell so they don't regret it?

I don't see anything wrong with them selling bitcoin at this price or even lower as long as that is their goal and they are happy with the profit they make. Furthermore, these bitcoins were mined from 2019 till now, they have been held for quite a long time and that is a huge profit so I fully support them selling bitcoins.

If it were me, I would sell bitcoin too because holding it forever has no benefit and sometimes being too greedy will cost you dearly.

NotATether

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They were not patient enough!

They hold the BTC for two more years and it probably becomes worth way more than 100 thousand dollars.

Unless they were holding coins prior to 2021, then the gains make more sense to cash out.

Kemarit

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Quote from: asriloni on December 11, 2024, 05:33:16 AM

Nothing surprise here.

Bhutan has been continuously selling their BTC even since the price of Bitcoin was 71k.

Bhutan gov’t moves $66M of Bitcoin stash to Binance as price tops $71K

Bhutan Sells $33 Million Worth Of Bitcoin

Why shall we concern about Bhutan's decision to sell their BTC? They're still holding majority of their Bitcoin. They invested in Bitcoin to get profit and still actively mined it. They generated millions every week from their mining operation. They have to sell some to pay electricity. Grin

I don't think that we are concern about Bhutan's decision, and just like average joe investors here, we may and may not sell our Bitcoin, or we might sell it but there are times that we should unless sold it near the top price to maximized our profits.

But I do agree that it's not the end of the world for them, they will continue to mind and keep their operations going for a long time as they have abundant energy and they are a classic example of why government may want to have Bitcoin as their disposal or in their balance sheet.

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Quote from: asriloni on December 11, 2024, 05:33:16 AM

Nothing surprise here.

Bhutan has been continuously selling their BTC even since the price of Bitcoin was 71k.

Bhutan gov’t moves $66M of Bitcoin stash to Binance as price tops $71K

Bhutan Sells $33 Million Worth Of Bitcoin

Why shall we concern about Bhutan's decision to sell their BTC? They're still holding majority of their Bitcoin. They invested in Bitcoin to get profit and still actively mined it. They generated millions every week from their mining operation. They have to sell some to pay electricity. Grin

Agreed.
And also to use the profits for other endeavors, so it's natural the time would come to drop off a bit of the bag down.

asriloni

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Nothing surprise here.

Bhutan has been continuously selling their BTC even since the price of Bitcoin was 71k.

Bhutan gov’t moves $66M of Bitcoin stash to Binance as price tops $71K

Bhutan Sells $33 Million Worth Of Bitcoin

Why shall we concern about Bhutan's decision to sell their BTC? They're still holding majority of their Bitcoin. They invested in Bitcoin to get profit and still actively mined it. They generated millions every week from their mining operation. They have to sell some to pay electricity. Grin

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Quote from: BlackBoss_ on December 10, 2024, 09:03:38 PM

Quote from: Z-tight on December 10, 2024, 04:38:14 PM

That is the case for most countries, most of the coins they have in their custody was confiscated from criminals and any illicit business, but that is not the case for Bhutan. This country has been secretly mining BTC since 2019 if i remember correctly, so their situation is unique, because most of the coins they have in their custody were actually mined by them.

There are not too many countries in Bitcoin Treasury observing websites.
https://bitcointreasuries.net/

United States of America
China
United Kingdom
Ukraine
Bhutan
El Salvador
Venezuela
Finland
Georgia
Bulgaria
Germany

I am not sure that Bulgaria and Germany now have zero bitcoin, and I check with another website.
https://treasuries.bitbo.io/#countries

Information on Germany is the same, but not sure about Bulgaria.

More to come.
And that's what matters - bigger countries with faith in BTC being ready and steady for the future adoption.
Cool

fikrett

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Quote from: Z-tight on December 11, 2024, 04:46:41 AM

Quote from: ?? on ??

it honestly feels like a smart move given the current market conditions. they've probably made a solid profit and would definitely make sense if they're looking to fund a government projects

Yeah, they sold ~ 406 BTC and reports have it that they hold ~ 13,000 BTC, so despite this sale, they still have a lot of coins in their reserves. It is a good move for them if they put the realized profits to good use. When BTC was created, who would have believed that many years down the line, countries would be realizing BTC profits and using it to fund government projects, just goes to show the growth of the network.

For now, it's only small countries that benefit from such cases.
In the future - more to come, and more adoption of BTC is coming, in my opinion.
Its credibility is unmatched and will remain as such.

betswift

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Quote from: ?? on ??

it honestly feels like a smart move given the current market conditions. they've probably made a solid profit and would definitely make sense if they're looking to fund a government projects

As it was said - they got what they deserved, in my opinion.
And they've got lots of it left as Z-tight said.
Kudos to them for being smart and accumulating such an amount of BTC, working towards it.

Z-tight

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Quote from: ?? on ??

it honestly feels like a smart move given the current market conditions. they've probably made a solid profit and would definitely make sense if they're looking to fund a government projects

Yeah, they sold ~ 406 BTC and reports have it that they hold ~ 13,000 BTC, so despite this sale, they still have a lot of coins in their reserves. It is a good move for them if they put the realized profits to good use. When BTC was created, who would have believed that many years down the line, countries would be realizing BTC profits and using it to fund government projects, just goes to show the growth of the network.

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Quote from: Z-tight on December 10, 2024, 04:38:14 PM

That is the case for most countries, most of the coins they have in their custody was confiscated from criminals and any illicit business, but that is not the case for Bhutan. This country has been secretly mining BTC since 2019 if i remember correctly, so their situation is unique, because most of the coins they have in their custody were actually mined by them.

There are not too many countries in Bitcoin Treasury observing websites.
https://bitcointreasuries.net/

United States of America
China
United Kingdom
Ukraine
Bhutan
El Salvador
Venezuela
Finland
Georgia
Bulgaria
Germany

I am not sure that Bulgaria and Germany now have zero bitcoin, and I check with another website.
https://treasuries.bitbo.io/#countries

Information on Germany is the same, but not sure about Bulgaria.

Z-tight

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Quote from: coolcoinz on December 10, 2024, 02:58:30 PM

which is rare as countries usually don't hold coins, just sell what they manage to leech from criminals.

That is the case for most countries, most of the coins they have in their custody was confiscated from criminals and any illicit business, but that is not the case for Bhutan. This country has been secretly mining BTC since 2019 if i remember correctly, so their situation is unique, because most of the coins they have in their custody were actually mined by them.

red4slash

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That means they got what they wanted where they sold at a profit and even though there are some things that I might regret because they sold early but at the end of the day they knew what they were doing and they are now taking advantage of their previous purchases so I think it's fine to do that.

The Bhutanese government is good enough to be said to be a businessman because after all buying when the price is cheap and selling at a profit just like now is certainly a choice that is certainly not wrong, but in the end when they still have bitcoin left that they store then I think it does not mean the end because it could be that they are selling just for the sake of it where they will try to wait and buy dip after they get a profit in their previous purchase.

tabas

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They have to sell some so that they can hold the cash that their government shall use. It's not something that they'll do forever to mine bitcoins and they have no benefits. So, seeing them move a lot of Bitcoins that might be ready to be sold is fine, everyone has to sell when they have a cost of operations and they need to sustain it. Maybe for the operations and for the salary that are staffed there. Or for any other reasons that they are not going to disclose, there's no need for any reason for them to sell or not to sell.

coolcoinz

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It's just a few hundred BTC. People are selling much more every day. Should we care? The only news in all this is that a country is actively trading bitcoin, which is rare as countries usually don't hold coins, just sell what they manage to leech from criminals. If a country decides to hold and trade, not dump, it shows there are some people in there who appreciate bitcoin and recognize its value. There's a huge difference between offloading on auctions like the US or Germany did in the past and selling a portion of your holdings during bull runs.

For their sake I hope they keep holding.

SamReomo

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Quote from: Jating on December 09, 2024, 06:01:23 PM

It looks like Bhutan is offloading some of it's BTC holdings currently to QCPCapital.

I think they are dong a good job, because at current rate of Bitcoin they are making some good profits by offloading their Bitcoins.

But there's chance that if Bitcoin grow more in value then they might regret that why they have sold their Bitcoin for $100k.

Some people have predicted that Bitcoin might reach $500k this cycle, I personally don't think that such thing will happen but it's still possible.

Jon_Hodl

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They've been mining for years so maybe now is a good time to spend some of it on government services that benefit the people.

As price continues to climb, so will the pressure for miners to sell their holdings to OTC counters. This might be exactly what Bhutan is doing.

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