Bhutan government off-loading 400++ BTC

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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.

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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.

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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.

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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

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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.

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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.

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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.

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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.

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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.

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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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Quote from: HONDACD125 on December 09, 2024, 06:41:06 PM

Good for them, they had the opportunity to buy early and be able to sell at $100k which many individuals can only dream of.

This isn't fully attributed to their purchase, because although there are reports that they’ve accumulated Bitcoin through purchases, it’s only a small portion of their total holdings. The majority comes from their state-sponsored mining operations, which is why they’ve been able to accumulate so much.

As of now, their total holdings are valued at over $1 billion. Selling a portion of their stash is a smart move, as the proceeds can be used to finance improvements for the country.

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Quote from: arwin100 on December 10, 2024, 08:15:07 AM

If they are in profit then its good since we just see them trying to secure their money.

But for sure that this is not the last time that they invest on bitcoin since provably that they able to see some good opportunities to gain if they invest again on Bitcoin.

If you are worried about possible bad effect that might happen to Bitcoin I guess everything is manageable there would be more greater news will come in future and for sure that it will cover up those things done by Bhutan and price either recovers or pump for more.

If they took profit and planned to trade, it's good if they can time the market, sell around top and buy at dips. With 400 BTC, by trading cleverly they can increase it to like 440 or 480 BTC, then they can hold their bitcoins again.

They are not only one investor in this market and they are not biggest investor, their sales won't affect the market too much. Impacts from their sales will be smaller than from Bitcoin Spot ETFs and Microstrategy.

Results of their trade can be good or bad, we don't know, and they must know risk of selling low and buying high that is opposite with their assumedly intention as sell high and buy low.

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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.

Quote

Biography
Established in 2017, QCP Capital is a full suite crypto trading firm and global market leader in options, headquartered in Singapore. With deep multi-cycle experience, QCP Capital unlocks new opportunities for clients at the forefront of crypto capital markets through providing institutional-grade liquidity, infrastructure and research. An active early-stage crypto and blockchain investor, QCP Capital’s portfolio includes core trading infrastructure, exchanges, data and token ecosystems. QCP Capital’s insights cover weekly trading updates, monthly and quarterly views, and can be accessed on our Telegram, Twitter, LinkedIn page and more. More information can be found at qcp.capital.

https://coinmarketcap.com/academy/author/qcp-capital

So more likely, Bhutan government transferring that huge amount to them might hint of a big sell off to take profits.

But still though, they have a lot of holdings, around 11,688 in BTC as of this writing.

https://intel.arkm.com/explorer/entity/druk-holding-investments

And perhaps they are selling to fund government projects. So it makes sense to sell near $100k'ish.

If they are in profit then its good since we just see them trying to secure their money.

But for sure that this is not the last time that they invest on bitcoin since provably that they able to see some good opportunities to gain if they invest again on Bitcoin.

If you are worried about possible bad effect that might happen to Bitcoin I guess everything is manageable there would be more greater news will come in future and for sure that it will cover up those things done by Bhutan and price either recovers or pump for more.

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Quote from: Smack That Ace on December 10, 2024, 05:22:03 AM

As far as I know, most of their bitcoins are from mining, not buying. Bhutan has abundant hydropower resources and they have been using that to mine bitcoin since 2019 and have become one of the top 4 countries holding the most bitcoins in the world.

They did their research and assessments between selling their abundant energy and mining bitcoin with it and at the end, years ago they decided to go with Bitcoin mining. They have gotten good profit from Bitcoin mining and after taking good profit and enjoying it, I believe they will continue with Bitcoin mining.

I believe that with their experience, they know that with time, Bitcoin mining will become more challening, more a competitive and they will have to spend more time and resources to mine a same 1 bitcoin. However, it's not wrong to take profit and they actually sell part of their bitcoins, to get their initial capital investment into this mining activity first. Then they can move forward by reinvest their profit to future mining.

I believe that every Bitcoin miner needs to know this Equivalent network time.

Smack That Ace

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Quote from: HONDACD125 on December 09, 2024, 06:41:06 PM

Good for them, they had the opportunity to buy early and be able to sell at $100k which many individuals can only dream of. Bhutan is a small country with a population of less than 800k, however, its economy has been on the rise. The economy of Bhutan rose around 6.1% in 2024 alone which is a great feat to achieve, in my opinion. Many countries wouldn't be able to achieve that.

Now with Bitcoin providing them with good profits, I'm sure they can do better things for their economy that many other countries aren't able to do. Some countries, mostly third-world, aren't able to understand and realize the potential Bitcoin has and they are truly missing out on what Bhutan and some other countries are achieving utilizing Bitcoin.

As far as I know, most of their bitcoins are from mining, not buying. Bhutan has abundant hydropower resources and they have been using that to mine bitcoin since 2019 and have become one of the top 4 countries holding the most bitcoins in the world.

Not every country has the advantages of Bhutan and with a small population, governance is much easier than countries without resources and a large population. So don't be so quick to criticize other third world countries for not investing and not intending to invest in bitcoin because they have hundreds of other important problems to solve.

Also, this is the 3rd time they sold bitcoin this year, not the first time.

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Quote from: PrivacyG on December 10, 2024, 12:59:03 AM

While a Billion Dollars is nothing to most Governments considering their expenses and earnings, such a small country owning more than ten THOUSAND Bitcoin is amazing to see. After all, selling 40 Million Dollars worth of Bitcoin is almost nothing to Bitcoin nowadays too. It was many years ago. Now however, it is probably worth the Volume of one hour of Bitcoin Trading, maybe even less.

I take it with zero panic or anxiety but with a very positive note instead. 400 Bitcoins are spreading back among the Decentralized Community of Bitcoin. It is good for us at the end of the day.

Yeah, when it's done on the scale of Bhutan - I don't see anything bad in it.
It's a healthy relationship with BTC from a gov entity.
And it's wonderful.

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Quote from: avikz on December 10, 2024, 01:06:35 AM

It's good and well expected! Actually a lot of investors are actually booking profits at the current price point and it completely makes sense! Also the government of Bhutan is well known for the great healthcare, housing, Electricity, education and infrastructure. Every citizen receives these facilities for free of cost. There are a lot of news articles in the internet which you can check.

So when they are booking their profits from Bitcoin, it will be further used for development of their citizens. I wish I am allowed to buy a small property there and live there forever.

Never thought about living there, but it sounds nice from you.
Good luck to them, they need it.
To be an example for everybody surrounding them.

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Quote from: HONDACD125 on December 09, 2024, 06:41:06 PM

Good for them, they had the opportunity to buy early and be able to sell at $100k which many individuals can only dream of. Bhutan is a small country with a population of less than 800k, however, its economy has been on the rise. The economy of Bhutan rose around 6.1% in 2024 alone which is a great feat to achieve, in my opinion. Many countries wouldn't be able to achieve that.

Now with Bitcoin providing them with good profits, I'm sure they can do better things for their economy that many other countries aren't able to do. Some countries, mostly third-world, aren't able to understand and realize the potential Bitcoin has and they are truly missing out on what Bhutan and some other countries are achieving utilizing Bitcoin.

Maybe this example will inspire more nations to come.
Bhutan is also good at it due to its clean electricity being cheaper than in some other parts of the world, so it's no wonder they use it to their full extent.
And that's great.

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Quote from: Darker45 on December 09, 2024, 09:45:38 PM

They're probably selling some. It's a good time to sell. No problem about it. They deserve it. They're mining their coins. They regularly need funds for their operational expenses. Not to mention that it's everybody's money since it's owned by the government, so they need to withdraw different amounts every once in a while to finance certain programs and projects. Governments shouldn't be in the business of saving, after all. Their mandate is to spend for their people.

I agree here.
You reap what you sow.
And they did well, in my opinion, being an example of a small nation doing big, new things.

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If anyone has a chart of what they own, what percentage they have sold, and how it compares to the country's overall economy, it would be helpful for discussions. I would expect the government to create a sovereign fund or company through which they would buy and sell bitcoin and use the profits to fund government projects.

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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.

So more likely, Bhutan government transferring that huge amount to them might hint of a big sell off to take profits.

But still though, they have a lot of holdings, around 11,688 in BTC as of this writing.

They can take profit and nothing is wrong with this action. All Investors and Traders can take profit if they want in a Free market like Bitcoin market. They invested money in Bitcoin, they mined bitcoins and with their renewable energy resources assigned for Bitcoin mining, they will be able to mine more bitcoins in future.
.

Quote

And perhaps they are selling to fund government projects. So it makes sense to sell near $100k'ish.

They can do whatever they want after taking profit. If it helps funding their governmental projects and bringing benefits to their citizens, it's very good action from Bhutan government.

We don't know they're taking advantage of this volatile time in Bitcoin market to take profit, or to trade for increasing number of bitcoin in their portfolio. We will ahve more information about Bhutan government actions in future.

The Kingdom of Bhutan is onchain and mining millions in BTC

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Quote from: Die_empty on December 10, 2024, 01:00:02 AM

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

And perhaps they are selling to fund government projects. So it makes sense to sell near $100k'ish.

I have so much respect for the Royal Government of Bhutan. At a time when many governments were banning and restricting the use of Bitcoin, they were secretly mining the coin. Maybe they had projected to sell at a particular price and it has reached the time. Based on this article the country started selling since last month. Not every country will be a long-term investor like El Salvador and maybe the money is needed to invest in some important projects. And they are still using their hydroelectric resources to continue mining.

Yeah, they really slip under the radar during the time that we have been discussing crypto mining specially when China ban it. We never thought that a country like Bhutan is going to mine because of their abundance of electricity in which they also invested way back in the 80's. So we commend the people who put their thoughts of using their extra electricity to mine Bitcoin. And now they are really taking it to the next level as they are one of the most wealthiest in term of Bitcoin holding and so they can sell some portions of it to continue with their mining business or the cost of maintaining it. And most likely, they will continue to accumulate thru their Bitcoin mining and so the effects for them are zero.

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It's good and well expected! Actually a lot of investors are actually booking profits at the current price point and it completely makes sense! Also the government of Bhutan is well known for the great healthcare, housing, Electricity, education and infrastructure. Every citizen receives these facilities for free of cost. There are a lot of news articles in the internet which you can check.

So when they are booking their profits from Bitcoin, it will be further used for development of their citizens. I wish I am allowed to buy a small property there and live there forever.

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

And perhaps they are selling to fund government projects. So it makes sense to sell near $100k'ish.

I have so much respect for the Royal Government of Bhutan. At a time when many governments were banning and restricting the use of Bitcoin, they were secretly mining the coin. Maybe they had projected to sell at a particular price and it has reached the time. Based on this article the country started selling since last month. Not every country will be a long-term investor like El Salvador and maybe the money is needed to invest in some important projects. And they are still using their hydroelectric resources to continue mining.

PrivacyG

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While a Billion Dollars is nothing to most Governments considering their expenses and earnings, such a small country owning more than ten THOUSAND Bitcoin is amazing to see. After all, selling 40 Million Dollars worth of Bitcoin is almost nothing to Bitcoin nowadays too. It was many years ago. Now however, it is probably worth the Volume of one hour of Bitcoin Trading, maybe even less.

I take it with zero panic or anxiety but with a very positive note instead. 400 Bitcoins are spreading back among the Decentralized Community of Bitcoin. It is good for us at the end of the day.

Dave1

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They did sell at almost the top price so there nothing wrong with that. It's not that a big money as well, maybe they will used that money to refinance some projects in their country or totally build a new mining grid, so everything is for the good purpose.

Besides, they can make that up next year as they will obviously continue to mine Bitcoin for good. And how lucky that crypto trading company is, and it could be Bhutan is one of their biggest client and so they will also make a lot of money from it. So it's a win-win situation.

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They're probably selling some. It's a good time to sell. No problem about it. They deserve it. They're mining their coins. They regularly need funds for their operational expenses. Not to mention that it's everybody's money since it's owned by the government, so they need to withdraw different amounts every once in a while to finance certain programs and projects. Governments shouldn't be in the business of saving, after all. Their mandate is to spend for their people.

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Good for them, they had the opportunity to buy early and be able to sell at $100k which many individuals can only dream of. Bhutan is a small country with a population of less than 800k, however, its economy has been on the rise. The economy of Bhutan rose around 6.1% in 2024 alone which is a great feat to achieve, in my opinion. Many countries wouldn't be able to achieve that.

Now with Bitcoin providing them with good profits, I'm sure they can do better things for their economy that many other countries aren't able to do. Some countries, mostly third-world, aren't able to understand and realize the potential Bitcoin has and they are truly missing out on what Bhutan and some other countries are achieving utilizing Bitcoin.

Jating

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

Quote

Biography
Established in 2017, QCP Capital is a full suite crypto trading firm and global market leader in options, headquartered in Singapore. With deep multi-cycle experience, QCP Capital unlocks new opportunities for clients at the forefront of crypto capital markets through providing institutional-grade liquidity, infrastructure and research. An active early-stage crypto and blockchain investor, QCP Capital’s portfolio includes core trading infrastructure, exchanges, data and token ecosystems. QCP Capital’s insights cover weekly trading updates, monthly and quarterly views, and can be accessed on our Telegram, Twitter, LinkedIn page and more. More information can be found at qcp.capital.

https://coinmarketcap.com/academy/author/qcp-capital

So more likely, Bhutan government transferring that huge amount to them might hint of a big sell off to take profits.

But still though, they have a lot of holdings, around 11,688 in BTC as of this writing.

https://intel.arkm.com/explorer/entity/druk-holding-investments

And perhaps they are selling to fund government projects. So it makes sense to sell near $100k'ish.

Topic: Bhutan government off-loading 400++ BTC (Read 427 times)