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The Royal Government of Bhutan recently sold about 367 Bitcoin, worth around $33.5 million, through Binance. According to Arkham Intelligence, the transfer took place at 12:06 a.m. UTC when Bitcoin’s price was high, above $90,000.&nbsp; 
This sale follows a previous one two weeks earlier when Bhutan sold $66 million worth of Bitcoin as prices reached $70,000. In total, Bhutan has sold close to $100 million in Bitcoin within the past month. 
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 <img loading="lazy" decoding="async" width="1024" height="434" src="https://www.cryptotimes.io/wp-content/uploads/2024/11/Bhutan-Sells-33M-in-Bitcoin-Amid-Price-Surge-1024x434.png" alt="Bhutan Sells $33M in Bitcoin Amid Price Surge" class="wp-image-214888" srcset="https://www.cryptotimes.io/wp-content/uploads/2024/11/Bhutan-Sells-33M-in-Bitcoin-Amid-Price-Surge-1024x434.png 1024w, https://www.cryptotimes.io/wp-content/uploads/2024/11/Bhutan-Sells-33M-in-Bitcoin-Amid-Price-Surge-615x261.png 615w, https://www.cryptotimes.io/wp-content/uploads/2024/11/Bhutan-Sells-33M-in-Bitcoin-Amid-Price-Surge-768x326.png 768w, https://www.cryptotimes.io/wp-content/uploads/2024/11/Bhutan-Sells-33M-in-Bitcoin-Amid-Price-Surge-860x365.png 860w, https://www.cryptotimes.io/wp-content/uploads/2024/11/Bhutan-Sells-33M-in-Bitcoin-Amid-Price-Surge.png 1835w" sizes="(max-width: 1024px) 100vw, 1024px">
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 Source: <a href="https://intel.arkm.com/explorer/tx/c4dda1427fd2943b521611a1ebca3a0595f73bd97ca8c28008b2d9f4d42e208f" target="_blank" rel="noreferrer noopener nofollow">Arkham</a>
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According to Arkham, Bhutan still holds 12,206 BTC is worth about $1.11 billion. These Bitcoin holdings are managed by Druk Holding &amp; Investments. Bhutan appears to be making use of these price peaks to gain profit by selling during high-price rallies.&nbsp; 
The government’s current Bitcoin holdings make it the fifth-largest known government holder of Bitcoin, with only the United States, China, the United Kingdom, and Ukraine holding more, according to Bitcoin Treasuries data.&nbsp; 
Unlike other governments that gain Bitcoin mostly through asset seizures, Bhutan has been mining its own Bitcoin using its hydroelectric power resources.&nbsp; 
Bhutan’s strategy to sell Bitcoin as prices rise has caught international attention, as other governments are beginning to show interest in cryptocurrency.&nbsp; 
In the U.S., for example, recent statements from President Trump and a proposed bill from Senator Cynthia Lummis suggest the government may consider buying more Bitcoin and possibly creating a “Strategic Bitcoin Reserve.” Bhutan’s actions could serve as an example for other nations looking to manage Bitcoin as part of their national assets. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also read: <a href="https://www.cryptotimes.io/2024/11/12/bhutan-now-owns-1-billion-in-bitcoin-what-about-india/" target="_blank" data-type="link" data-id="https://www.cryptotimes.io/2024/11/12/bhutan-now-owns-1-billion-in-bitcoin-what-about-india/" rel="noreferrer noopener">Bhutan Now Owns $1 Billion in Bitcoin; What About India?</a> 
</blockquote>

Bhutan Sells $33M in Bitcoin Amid Price Surge

The Crypto Times

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