The government of Bhutan has recently sold $66 million worth of Bitcoin as the price of the cryptocurrency soared above $71,000. This move comes as a significant decision by the Bhutanese government to cash in on the rising value of Bitcoin. Bhutan joins a growing list of governments around the world that have taken similar steps to sell off their cryptocurrency holdings.
Bitcoin, the world’s largest and most popular cryptocurrency, has seen a surge in value in recent months, reaching new all-time highs. This has prompted many investors and governments to capitalize on the opportunity to sell their Bitcoin holdings for a profit.
The decision by the Bhutanese government to sell off its Bitcoin stash highlights the increasing acceptance and adoption of cryptocurrencies by governments and institutions. It also reflects a growing trend of governments recognizing the potential financial benefits of holding and trading cryptocurrencies.
As the price of Bitcoin continues to rise, it will be interesting to see how other governments and institutions respond to the opportunity to cash in on their cryptocurrency holdings. Bhutan’s move to sell $66 million worth of Bitcoin is just one example of the growing interest in cryptocurrencies as a valuable asset class.