At the Token2049 conference in Dubai, Binance co-founder Changpeng Zhao (CZ) praised Bhutan’s strategic initiative for incorporating its national reserves, highlighting the country’s advanced approach to the adoption of digital assets.
When he spoke about strategic preparation, he said that. “There are already some countries, like Bhutan, that are very advanced.” He added that Bhutan has been quietly mining Bitcoin with clean energy over the years, effectively accumulating the National BTC Reserve.
Bhutan has emerged as a country that violates Asian encryption
This is not the first time that CZ has used Bhutan as an example. In January this year, he praised Bhutan for being an open-minded person when it comes to cryptocurrencies, saying that attracting crypto companies, investment and innovation is a wise move in the country.
The adoption of cryptocurrency as part of the country’s national reserves places it among select groups of countries exploring digital assets.
Bhutan is a small Himalayan nation known for its focus on the total happiness of its people. The Sovereign Investments division (Druk Holding & Investments) has been mining Bitcoin using renewable hydropower since 2019. Industry reports show that Bhutan currently owns more than $1.1 billion in Bitcoin.
Part of Bhutan’s strategic reserves Bitcoin, Ethereum and BNB
In early January, Bhutan’s Jereh Mindfulness City (GMC) announced plans to include Bitcoin, Ethereum and Vinance Coins in its strategic reserves. GMC is Bhutan’s sustainable smart city initiative supported by crypto investment.
The country’s renewable hydroelectric strategy makes it an ideal location for sustainable crypto mining, especially during a time when the industry is being scrutinized for its environmental impact. An interesting fact about Bhutan is that it is the only carbon negative country in the world.
As mentioned earlier, the Himalayas mined Bitcoin in 2019, but this was not published until 2023 when court documents from the Bullockfee Bankruptcy case revealed Bhutan’s involvement.
It has been revealed that Druk Holding & Investments has been interacting with bankrupt crypto lenders such as Blockfi and Celsius, borrowing tens of millions of dollars in crypto-related investments.
Bhutan’s model could affect other nation-states
In any case, Bhutan has emerged as an unexpected and prominent player in the crypto sector, with a long-term strategy combining digital asset investment, Bitcoin mining and sovereign wealth management.
As global interest in digital assets continues to grow, Bhutan’s aggressive measures could inspire other countries to assess the role of cryptocurrencies in their economic strategy.
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