Bhutan Adopts Crypto Reserve Strategy to Enhance Economic Growth
Bhutan is adopting a crypto reserve strategy, including bitcoin, ethereum, and Binance's BNB. Key points include:
- Gelephu Mindfulness City will integrate crypto into its economic model for sustainability and innovation.
- The country aims to attract foreign investment amid fiscal deficit concerns, as noted by the World Bank.
- Bhutan has significant hydropower potential, with only 7% developed, making it suitable for energy-intensive crypto mining.
- Since beginning bitcoin mining in April 2019, Bhutan has accumulated over 11,000 bitcoins, valued at approximately $1.1 billion.
- This positions Bhutan among the top five countries for bitcoin reserves.
- Experts suggest Bhutan could inspire other nations with abundant energy resources to adopt similar strategies.
Overall, Bhutan's move could impact smaller countries' approaches to cryptocurrency and reserves.