The Royal Government of Bhutan moved 99.47 Bitcoin (Btc) worth $ 12.05 million in time to exchange a crypto exchange by its investment arm, Druk Holding.
Blockchain Analytics Platform Onchain Lens That -flag This latest transaction on Monday. It brings the Bhutanese government total shift over the past two weeks to 650 Bitcoin, worth $ 74.24 million.
In markets that become bullish, these moves may indicate that the Bhutan government is cashing in BTC investments.
Bhutan moves stash while Bitcoin breaks all the time-high
The Bhutanese government’s purse was inactive for two weeks when, on June 30, it moved 137.24 BTC to Binance, according to Arkham. Bitcoin costs about $ 107,000 at that time, appreciating the move to $ 14.7 million.
The purse continues to move BTC to Binance over the next two weeks, with transfers from two to 200 BTC.
Bitcoin’s latest move only happened two hours after possession Reached the $ 120,000 price point for the first time. At the time of writing, Bitcoin exchanged $ 122,300 and did not show signs of slowing down.
Cointelegraph contacted the Bhutan government to comment and update this article if it should respond.
Through Druk Holding, Bhutan gathered a size of Bitcoin Stash. Arkham data shows the country holding 11,411 BTC, which costs nearly $ 1.4 billion in current market prices, and 656 ether (Eth), worth about $ 2 million.
Related: Binance CEO on How Bhutan’s Philosophy is aligned with Crypto
Bhutan’s relationship with Crypto
The Bhutanese government embraced the crypto as part of its developmental strategy. Under its current monarch, King Jigme Khesar Namgyel Wangchuck, Bhutan has implemented initiatives such as The mining of hydro-powered bitcoin and A crypto reserve.
In May, the country cooperated with Binance at Implement crypto payments to boost its tourism sector. Despite this, the country experiencing road barriers to adoptionsuch as unstable Internet connections.
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