Bhutan commits up to $1 billion in Bitcoin to build the world’s first mindfulness-based economic hub.
By Wahid Pessarlay
Editor Julia Sakovich
Updated
2 mins read
The Kingdom of Bhutan announced the world’s largest Bitcoin BTC $86 451 24h volatility: 0.2% Market cap: $1.73 T Vol. 24h: $43.63 B pledge to support its new economic zone called the Gelephu Mindfulness City.
The South Asian country, with a population of just under 800,000, pledged up to 10,000 BTC, valued at $1 billion, to develop its new economic hub, according to an official press release on Dec. 17.
Bhutan’s King Jigme Khesar Namgyel Wangchuck added that “every Bhutanese is a custodian, stakeholder, and beneficiary of GMC.”
Notably, the country sold 512 BTC in mid-July as Bitcoin broke above $120,000.
This time, however, the country plans to accumulate Bitcoin for the long-term instead of selling the assets and will explore collateralization and yield strategies to preserve value. According to the announcement, GMC aims to create jobs, economic growth and shared benefits for all Bhutanese citizens. The move builds on Bhutan’s existing green Bitcoin mining strategy powered by hydropower and long-term digital asset integration.
Bhutan’s 10,000 BTC pledge is one of the largest sovereign Bitcoin commitments ever made for economic development.
The country basically couples Gross National Happiness values focused on holistic well-being beyond economic growth, with modern digital finance, aiming for mindful prosperity.
In addition, Bhutan is not a new player in the cryptocurrency space. The South Asian country currently holds 5,984 BTC, worth over $520 million, according to data from Arkham.
The kingdom accumulated Bitcoin as a sovereign miner since 2019, using hydropower.
Bhutan has also announced plans to tokenize its physical gold reserves on the Solana blockchain with the launch of TER, a crypto asset backed by its physical gold reserves.
On Monday, Dec. 15, the country signed a Memorandum of Understanding with Cumberland DRW to support the management of its GMC Bitcoin reserves.
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Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.
