Bitcoin news: How Bhutan beat El Salvador with 2x BTC reserves

• Bhutan holds over 13,000 BTC, over two times of El Salvador’s Bitcoin reserves.
• The contrasting crypto strategies of Bhutan and El Salvador reflect diverse national approaches to adopting Bitcoin and other digital assets.

Recent findings by Arkham Intelligence have revealed that Bhutan holds significantly more Bitcoin [BTC] than El Salvador, a country renowned for its bold embrace of Bitcoin.

According to Arkham, a group of addresses tied to Bhutan’s Druk Holdings contains 13,029 BTC, valued at around $758 million. These holdings are more than double El Salvador’s Bitcoin reserves, which began accumulating in September 2021 when Bitcoin prices were hovering around $51,700.

This revelation marks Bhutan as a rising player in the crypto space and signals a broader trend of cryptocurrency adoption among nations.

Bhutan vs El Salvador

While El Salvador made global headlines in 2021 by becoming the first country to make Bitcoin legal tender, Bhutan’s crypto strategy has remained largely under the radar.

El Salvador’s move was driven by President Nayib Bukele’s vision of using Bitcoin to provide financial services to the unbanked and boost economic growth. The country has since accumulated approximately 2,381 BTC, taking a nation-wide approach to cryptocurrency adoption.

In contrast, Bhutan’s Bitcoin holdings, managed by Druk Holdings, the commercial arm of the royal government, have been far more discreet. The 13,029 BTC holdings revealed by Arkham suggest that Bhutan’s strategy is less about public policy and more about leveraging Bitcoin as a store of value and investment tool.

Bhutan also holds a diverse portfolio of digital assets, including 656 Ethereum [ETH] worth around $1.5 million, as well as smaller amounts of BNB and Polygon [POL]. This approach indicates a broader, more calculated adoption of crypto assets, focusing on long-term value preservation and diversification.

Crypto adoption on the rise globally

The contrasting approaches of Bhutan and El Salvador highlight the diverse strategies countries were adopting when it comes to cryptocurrency.

El Salvador’s loud embrace of Bitcoin has attracted global attention and set a precedent for other nations considering cryptocurrency as part of their economic policy. Meanwhile, Bhutan’s quieter accumulation of digital assets reflects a broader trend of national institutions quietly entering the crypto market.

As more countries explore digital assets, whether for economic policy or wealth preservation, the significance of crypto on the global stage continues to grow.

Bhutan and El Salvador, despite their different approaches, represent two sides of the same coin: sovereign entities recognizing the potential of cryptocurrency as a key financial asset. 

The discovery of Bhutan’s Bitcoin holdings marks an important chapter in the story of global crypto adoption. This showed that even smaller nations are making substantial moves in the cryptocurrency space.