The Royal Bhutan government moved 99.47 Bitcoin (BTC), worth $12.05 million at the time, into crypto exchange vinance through its investment arm, Druk Holding.
Blockchain analytics platform Onchain Lens flagged this latest transaction on Monday. It brings the total Bhutan government relocation over the past two weeks to $650 in Bitcoin.
With the market becoming bullish, these moves could indicate that the Bhutan government is cashing in BTC investments.
Bhutan moves stashes when Bitcoin breaks at the highest ever
According to Arkham, the Bhutan government’s wallet has been inactive for two weeks, and on June 30th, 137.24 BTC was transferred to Binan. Bitcoin was worth around $107,000 at the time, and was valued at the $14.7 million transfer.
The wallet consistently moved BTC to binance over the next two weeks and transferred in the BTC range of 2-200.
That latest Bitcoin transfer only happened two hours after the assets first reached the $120,000 price range. At the time of writing, Bitcoin was trading at $122,300 and showed no signs of slowing down.
Cointelegraph will contact the Bhutan government for comment and update this article in response.
Through Druk Holding, Bhutan has collected quite a bit of Bitcoin stash. According to Arkham data, the country holds 11,411 BTC, worth around $1.4 billion at its current market price, with 656 ether (ETH) worth nearly $2 million.
Related: BinanceCEO on how Bhutan’s philosophy of happiness matches with encryption
Bhutan’s relationship with Crypto
The Bhutan government has embraced cryptography as part of its development strategy. Under the current monarch King Jigme Khesar Khesar Namgyel Wangchuck, Bhutan is implementing initiatives such as hydroelectric Bitcoin mining and cryptographic protected areas.
In May, the country partnered with Binance to implement crypto payments to boost its tourism sector. Nevertheless, the country has experienced hindered recruitment, like unstable internet connections.
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