"'Bitcoin Profit' Bhutan Government Deposits 406 BTC to QCP Capital…Approximately 57.2 Billion KRW"
Summary
- The Bhutan government reportedly conducted a transaction of approximately 57.2 billion KRW by depositing 406 Bitcoin to QCP Capital.
- The Bhutan government has shown a proactive attitude towards cryptocurrencies by allocating 5% of its GDP to Bitcoin mining.
- It is reported that the Bhutan government currently holds a total of 11,791 Bitcoin.
It is reported that the Bhutan government has deposited 406 Bitcoin (BTC) to QCP Capital, a cryptocurrency trading firm and market maker based in Singapore.
On the 9th, on-chain analyst Onchain Lens reported via X (formerly Twitter) that "the Bhutan government deposited 406.074 BTC to QCP Capital today," stating "this amounts to 40 million dollars (approximately 57.2 billion KRW)." As Bitcoin has surged recently, there is speculation that Bhutan, one of the world's poorest countries, has also benefited from the bull market.
Previously, in May last year, Bhutan emphasized its commitment to the cryptocurrency sector by allocating 5% of its Gross Domestic Product (GDP) to Bitcoin mining.
According to the on-chain analysis platform Arkham Intelligence, the Bhutan government currently holds a total of 11,791 Bitcoins.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
