Probably not. But the small, peaceful Buddhist kingdom nestled in the Himalayas, quietly stacking up Bitcoin like a boss.
While the big G20 boys are busy juggling their economic dramas, Bhutan’s Bitcoin stash has ballooned to $1.3 billion. Experts say that’s nearly 40% of their entire GDP.
How it started, and how it’s going
This little guy is sitting pretty as the third-largest sovereign Bitcoin holder on the planet, trailing only behind the US and China.
Who would’ve thought? The kingdom’s playing chess while others are stuck with checkers.
Now, Bhutan isn’t just hoarding Bitcoin like some gambler on a lucky streak. No, this is a long game, a truly strategic masterstroke.
Since around 2019, Bhutan’s been mining Bitcoin using its abundant hydropower, you know those roaring Himalayan rivers aren’t just for scenic views anymore.
The royal family, along with the state-owned Druk Holding Investments, have been quietly turning natural energy into digital gold. It’s like turning your office coffee machine into a money printer, but on a national scale.
And if you think that’s all, well, it’s not. Bhutan just rolled out a national cryptocurrency payment system for tourists, in partnership with DK Bank and Binance Pay.
Imagine walking into a local market, grabbing some yak cheese or a handwoven scarf, and paying with Bitcoin.
Visa, accommodations, street food, you name it. This is the first time any country has done this nationwide. Bhutan’s blending innovation with their signature focus on happiness and green energy.
Gradually, then suddenly
Why did Bhutan stepped into Bitcoin? The king, Jigme Khesar Namgyel Wangchuck, had a vision to rescue the economy.
Cheap electricity from those rivers made mining a no-brainer during the pandemic slump.
The first mining site was a humble setup near Dochula Pass, where a handful of people literally camped out to get things rolling. Fast forward to 2022, and Bhutan has four state-owned mines humming along.
The Bitcoin reserve’s value skyrocketed from peanuts, less than $10,000 in 2020, to a cool $100,000, helping offset drops in hydropower exports.
They even used some of those gains to bump up civil servants’ paychecks. Talk about turning digital coins into real-life perks.
Keeping up with the future
Simply put, Bhutan’s strategy is a masterclass in mixing renewable energy with smart diversification.
By dedicating a hefty chunk of their GDP to Bitcoin, they’re shielding themselves from global economic chaos and inflation nightmares.
Their approach is patient, focused on long-term gains rather than chasing quick wins. Plus, their clear rules and oversight keep everything transparent, no shady business here.
Other countries could learn a thing or two from Bhutan’s playbook and tailor it to their own realities.
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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