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Bitcoin, Ethereum, and BNB Now Strategic Reserve Assets in Bhutan
Bitcoin, Ethereum, and BNB Now Strategic Reserve Assets in Bhutan
January 8, 2025
Bhutan and Bitcoin
Bhutan’s Gelephu Mindfulness City (GMC) takes a bold step with Bitcoin, Ethereum, and BNB. The adoption of crypto, particularly Bitcoin, by more nation-states is increasingly gaining momentum as a major crypto narrative for 2025. Now, following a recent announcement from Bhutan, some believe the dominos are already falling.
Bitcoin, Ethereum and BNB Get Bhutan Nod
Bitcoin, Ethereum, and BNB are now strategic reserve assets in Bhutan. Specifically, these crypto assets are now reserve assets in Gelephu Mindfulness City (GMC), a special administration region in Bhutan aimed at fostering innovation and economic development. GMC disclosed this in a Wednesday, January 8 press release, noting that it expects that integrating these crypto assets as strategic reserves will help bolster its economic resilience while contributing to the growth of its digital asset ecosystem.
Bhutan’s Gelephu Mindfulness City Pioneers Adoption of BTC, ETH and BNB and Other Digital Assets in City’s Strategic Reserves. https://t.co/O0sjlhiTDL pic.twitter.com/CfKVSUlcS1
— gmcbhutan (@gmcbhutan) January 8, 2025
After designating Bitcoin, Ethereum, and BNB as strategic reserves, the region can use these assets to do everything from backing its currency to facilitating trade and providing a buffer against economic shocks. Crypto proponents have long pined for moves like this as it introduces new demand for the reserve asset, which could positively impact the value of their holdings. GMC said its selection of Bitcoin, Ethereum, and BNB was due to their large market capitalization and liquidity, allowing trades with minimal price impacts. The move follows the enactment of “GMC Law No. 1 of 2024,” establishing a legal framework for firms seeking to offer crypto services in the region. The region disclosed that it would meet with senior Bhutan officials and industry leaders in March 2025 to further discuss the move and plans to form an international advisory committee.
“A Powerful Example to the World”
Unsurprisingly, GMC has received nods from several crypto community members for its decision, including Binance CEO Richard Teng. In an X post on Wednesday, Teng lauded Bhutan as “a powerful example to the world,” claiming that the small South Asian country was leading the way in crypto innovation.
Congratulations to Bhutan for leading the way in crypto innovation! This forward-thinking approach to blockchain adoption sets a powerful example for the world. https://t.co/aubZ6gmUYr
— Richard Teng (@_RichardTeng) January 8, 2025
Bhutan’s romance with crypto, especially Bitcoin, has been long documented. The small country has been deeply invested in the space since at least 2019, launching a Bitcoin mining operation through its sovereign investment arm, Druk Holding & Investments. Wallets believed to be linked to the country hold over $1 billion in Bitcoin and about $2 million in Ethereum, per Arkham Intelligence data at the time of writing. For context, Bhutan’s GDP for 2022 was $2.9 billion.
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