Bhutan's PM Calls for Global Bitcoin Mining

As Bhutan grapples with youth migration and economic hardship, the country's prime minister says Bitcoin mining is opening up new horizons and others should follow suit.

Bhutan, a Buddhist monarchy on the eastern edge of the Himalayas famous for its monasteries, appears to be looking at Bitcoin (BTC) as a potential solution to its economic challenges, despite the known risks associated with the cryptocurrency's volatile price.

In an interview with Al Jazeera, Bhutanese Prime Minister Tshering Tobgay described government bitcoin mining as “a smart strategic choice that many people have made and made billions of dollars,” adding that “governments should pay attention to this [cryptocurrency mining].”

Bhutan faces a number of economic hurdles, including high youth unemployment and a growing number of skilled workers leaving the country. The report claims that more than 10% of the educated population will have emigrated in 2022. Some believe that Bitcoin could help reverse this trend, as the government has reportedly sold $100 million worth of the cryptocurrency to boost civil servant salaries in 2024.

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The exact amount of Bhutan's BTC holdings remains uncertain, although data from several blockchain analytics companies suggests they could be worth more than $600 million, or about 30% of the country's GDP.

Bitcoin mining requires significant energy resources, but Bhutan may be an exception, as the country has vast hydroelectric power reserves and cold temperatures. Ujjwal Deep Dahal, CEO of Bhutan’s sovereign holding company Druk Holdings, noted that “it is important for Bhutan to take advantage of the green energy that we have through Bitcoin mining as part of our investment portfolio.”

Read more: Bhutan's Bitcoin Assets Surpass $1 Billion

Source: cryptonews.net