Bhutan, a landlocked country in the Himalayas, straddling China and India, is still being talked about. According to recently leaked information, the state has invested nearly $3 billion in cryptos. Despite a certain opacity, we know a little more about the country’s crypto activities.
Bhutan, active in BTC mining since 2017?
Apparently, Bhutan’s interest in cryptos is not as recent as one would imagine. The Asian country has been active in bitcoin (BTC) mining, particularly for many years. This was made official on Sunday 30, Druk Holding and Investments (DHI), the country’s only public holding company.
The company explained the context in which the country engaged in bitcoin mining operations. The latter would have started at the time when the valuation of BTC showed $5,000. This price takes us back to at least September 2017 when the asset first hit this price.
According to details provided by the company, the decision to engage in BTC mining is highly strategic. A decision for which it mobilizes a staff of crypto experts and takes advantage of the possibilities of the latter in terms of exchanges.
However, it seems that this choice is not exclusively dedicated to bitcoin and other cryptos. It would be more of a far-reaching policy with the main objective of diversifying DHI’s asset portfolio.
On this subject, the company specifies in a press release: “Our portfolio hosts investments in various asset classes that provide exposure to traditional sectors and industries that drive the modern economy.”
And to add: “These include investments from publicly listed companies across the world, fixed income and venture capital investments in promising start-ups in domestic and international real estate, renewable energy, including hydropower generation, health technology, biotechnology, life sciences and agritech, mining and digital asset investment.
According to Ujjwal Deep Dahal, this policy would have been beneficial for society. The company has notably succeeded in honoring loans taken out with the crypto firms BlockFi and Celsius, which are now bankrupt. This, without causing any financial loss compared to the bitcoin mining investments made by Bhutan.
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