Bhutan is a small Buddhist nation with awe-inspiring views that is one of the Himalayan kingdoms. With its Gross National Happiness Index, this nation that prioritizes well-being over economic growth is currently making headlines for the crypto investments it has made. Find out what it’s all about.
Information hidden in the bankruptcy filings of BlockFi and Celsius lenders
Currently, analysts are predicting that bitcoin could soon be worth $10 trillion. Meanwhile, bankruptcy filings from lenders BlockFi and Celsius reveal that the flagship crypto is also being adopted in remote regions. The documents indicated that Bhutan has invested millions of dollars in bitcoin (BTC) and altcoins. The Himalayan kingdom has so far kept this information secret, avoiding disclosing it to the public, according to Forbes.
That said, court documents indicate that Bhutan’s crypto investments are estimated at $2.9 billion. They were made by a client of bankrupt crypto lenders BlockFi and Celsius. This is the local asset portfolio manager Druk Holding & Investments. The sovereign wealth fund created in 2007 manages a local cheese maker, several hydroelectric power stations as well as the Royal Bhutan Airlines.
Forbes highlighted that the company name is inspired by the national symbol of Bhutan, the mythological thunder dragon. Also, the fund, which now oversees 21 national companies, aims to preserve the country’s wealth.
Why would Bhutan choose to invest in crypto?
Bhutan is said to have been exposed to cryptos since at least 2022. It is difficult to say the real reason why the country got into the sector. However, it could be related to his recent modernization initiatives.
Among the latter, there is the establishment of a biometric digital identity platform. By the way, the first to use the platform is the crown prince of the kingdom who is 7 years old.
Ujjwal Deep Dahal, CEO of Druk, declined to provide further information on the case. He stated : “We have no comment as the matter with BlockFi has been settled. We are unable to comment due to confidentiality.“. The case still raises a number of questions regarding Druk’s involvement in the collapse of BlockFi and Celsius. Meanwhile, investors are looking to recover their assets from bankrupt crypto exchanges.
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