On June 6, Bhutan's government transferred 738 bitcoins valued at about $44.88 million, continuing a series of sales that have significantly reduced its bitcoin reserves from a peak of 13,000 BTC in 2024. These sales are aimed at financing the Gelephu Mindful City, a key economic development project, and managing state expenses. Bhutan originally accumulated bitcoin through hydroelectric-powered mining rather than market purchases, making it a unique sovereign holder. The ongoing sales reflect a strategic shift as the kingdom converts mined bitcoin into liquid capital amid a pressured bitcoin market, with future sales and fund usage still uncertain.
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In 2024, German authorities sold nearly 50,000 Bitcoin at an average price of $57,900, raising about $2.89 billion. Initially criticized as a poor decision when Bitcoin prices soared past $120,000, the sale now appears prudent as Bitcoin trades just ...
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Ripple's CTO Emeritus David Schwartz discussed the uncertain timeline for the depletion of Ripple's XRP escrow accounts, which might run out around 2035. Unlike Bitcoin, where the final coin mining affects network security and mining incentives, the ...
