Bhutan said it will tap 10,000 BTC, valued at nearly $1 billion at current prices, from its sovereign digital asset haul to help fund the development of the Gelephu Mindfulness City.
“As your King, I must ensure that every Bhutanese is a custodian, stakeholder, and beneficiary of GMC,” His Majesty King Jigme Khesar Namgyel Wangchuck said in his National Day Address. “This commitment is for our people, our youth, and our nation.”
The $1 billion Bitcoin pledge represents one of the biggest sovereign commitments of crypto assets to infrastructure development worldwide, according to a Wednesday announcement. Notably, the commitment positions the apex cryptocurrency as a strategic national asset rather than a speculative tool.
Located in the town of Gelephu in Southern Bhutan, GMC was unveiled in 2024 as the country’s new economic hub to discourage young Bhutanese from leaving the country by creating high-value local jobs.
How Bitcoin Will Be Used To Finance Gelephu Mindfulness City
Bhutan is exploring a slew of measures for the 10,000 BTC, including risk-managed yield and treasury strategies, and long-term holding plans designed to preserve and protect the value of its stack, the country stated.
Final decisions on how the assets will be deployed are expected in the next couple of months. However, the Kingdom is not planning to sell the Bitcoin, as it preserves capital for long-term value appreciation.
“Bitcoin’s enduring strength lies in its ability to compound value over time. “Any use of Bitcoin will be guided by strong governance and prudence, with an emphasis on capital preservation, appropriate oversight, and transparency,” Bhutan stated.
The plan to use Bitcoin for the Gelephu Mindfulness City is part of the broader national Bitcoin Development Pledge, which seeks to support Bhutan’s long-term economic development and resilience through its BTC holdings.
Bhutan was one of the earliest countries to conduct state-backed mining activities, converting its excess hydropower into Bitcoin for several years.
The tiny Himalayan nation now holds 11,286 BTC worth over $986 million, ranking fifth globally among sovereign Bitcoin holders, according to Bitbo data. That places it slightly above El Salvador, which adopted Bitcoin as legal tender in 2021 and currently holds around 7,475 BTC.
Source: https://zycrypto.com/bhutan-commits-10000-btc-worth-1-billion-to-develop-its-mindfulness-city/
