Strategy executive chairman Michael Saylor on Thursday highlighted the country of Bhutan, which has been quietly building its Bitcoin reserve long before Donald Trump‘s executive order to establish a U.S. Strategic Bitcoin Reserve.
What Happened: Saylor flagged an Al Jazeera report in an X post, which detailed Bhutan's Bitcoin BTC/USD mining operations.
Bhutan has not purchased Bitcoin from the open market but has been mining it using its abundant hydropower resources.
Bernard Smith of Al Jazeera describes Bhutan's strategy as a modern approach to wealth accumulation.
In a country where gold is culturally significant, Bhutan is embracing "digital gold" as a way to secure economic stability for future generations.
Prime Minister Tshering Tobgay questioned why more governments haven't leveraged Bitcoin's potential, pointing out that millions have profited from it privately.
In Bhutan, Bitcoin has been used in part to fund free healthcare and pay public sector salaries, showcasing its real-world utility.
Bhutan Government Mining BTC
Bhutan's government has assured its citizens that it does not engage in speculative trading or large-scale Bitcoin purchases.
Instead, the country mines Bitcoin using hydroelectric power, ensuring a carbon-neutral and highly profitable operation.
Reports indicate that Bhutan's mining efforts generate millions of dollars in Bitcoin per week, contributing to national reserves.
Key Role In Economic Development
With limited large-scale manufacturing and agriculture, Bhutan relies on imports for most goods.
Instead of selling its cheaply produced hydropower to neighbouring countries, the government has chosen to allocate this energy toward Bitcoin mining.
The CEO of Bhutan's sovereign wealth fund emphasized that embracing Bitcoin, blockchain and AI is crucial for the nation's economic future.
He sees these technologies revolutionizing finance, making digital currency adoption inevitable.
Prime Minister Tobgay believes the world is moving toward Bitcoin becoming a widely accepted medium of exchange and Bhutan intends to stay ahead of the curve.
Also Read: Michael Saylor Hints US Will Buy 1 Million Bitcoin For Strategic Reserve
What's Next: With Trump's executive order establishing a U.S. Strategic Bitcoin Reserve, the United States may soon formalize its own Bitcoin accumulation strategy.
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