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Bhutan Secretly Held Bitcoin

Bhutan, known for its breathtaking landscapes and Gross National Happiness Index, has surprised the world by investing millions in Bitcoin and Crypto. Despite being a nation heavily reliant on agriculture and forestry, Bhutan's $2.9B sovereign investment arm, Druk Holding & Investments, secretly invested in Bitcoin and Ether through bankrupt lenders BlockFi and Celsius.

Druk's portfolio primarily consists of homegrown assets, such as a local cheesemaker, hydropower plants, and the Royal Bhutan Airlines, which only has five planes. However, since 2022, Druk has cultivated a secret crypto portfolio that was inadvertently exposed amid the fallout of the previous year's crypto contagion. Lawyers for BlockFi, which filed for bankruptcy in November 2022, accused Druk of defaulting on its $30 million loan repayment in USDC, even after the lender liquidated the collateral of 1,888 Bitcoins worth $76.5 million.

Druk's investment in cryptocurrencies is an unusual move for a holding company aimed at promoting domestic ventures. It would be the first to own Bitcoin. In addition, the investment could trigger further legal action as Celsius' lawyers seek "clawbacks" of deposits made within 90 days of its bankruptcy. Despite the crypto investment questions, Druk's CEO has refused to comment, citing confidentiality.

The desired behaviour that bitcoiners encourage is for individuals to accumulate and hold onto bitcoins for an extended period. However, instead of following this advice, some people engage in yield farming on platforms like Celsius. Sadly, even a sovereign wealth fund fell for it.

Remember, not your keys, not your coins. And play stupid games and win stupid prizes.

Source: Forbes 

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