Bhutan Pledges 10k Bitcoin To Develop Its ‘mindfulness City’

It’s estimated that Bhutan has around 11,286 Bitcoin in total, a stash worth over $986 million, making it the fifth-largest known holder among countries.

The Kingdom of Bhutan says it will tap into 10,000 Bitcoin from its stash to help build its special administrative region, the Gelephu Mindfulness City (GMC).

Located in the town of Gelephu in Southern Bhutan, GMC was launched in 2024 as Bhutan’s new economic hub to stop the exodus of young Bhutanese from the country by creating high-value local jobs.

It is designed to attract businesses in various sectors, including finance, tourism, green energy, technology, healthcare, and agriculture.

The city offers regulatory flexibility for crypto and fintech firms and serves as a space to further Bhutan’s Bitcoin (BTC) mining. It covers roughly 10% of Bhutan, or around 1,544 square miles, according to its website.

A range of measures is being considered for the $875 million in Bitcoin (BTC), including risk-managed yield and treasury strategies and long-term holding plans designed to preserve and protect the value of the stash, the country said on Wednesday.

The priority will be to preserve the long-term potential of Bitcoin while ensuring development proceeds stably and sustainably. “Bitcoin’s enduring strength lies in its ability to compound value over time,” it said, adding:

Bhutan has the fifth-largest stash of Bitcoin among countries, most of which has come from mining, with Bitbo estimating that the kingdom holds around 11,286 coins, worth over $986 million.

The plan to use Bitcoin for the Gelephu Mindfulness City is part of the wider national Bitcoin Development Pledge, which aims to support Bhutan’s long-term economic development through its Bitcoin stash and mining operations.

Related: Bhutan deepens green Bitcoin strategy with Cumberland-backed infrastructure

Source: CoinTelegraph