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The Royal Government of Bhutan has generated approximately 40 million dollars by selling 406 Bitcoin 
$99,148 from its treasury reserves. This sale occurred during a period when Bitcoin prices are trying to reach new record levels.
Bhutan and Bitcoin Sales Strategy
According to data from Arkham Intelligence, the Bhutanese government transferred 406 BTC to QCP Capital. This move created significant buzz in the markets, with many speculating that it was a strategic selling decision.
The Bhutanese government still holds 11,791 Bitcoins in its treasury reserves, placing it among the top four largest Bitcoin holders globally. Based on the current Bitcoin price, the value of the country’s reserves is approximately 1.164 billion dollars.
The country has accumulated a substantial amount of BTC through its powerful hydro mining operations.
Future of Bitcoin Prices
The price of Bitcoin is struggling to surpass the 100,000 dollar mark due to selling pressure from long-term investors. At the time of writing, Bitcoin was trading at 97,690 dollars, reflecting a 2.6% decline.
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