Bhutan, a Himalayan nation renowned for prioritizing happiness, now has Bitcoin holdings surpassing $1 billion as the cryptocurrency market experiences significant growth.

Data from blockchain intelligence firm Arkham, published on November 11, reveals that the Bhutanese government currently holds 12,568 bitcoins, valued at around $1.10 billion, with Bitcoin’s price recently exceeding $87,753 (price Friday, Nov. 15).

Bhutan’s engagement with cryptocurrency is not new. The country has previously allocated millions toward digital assets and developed partnerships with Bitcoin mining ventures. 

In May 2023, Bhutan dedicated 5% of its GDP to Bitcoin mining, highlighting its ongoing commitment to the cryptocurrency field. Earlier in the year, Bhutan’s Bitcoin assets totaled over 13,000 BTC.

Though smaller than the holdings of major economies like the U.S. and China, Bhutan’s investments surpass those of El Salvador, the first nation to adopt Bitcoin as legal tender.

As Bitcoin’s value rises, Bhutan’s assets may grow further, potentially topping $86,000 per coin. This strategy contrasts sharply with Germany’s recent decision to sell its 50,000 BTC holdings, which added pressure to the cryptocurrency’s price.