**Bhutan’s Secret Crypto Investments: A Look at the Kingdom’s Foray into the Crypto Space**
Bhutan, a small land-locked kingdom in the Himalayas, located between China and India, has been revealed by Forbes to be one of the countries that has invested in cryptocurrencies in a relatively low-key manner. The country’s investment fund, Druk Holding & Investments, which manages a staggering $2.9 billion, has investments in various businesses throughout Bhutan, including a local cheese maker, several hydropower plants and Royal Bhutan Airlines.
**Overview of Bhutan’s Investment in Crypto**
According to Forbes, the fund has been invested in cryptocurrencies since at least 2022. During the bankruptcy of crypto lenders, BlockFi and Celsius, documents were filed with the names of the customers and creditors of these companies, including Druk. The fund had a loan outstanding of 30 million USDC with BlockFi, with 1,888 BTC as collateral for the loan. At the time of the loan, the collateral was worth approximately $76 million. However, when BlockFi demanded the loan be repaid, the collateral was no longer enough to cover the loan, and the company is still $820,000 in arrears.
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Druk also had an account with Celsius, although it did not have a loan outstanding during the bankruptcy. Between April and June 2022, the company deposited approximately $18 million in coins and withdrew $65 million worth of cryptocurrencies.
**Investing in Crypto – A Global Trend**
Bhutan is not the only nation to venture into the cryptocurrency world. El Salvador is perhaps the most well-known example, with the country becoming one of the biggest investors in bitcoin. In addition, the Central African Republic (CAR) has made bitcoin an official reserve currency.
Bhutan’s entrance into the cryptocurrency space highlights the growing acceptance and institutional adoption of these digital assets. While the country’s investment in cryptocurrencies hasn’t been publicly discussed, it’s expected that other nations will soon follow suit. With the continued growth and development of the cryptocurrency industry, it’s important to monitor the efforts of Bhutan and other nations to stay informed about the ever-changing cryptocurrency landscape.