Adoption rates for Bitcoin have continued to rise beyond projections. Today, Bhutan announced that it will donate 10,000 BTC towards building Mindfulness City as it strives to develop its economy.
Bhutan Pledges BTC in Improving Its Economic Hub
The nation has unveiled a development program that will invest up to 10,000 BTC worth nearly $1 billion in the development of Gelephu Mindfulness City (GMC). While speaking during his national day address, King Jigme Khesar Namgyel Wangchuck explained the rationale behind the decision.
The country has chosen to invest heavily in Bitcoin in relation to infrastructure projects in the real world. Officials say that the allocation of BTC will benefit the citizens of Gelephu Mindfulness City. It will serve as a strategic reserve and a productive asset.
Bhutan plans to use careful strategies to generate returns while keeping the value of the BTC stable instead of selling it.
The importance of governance and transparency was also mentioned. All decisions will follow the same rules. The use of Bitcoin would focus on preservation and sustainable growth of the capital for the asset to facilitate development with minimal risk.
Estimates put the country’s control at more than 11,000 BTC in total, which is one of the highest in the world, according to Akham.
Source: ArkhamThe announcement comes after earlier speculation this year when on-chain data showed large transfers of hundreds of BTC from wallets linked to the government. However, the authorities have said that they do not intend to sell.
Who Does the Gelephu Mindfulness City Serve?
To mitigate the effects of youth migration, the Gelephu Mindfulness City was opened in 2024 with the creation of lucrative jobs within the country. The area will also lure investment opportunities in many fields.
The city occupies about 10% of the country’s land area. This would enable flexibility for regulation on fintech and digital asset companies to support increased crypto mining activity.
On its own, it will initiate a unique land policy in which its citizens are viewed as shareholders in this project. It will thus allow people in this country to enjoy its success.
Apart from Bitcoin, the country has also been developing its presence in the area of blockchain. They have shortlisted a few digital assets as their strategic reserves.
The kingdom of Bhutan has already adopted the use of cryptos in tourism. It has also collaborated with some of the biggest exchanges to improve its usability in the real world.
Source: https://coingape.com/bitcoin-adoption-hits-new-levels-as-bhutan-commits-1b-btc-to-develop-its-economic-city/
