Bhutan’s City to Add Bitcoin, Ether, and BNB in Strategic Reserves
Highlights:
- GMC plans to include Bitcoin, Binance Coin, and Ethereum in its strategic reserves.
- Bhutan’s Bitcoin holdings exceed $1.11 billion, ranking fifth globally in Bitcoin ownership.
- GMC to host a global meeting in March to discuss digital assets and collaboration.
On Jan. 8, Gelephu Mindfulness City (GMC), Bhutan’s newly established Special Administrative Region (SAR), announced its plan to include digital assets such as Bitcoin (BTC), Binance Coin (BNB), and Ethereum (ETH) in its strategic reserves. This step makes GMC one of the first regions in the world to incorporate digital currencies into its economic system officially.
GMC official announcement noted:
“Located on the land bridge connecting the rapidly-growing economies of South Asia, GMC is uniquely positioned to serve the more than two billion people in the region, and one of its key economic focuses is on promoting and supporting the use of blockchain technology, in line with the SAR’s emphasis on innovation and pioneering of new technologies.”
GMC said the decision to include cryptocurrencies enhances the SAR’s economic resilience and evolves the jurisdiction’s involvement in Bitcoin mining. Bhutan started mining operations in 2017 when Bitcoin was priced under $5,000. Using its hydroelectric power, Bhutan has earned a nearly twentyfold return on its mining investments, with Bitcoin now nearing $100,000.
Gelephu Mindfulness City will acquire digital assets with large market capitalizations and deep liquidity. It will also explore other assets issued on secure, stable blockchains that support on-chain transaction monitoring.
Bhutan’s Gelephu Mindfulness City Pioneers Adoption of BTC, ETH and BNB and Other Digital Assets in City’s Strategic Reserves. https://t.co/O0sjlhiTDL pic.twitter.com/CfKVSUlcS1
— gmcbhutan (@gmcbhutan) January 8, 2025
According to the announcement, GMC will host a high-level meeting in March this year to boost global collaboration. Senior officials and industry leaders from around the world will attend. They will discuss adding digital assets to national reserves. The meeting will also explore the formation of an international advisory panel for digital assets.
Binance Co-Founders Support GMC’s Adoption Plan
Binance co-founders Changpeng “CZ” Zhao and Yi He have reacted to the adoption plan. BNB Chain views it as a significant milestone for blockchain adoption. Bitcoin, ETH, and BNB prices gained momentum following the news, marking a slight recovery from recent massive crypto market liquidations.
#BNB is now a Strategic Reserve asset in Bhutan🇧🇹. https://t.co/GN3K8pLyaA
— CZ 🔶 BNB (@cz_binance) January 8, 2025
Bhutan Ranks Fifth in Bitcoin Holdings
Arkham Intelligence reports that Bhutan holds 11,688 BTC ($1.12 billion) and 656 ETH ($2.2 million). Druk also holds smaller amounts on chains such as Polygon, BNB Chain, and Base. Bhutan ranks fifth in Bitcoin holdings after the United States, China, the United Kingdom, and Ukraine.
GMC Boosts Digital Ecosystem and Global Collaboration
This decision follows the introduction of GMC Law No. 1 of 2024, also called the ‘Application of Laws Act 2024.’ The law establishes a clear legal and regulatory framework for businesses handling digital assets in GMC. This law, along with the decision to add Bitcoin, Ethereum, and BNB to GMC’s reserves, strengthens the digital ecosystem. It will provide a secure environment for digital assets to grow.
Analyst Predicts Global Shift Toward Bitcoin in 2025
On January 7, Fidelity Digital Assets released a research paper titled “2025 Look Ahead.” Matt Hogan, a research analyst at Fidelity, highlighted that more nations are likely to pursue strategic positions in Bitcoin. He noted that central banks, sovereign wealth funds, and government treasuries are expected to follow this trend. Hogan pointed out that these entities could look to the strategies of El Salvador and Bhutan, which have seen significant returns from their Bitcoin holdings in a short time.
📢 Is it “too late” to enter the digital assets market? Our 2025 Look Ahead shares our team’s answer and highlights potential opportunities emerging from the approval of spot digital asset ETPs and a post-election surge.
Access the full report: https://t.co/sg4W3gRXz2 pic.twitter.com/iYsI4iUknB
— Fidelity Digital Assets (@DigitalAssets) January 7, 2025
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Syed Ali Haider
Syed Ali Haider is a contributing crypto writer for Crypto2Community. He is a crypto and blockchain journalist with over six years of experience. Syed Ali is a Blockchain enthusiast and writer passionate about enhancing the acceptance, adoption, and integration of Blockchain technology worldwide. He has also advocated for digital freedom and cybersecurity for many years. Haider has been featured in a number of high-profile crypto and finance outlets, including Coincult and more.
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