Bhutanese prime minister pushes for global embrace of Bitcoin mining

While Bhutan fights the migration of young people and economic tension, its Prime Minister says that Bitcoin Mining offers a path to follow and that others should follow.

Bhutan, a Buddhist kingdom with the eastern border of the Himalayas known for its monasteries, seems to place a strong bet on bitcoin (BTC) As a possible way to relieve its economic problems despite the notable risks linked to the price switches of the cryptocurrency.

In a interview With Al Jazeera, Prime Minister Bhutanese Tshering Tobgay called Bitcoin exploitation supported by the State “a simple strategic choice that many people have made and earned billions of dollars”, adding that “governments should do [crypto mining]. “”

Bhutan faces several economic problems, including high unemployment for young people and an increasing number of qualified workers leaving the country. In 2022, more than 10% of the educated population emigrated, the report said. Some people believe that Bitcoin helps to reduce this trend because the government would have sold $ 100 million in cryptocurrency to increase the salaries of civil servants in 2024.

The exact size of the BHOUTAN BTC holdings remains uncertain, although data from different blockchain analysis companies imply that it could be worth more than $ 600 million, or around 30% of the country’s GDP.

Bitcoin extraction requires large amounts of energy, although Bhoutan can actually be an exception because it has a lot of hydroelectricity and fresh temperatures. Ujwal Deep Dahal, head of the sovereign portfolio company of Bhutan, Druk Holdings, said that it was “important for Bhutan to capitalize on green energy that we have in terms of Bitcoin exploitation within the framework of our investment portfolio.”