Bhutan has sold 70% of its Bitcoin holdings in 18 months and may have stopped mining
Bhutan, a small country in the Himalayas, has sold off 70% of its Bitcoin reserves over the last 18 months and may have also stopped its Bitcoin mining operations. Bhutan became known for mining Bitcoin as a national activity to fund government operations. The country apparently decided to take profits by selling its Bitcoin holdings. This move shows that even countries that embraced Bitcoin early are willing to exit when they see it as opportune. Bhutan's decision could signal that Bitcoin's price may have reached levels where even believers wanted to cash out.
Why it matters
When large Bitcoin holders like entire countries decide to sell, it can put downward pressure on Bitcoin's price. Beginners should understand that even Bitcoin believers sometimes decide to take profits, which can affect the broader market.
