The Himalayan kingdom has quietly been dumping millions of dollars into bitcoin and other cryptocurrencies. Its investments, which have never been publicly disclosed, were revealed in the bankruptcy filings of lenders BlockFi and Celsius.
By Iain Martin and Sarah Emerson, Forbes Staff
Among the world’s most isolated nations, Bhutan is known for its sweeping vistas, mountaintop monasteries and a Gross National Happiness Index that prioritizes wellbeing over economic growth. With an economy largely built on agriculture and forestry, and infrastructure that began supporting cell phones just two decades ago (traffic lights are still on the horizon), it’s hardly a place one would associate with the crypto boom and bust. And yet over the past year, “the world’s happiest country” has quietly dumped millions of dollars into bitcoin, ether and other digital assets.
According to court documents reviewed by Forbes, Bhutan’s $2.9 billion sovereign investment arm was a customer of bankrupt crypto lenders BlockFi and Celsius, which it has never publicly disclosed.