Bhutan gov’t moves $66M of Bitcoin stash to Binance as price tops $71K \ stacker news ~bitcoin

Bhutan gov’t moves $66M of Bitcoin stash to Binance as price tops $71K cointelegraph.com/news/bhutan-government-sells-66m-bitcoin-stash-price-tops-71k

348 sats \ 17 comments \ @siggy47 29 Oct bitcoin

What a great advertisement for other nation states. The dominoes will fall.

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64 sats \ 8 replies \ @DarthCoin 29 Oct

Nope. Clear sign they are fiat maxis.

As I said so many times:

Bitcoin is to empower the individual not the state... States cannot use BTC. Let me know when El Salvador will start paying gov employees in sats.... waiting.

0 sats \ 7 replies \ @siggy47 OP 29 Oct

You can look at it that way, or as a miner selling to buy more machines? At least I hope so.

48 sats \ 2 replies \ @DarthCoin 29 Oct

Maybe they had to pay taxes for capital gains?

0 sats \ 1 reply \ @siggy47 OP 29 Oct

Very funny! I found this:

Under the Constitution of Bhutan, the royal family receives annuities set by Parliament and is exempted from taxation.

It's good to be king.

43 sats \ 0 replies \ @DarthCoin 29 Oct

It's good to be king.

I don't think so... Check this out

43 sats \ 3 replies \ @DarthCoin 29 Oct

@remindme in 2 years

100 sats \ 2 replies \ @siggy47 OP 29 Oct

Remind me when they remind you. (I'm sure you will😀)

43 sats \ 1 reply \ @DarthCoin 29 Oct

If SN is still alive... after 5th of Nov.

0 sats \ 0 replies \ @siggy47 OP 29 Oct

Or if we're still alive

76 sats \ 2 replies \ @Cje95 29 Oct

Man unless they are hurting for money are they treating this like a trade and prepping to sell some of their stash?!

0 sats \ 1 reply \ @anon 29 Oct

Nothing wrong with selling some to lock in gains.

0 sats \ 0 replies \ @Cje95 29 Oct

I can’t remember when they bought but depending on it they could sell to cover their cost and then essentially have free BTC

76 sats \ 1 reply \ @0xbitcoiner 29 Oct

Paper hands!

11 sats \ 0 replies \ @gmd 29 Oct

maybe they are just moving pre-emptively for the local top in the next coming months to take some profits...

Not what most of us would do but not crazy since it's not their whole stack and they have cheap energy... I'm sure they have some bills to pay.

43 sats \ 0 replies \ @standardcrypto 29 Oct

Buying new miners to keep share of increased hashrate

43 sats \ 0 replies \ @TheBTCManual 29 Oct

Looks like they're calling a local top, hmmm dumping 7% of your stash wonder what its for? Expand operations, generate some runway in expectation of vol head or unrelated government operations?

Will be interesting to see how they deploy this capital

43 sats \ 0 replies \ @Satosora 29 Oct

Hopefully binance isnt doing something shady. Where were they keeping it before?