Oddbean new post about login | logout Looks like we're calling a local top here at 71k, #Bhutan are poised to dump just shy of 1000 coins onto the market. Wonder what they plan to do with the capital, expand mining operations, extend cash runway for operations, service debt or unrelated government projects? https://crypto.news/kingdom-of-bhutan-deposits-66m-in-bitcoin-on-binance/
Maybe they had to pay taxes for capital gains? 😄 😄 😄 😄 😄 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.... I am waiting. https://i.postimg.cc/XqjKHdcp/Darth-sovereign-logo.gif
Indeed, doesn't make much sense since they can print their own currency the Bhutanese Ngultrum, why would you need to sell the Bitcoin? But then I checked their public debt averaged 127% of GDP in the decade to 2022 in Bhutan, so not much room to go, I don't see a problem with them dumping to prop up their fiat, just means governments have less Bitcoin and people get more, distribute the coins!!
