South Asian Country Bhutan Has Quietly Invested Millions In Crypto…

As the crypto market continues to grow, more and more investors are taking notice.

Recently, Druk Holding and Investments (DHI), the sovereign investment arm of Bhutan, was revealed to have quietly invested millions of dollars in cryptocurrencies.

According to Forbes, the commercial arm of the royal government of Bhutan managed to build a crypto portfolio without disclosing it to the public. The funds were brought to light following the bankruptcy filings of crypto firms Celsius and BlockFi in 2022.

Celsius and BlockFi were two of the most prominent bankruptcy filings within the crypto space in 2022. Celsius filed for Chapter 11 reorganization in July, while BlockFi filed for bankruptcy in November after being affected by the infamous collapse of the FTX exchange.

According to a Celsius filing, DHI withdrew over $65 million and deposited almost $18 million in crypto. BlockFi lawyers filed a complaint against DHI to reclaim outstanding assets, alleging that the fund defaulted on its $30 million loan in March. However, DHI CEO Ujjwal Deep Dahal said in a Forbes statement that the issue is confidential and the “matter with BlockFi has been settled.”

The news of DHI’s crypto investments underscores the growing interest in the market. It’s a clear indication that even governments are recognizing the value of cryptocurrencies and blockchain technology. It’s also a reminder of the risks associated with investing in crypto, as evidenced by the bankruptcy filings of Celsius and BlockFi.

It’s important to stay informed about developments in the market, and to exercise caution when making investment decisions. While the potential rewards of investing in crypto can be significant, so too can the risks.