Bhutan is pledging up to 10,000 bitcoin to build a new mega-city, a reflection of how much national governments have embraced the cryptocurrency.
The small Himalayan kingdom has amassed deep bitcoin reserves over the years by converting surplus hydropower into digital tokens. The allocation being put toward Gelephu Mindfulness City is valued at roughly $860 million to $1 billion, and marks one of the world’s most ambitious sovereign uses of bitcoin for national infrastructure, Bitcoin Magazine wrote.
The new city is part of Bhutan’s efforts to diversify its economy, but the bitcoin strategy carries risk, as a fall in price could dent the country’s coffers.
