不丹，比特幣的安靜積累（如今已有其GDP的很大一部分）引發了有關加密貨幣作為主權儲備資產的辯論。

Bhutan, Bitcoin, and the Reserve: A Dragon's Hoard?

不丹，比特幣和儲備：龍的ho積了？

In a Himalayan kingdom known for its Gross National Happiness, a different kind of wealth is quietly accumulating. Bhutan's strategic bet on Bitcoin mining has resulted in a substantial reserve, sparking intrigue and raising questions about the future of sovereign digital asset holdings.

在以其巨大的民族幸福而聞名的喜馬拉雅王國中，另一種財富正在悄悄地積累。不丹對比特幣採礦的戰略賭注導致了大量儲備，引發了關於主權數字資產持有量的未來的陰謀並提出問題。

The Thunder Dragon's Bitcoin Stash

雷龍的比特幣藏匿處

Few would associate Bhutan's prayer-flagged valleys with rows of humming computer rigs, but since 2020, that's precisely what's been happening. The kingdom has mined over 13,000 Bitcoin, valued at approximately $1.3 billion – a staggering 40% of its national GDP. This makes Bhutan the third-largest government-owned Bitcoin reserve globally, trailing only the USA and the UK.

很少有人會將不丹的祈禱山谷與一排嗡嗡的計算機鑽機相關聯，但是自2020年以來，這正是正在發生的事情。該王國已經開采了13,000多名比特幣，價值約13億美元，佔其全國GDP的驚人40％。這使得不丹在全球政府擁有的第三大比特幣儲備中，僅落後於美國和英國。

Mining, Not Buying: Bhutan's Unique Approach

採礦，不購買：不丹的獨特方法

What sets Bhutan apart is that its Bitcoin wasn't purchased or seized; it was mined. Druk Holding & Investments (DHI) spearheaded the effort, starting with a small pilot project near Dochula Pass. Initially, the team learned through online resources, even assembling hardware themselves during pandemic-related border closures.

不丹與眾不同的是，其比特幣未購買或沒收。它是開采的。 Druk Holding＆Investments（DHI）從Dochula Pass附近的一個小型試點項目開始。最初，團隊通過在線資源學習，甚至在與大流行有關的邊界關閉期間組裝硬件。

By 2022, Bhutan had four operational government mines, scaling up to at least six sites by 2025. The country leverages its surplus hydropower, turning monsoon torrents into hashing power. As Ujjwal Deep Dahal, DHI boss puts it, “Bitcoin acts as a battery for us,” soaking up summer surpluses that would otherwise spill uselessly over the border.

到2022年，不丹擁有四個運營政府礦山，到2025年至少縮放了至少六個地點。該國利用其剩餘的水電，將季風的洪流變成哈希投資。正如烏吉瓦爾（Ujjwal Deep Dahal）所說的那樣，DHI Boss說，“比特幣是我們的電池電池”，浸泡了夏季盈餘，否則這些盈餘將無用地溢出。

Strategic Reserve or Piggy Bank?

戰略儲備金還是小豬銀行？

The windfall came at a crucial time, as tourism collapsed and hydropower exports slipped during the pandemic. In 2023, Bhutan quietly cashed out $100 million in Bitcoin to fund a sweeping pay raise for civil servants, averting a potential talent exodus.

隨著旅遊業的崩潰，在大流行期間，水電出口流失，意外收穫到了至關重要的時刻。 2023年，不丹悄悄地兌現了1億美元的比特幣，為公務員提供了全面的加薪，避免了潛在的人才出埃及記。

However, some economists caution that a 10% swing in the Bitcoin price could jolt Bhutan’s books by four percent of GDP. Officials insist that the core hoard is a strategic reserve, not a piggy bank, and future spending will be financed traditionally.

但是，一些經濟學家警告說，比特幣價格的10％搖擺可能會使不丹的賬簿震撼GDP的4％。官員們堅持認為，核心ho積是一家戰略儲備，而不是一家存錢罐，未來的支出將在傳統上獲得資金。

The Broader Picture: Central Banks and Crypto

更廣泛的圖片：中央銀行和加密貨幣

While Bhutan embraces Bitcoin, a recent OMFIF survey reveals that only 3% of central banks plan to hold Bitcoin reserves in the next decade. Concerns about volatility, regulatory uncertainty, and structural conservatism persist. However, the survey also indicates a desire to diversify away from traditional government bonds, with digital assets beginning to attract some attention.

儘管不丹接受比特幣，但最近的OMFIF調查顯示，只有3％的中央銀行計劃在未來十年內持有比特幣儲備。對波動性，監管不確定性和結構保守主義的擔憂持續存在。但是，調查還表明，希望從傳統的政府債券中多樣化，數字資產開始引起人們的關注。

Shawn Young, chief analyst at MEXC Research, notes that central banks prioritize stability and liquidity, qualities Bitcoin doesn't consistently offer yet. Geopolitical and regulatory pressures also play a role, with frameworks like the Basel Accords not yet classifying Bitcoin as a reserve-grade asset.

MEXC Research的首席分析師Shawn Young指出，中央銀行優先考慮穩定性和流動性，比特幣尚未提供質量。地緣政治和監管壓力也發揮作用，諸如巴塞爾協定之類的框架尚未將比特幣歸類為儲備級資產。

Bhutan's Example: A Model for Resource-Rich Nations?

不丹的示例：資源豐富國家的模型？

Bhutan's approach offers a unique model for resource-rich countries. By converting domestic advantages, like renewable hydropower, into digital assets, these nations can accumulate Bitcoin without overhauling monetary policy or facing external scrutiny.

不丹的方法為資源豐富的國家提供了獨特的模型。通過將像可再生水電這樣的國內優勢轉換為數字資產，這些國家可以在不大修貨幣政策或面臨外部審查的情況下積累比特幣。

The Future: More Dragons in the Crypto Den?

未來：加密貨幣中有更多的龍？

While most central banks remain cautious, Bhutan's experiment highlights the potential of Bitcoin as a strategic asset. As the digital landscape evolves, perhaps more nations will follow the Thunder Dragon's lead, carving out their own foothold in the global crypto landscape. Who knows, maybe one day we'll see central bankers trading their pinstripe suits for mining rigs! Until then, keep an eye on the Himalayas – the Bitcoin winds are blowing.

儘管大多數中央銀行仍然謹慎，但不丹的實驗突顯了比特幣作為戰略資產的潛力。隨著數字景觀的發展，也許越來越多的國家將跟隨雷龍的領先地位，在全球加密貨幣景觀中佔有自己的立足點。誰知道，也許有一天，我們會看到中央銀行的細條紋套件換成採礦鑽機！在此之前，請密切關注喜馬拉雅山脈 - 比特幣風正在吹。