不丹，比特币的安静积累（如今已有其GDP的很大一部分）引发了有关加密货币作为主权储备资产的辩论。

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

不丹，比特币和储备：龙的ho积了？

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闻名的喜马拉雅王国中，另一种财富正在悄悄地积累。不丹对比特币采矿的战略赌注导致了大量储备，引发了关于主权数字资产持有量的未来的阴谋并提出问题。

The Thunder Dragon's Bitcoin Stash

雷龙的比特币藏匿处

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.

很少有人会将不丹的祈祷山谷与一排嗡嗡的计算机钻机相关联，但是自2020年以来，这正是正在发生的事情。该王国已经开采了13,000多名比特币，价值约13亿美元，占其全国GDP的惊人40％。这使得不丹在全球政府拥有的第三大比特币储备中，仅落后于美国和英国。

Mining, Not Buying: Bhutan's Unique Approach

采矿，不购买：不丹的独特方法

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.

不丹与众不同的是，其比特币未购买或没收。它是开采的。 Druk Holding＆Investments（DHI）从Dochula Pass附近的一个小型试点项目开始。最初，团队通过在线资源学习，甚至在与大流行有关的边界关闭期间组装硬件。

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，不丹拥有四个运营政府矿山，到2025年至少缩放了至少六个地点。该国利用其剩余的水电，将季风的洪流变成哈希投资。正如乌吉瓦尔（Ujjwal Deep Dahal）所说的那样，DHI Boss说，“比特币是我们的电池电池”，浸泡了夏季盈余，否则这些盈余将无用地溢出。

Strategic Reserve or Piggy Bank?

战略储备金还是小猪银行？

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.

随着旅游业的崩溃，在大流行期间，水电出口流失，意外收获到了至关重要的时刻。 2023年，不丹悄悄地兑现了1亿美元的比特币，为公务员提供了全面的加薪，避免了潜在的人才出埃及记。

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，一些经济学家警告说，比特币价格的10％摇摆可能会使不丹的账簿震撼GDP的4％。官员们坚持认为，核心ho积是一家战略储备，而不是一家存钱罐，未来的支出将在传统上获得资金。

The Broader Picture: Central Banks and Crypto

更广泛的图片：中央银行和加密货币

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.

尽管不丹接受比特币，但最近的OMFIF调查显示，只有3％的中央银行计划在未来十年内持有比特币储备。对波动性，监管不确定性和结构保守主义的担忧持续存在。但是，调查还表明，希望从传统的政府债券中多样化，数字资产开始引起人们的关注。

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的首席分析师Shawn Young指出，中央银行优先考虑稳定性和流动性，比特币尚未提供质量。地缘政治和监管压力也发挥作用，诸如巴塞尔协定之类的框架尚未将比特币归类为储备级资产。

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

不丹的示例：资源丰富国家的模型？

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.

不丹的方法为资源丰富的国家提供了独特的模型。通过将像可再生水电这样的国内优势转换为数字资产，这些国家可以在不大修货币政策或面临外部审查的情况下积累比特币。

The Future: More Dragons in the Crypto Den?

未来：加密货币中有更多的龙？

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.

尽管大多数中央银行仍然谨慎，但不丹的实验突显了比特币作为战略资产的潜力。随着数字景观的发展，也许越来越多的国家将跟随雷龙的领先地位，在全球加密货币景观中占有自己的立足点。谁知道，也许有一天，我们会看到中央银行的细条纹套件换成采矿钻机！在此之前，请密切关注喜马拉雅山脉 - 比特币风正在吹。