Bhutan is investing in everything from bitcoin mining to drone technology as the tiny Himalayan kingdom turns to new-age businesses in search of fast growth and returns.
Druk Holding & Investments, the state-owned commercial holding company, will this month start pitching to investors to raise as much as $500mn for a crypto mining business after partnering with Singaporean group Bitdeer, one of the world’s largest bitcoin miners.
Bhutan’s bet on crypto, which follows that of other countries such as El Salvador and the Central African Republic, comes despite the sell-offs, contagion and scandals that have rocked the sector. The isolated country of 800,000 only allowed television and internet in 1999 and is known for its gross national happiness metric, which seeks to prioritise wellbeing beyond economic growth.