Bhutan commits up to 10,000 bitcoin to back new mindfulness-based economic hub

Bhutan has announced its plan to deploy up to 10,000 bitcoin to support the Gelephu Mindfulness City project. This initiative is aimed at long-term economic development and adopts a mindfulness-based economic model. Utilizing digital assets such as bitcoin as a funding source raises questions about the effects on other nations' central bank digital currencies (CBDCs) and the broader cryptocurrency market. The country aims for sustainable growth in its ecosystem by advancing development in tourism, agriculture, and renewable energy sectors. If this new economic hub is realized, it could enhance local welfare and economic activities. However, the inherent volatility in bitcoin prices continues to pose risks to the market, demanding careful monitoring of the results from this strategy.