Bhutan's BTC holdings surpass 1 BILLION DOLLARS as Bitcoin hits new ATH | Bitcoin News by CoinCorner

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As Bitcoin's price surges, BlackRock's Bitcoin ETF is taking on new capital so quickly that they're breaking records when it comes to daily inflows. Meanwhile, Italy appears to be backtracking on its recent proposal to raise capital gains tax on Bitcoin to 42%. Bitcoin's market cap has now overtaken silver, making it the seventh-largest asset on the planet.

What an insane week! Bitcoin has officially taken off into price discovery mode after breaking new all-time highs last week of $76,000. Over the weekend, Bitcoin's price continued to surge, reaching highs of $80,000. Throughout the week, momentum has grown, with the price now blasting past $90,000 and on its way to $100,000 per coin. These gains equate to around 20% since the start of this week, and a total of around 35% since Trump's election win.

During this chaos, one big buyer of Bitcoin is the world's largest asset manager, BlackRock, which made history after drawing in $1.1 billion of capital into its spot Bitcoin ETF in a single day. This marks the highest daily inflow in Bitcoin ETF history. But it wasn't just BlackRock celebrating. US Bitcoin ETFs cumulatively saw the highest daily inflow in a single day. According to data from CoinGlass, on 7th November last week, the combined inflow hit $1.37 billion, with large inflows also going to Fidelity, Bitwise, and ARK Bitcoin ETFs.

These unprecedented inflows could signal a shift in institutional investment strategies following Trump's win and growing institutional demand. Just as this milestone was reached, BlackRock's ETF hit another record this week. According to Bloomberg senior ETF analyst Eric Balchunas, who posted this on X, BlackRock's Bitcoin ETF has now hit the $40 billion asset mark just two weeks after reaching $30 billion. It achieved this in a record 211 days, annihilating the previous record of 1,253 days held by iShares MSCI. At just 10 months old, it's now in the top 1% of all ETFs by assets and is larger than all 2,800 ETFs launched in the past 10 years.

Moving on from ETFs to Bitcoin itself: following this huge price rise, its market cap has now reached $1.8 trillion. This means it has overtaken silver, making it the seventh-largest asset on the planet. Due to Bitcoin's volatility, this is not the first time it has overtaken silver's market cap. However, with the positive sentiment following the US election, could this be the last time? If Bitcoin breaks past $113,000 per coin, it could overtake both Google and Amazon, which are next in line. However, Bitcoin's ultimate target has always been gold, as both offer similar store-of-value properties. Gold remains the world's most valuable asset, holding a $17 trillion market cap-nearly 10 times that of Bitcoin. If Bitcoin were to overtake gold, it would give each coin a value of nearly $1 million.

While exciting, industry experts agree that reaching this lofty goal could take several years, with Jack Dorsey even suggesting it could happen before the end of this decade.

In other news, the Italian government, which recently announced plans to raise Bitcoin tax to 42%, now appears to be backtracking amid industry concerns. The original proposal, outlined in the October budget draft, planned to raise the crypto tax from 26% to 42%. This aggressive move was designed to increase tax revenue as Italy works to stabilise its public finances. However, industry advocates and crypto executives cautioned that such a high tax might deter investment and hurt Italy's ability to compete in the EU. As a compromise, the government has proposed capping the crypto tax rate at 28%-just a 2% rise. This proposal has gained support across the government but remains subject to final approval and could see further amendments before implementation.

Two countries far more positive towards Bitcoin are El Salvador and Bhutan, both of which have benefited greatly from this week's price rise. El Salvador, despite receiving widespread criticism from organisations like the IMF, has been buying Bitcoin since 2021, when it made the digital currency legal tender. Today, the value of its Bitcoin holdings has surpassed $500 million.

Bhutan's success story, however, may be even more impressive. The tiny South Asian state, with a population of just 800,000 (compared to El Salvador's 6.4 million), now holds over 12,000 Bitcoin tokens, worth $1.1 billion. To put this into perspective, the value of Bhutan's Bitcoin holdings amounts to more than one-third of the country's GDP of just under $3 billion, whereas El Salvador's still hugely impressive $500 million holding represents only 1.5% of GDP. Bhutan's holdings are reportedly accumulated through Bitcoin mining, utilising the country's abundant hydroelectric power. According to Arkham, Bhutan is likely the fourth-largest nation-state Bitcoin holder in the world.

Finally, for our last story: the high-powered educational company Genesis Group has announced plans to use Bitcoin as its primary reserve asset. According to the company, the board of directors has approved a strategy to commit 90% or more of all current and future reserves to Bitcoin. They will also use their $150 million "at-the-market" facility to acquire up to $120 million in Bitcoin for long-term holding. Additionally, they plan to launch a Bitcoin education series and enable Bitcoin payments on their global education platform. This bold move from Genesis Group shows how companies can benefit from holding Bitcoin on their balance sheets.