Bhutan commits to invest 10,000 bitcoins to develop the "City of Mindfulness."

The Kingdom of Bhutan has announced that it will use 10,000 bitcoins (approximately $875 million) from its bitcoin reserves to build the Grelpu Mindfulness City (GMC). It is estimated that Bhutan currently holds about 11,286 bitcoins, with a total value exceeding $986 million, making it the fifth largest holder of bitcoin in the world.

This special administrative region located in southern Bhutan will launch in 2024, covering an area of approximately 1,544 square miles (about 10% of Bhutan's land area). It aims to attract businesses in finance, technology, tourism, and other sectors, create high-value job opportunities, and prevent the outflow of young talent. The project will be constructed in phases over the next 20 years and has introduced a sovereign digital token, TER, pegged to gold. The King of Bhutan emphasized that this development will ensure that the nation's population of 790,000 shares in the prosperity.