Philippine government agency aiding youth in exploring blockchain and NFTs

Celsius and BlockFi Filings Reveal Bhutan Crypto InvestmentThe tiny kingdom of Bhutan, nestled in the Himalayas, has been secretly holding millions of dollars in cryptocurrency, according to recent filings in the bankruptcy processes of crypto lenders Celsius and BlockFi. The revelation has surprised many observers, given the country’s reputation as a conservative and traditionalist society that places a high value on spiritual well-being and happiness over material wealth.©Pexels/Prateek KatyalDruk Holdings and InvestmentThe cryptocurrency holdings were reportedly managed by Bhutan’s Druk Holdings and Investment, which was established in 2018 with the aim of investing in a range of assets to help diversify the country’s economy and reduce its dependence on hydro-power exports. It’s understood that the fund had invested in a number of cryptocurrencies, including Bitcoin, Ethereum, and Ripple, and had seen significant gains as a result.While the exact amount of cryptocurrency held by the Bhutan Investment Fund is not known, a Forbes report estimates that it could be worth several million dollars. This represents a significant portion of Bhutan’s overall foreign reserves, which stood at $1.2 billion at the end of 2022.The news of Bhutan’s cryptocurrency holdings has sparked a debate about the role of digital assets in the country’s economy. Some experts have argued that cryptocurrencies could provide a valuable source of revenue for Bhutan, particularly as the country seeks to reduce its reliance on hydro-power exports. Others, however, have expressed concerns about the risks associated with investing in such a volatile and unpredictable asset class.A new frontier for investmentDespite these concerns, it appears that the Bhutan Investment Fund is committed to continuing its cryptocurrency investments. In a statement to Blockworks, the fund’s CEO, Tenzin Lekphell, said that “digital assets represent a new frontier for investment, and we believe that they have the potential to provide significant returns for our investors.”The news of Bhutan’s cryptocurrency holdings comes at a time when many countries around the world are grappling with the question of how to regulate and manage digital assets. While some countries, such as China, have taken a hardline approach and banned cryptocurrencies altogether, others, like Japan, have taken a more moderate approach and have sought to regulate the industry to prevent fraud and protect investors.Others still, like the United States and India have flip flopped on the subject with the United States having taken a regulatory hard line in recent months.A crypto opportunity for smaller nationsIt remains to be seen what approach Bhutan will take towards cryptocurrency regulation. However, the news of the country’s cryptocurrency holdings is a sign that even small, remote nations can take advantage of the opportunities provided by digital assets. On Tuesday Jason Lau, COO of crypto exchange Okcoin, stated that Bhutan’s investment was no surprise, with the expectation that other sovereign wealth funds would follow suit.Bhutan’s decision to invest in cryptocurrency has raised eyebrows in the international community. However, it is also a testament to the country’s willingness to explore new and innovative approaches to economic development. As the world continues to grapple with the opportunities and challenges posed by digital assets, Bhutan’s example may provide a valuable case study for other nations seeking to diversify their economies and embrace new technologies.

GDAC Joins Hands with Bitgo to Fortify Crypto Wallet SecurityCryptocurrency trading platform GDAC, which is operated by South Korean blockchain fintech company Peertec, revealed on October 19 (local time) a partnership with crypto wallet provider Bitgo. This collaboration aims to bolster the security measures for the exchange’s wallets.Bitgo, headquartered in Palo Alto, California, and backed by investment bank Goldman Sachs, is renowned for its secure wallet solutions. As a qualified custodian for digital assets across various jurisdictions such as the United States, Switzerland, and Germany, Bitgo has been serving more than 1,500 institutional clients in over 50 countries since 2013. The company also touts that it processes about 20% of all on-chain Bitcoin transactions by value.Photo by Shubham’s Web3 on UnsplashBitgo’s growing presence in KoreaBitgo’s latest partnership with GDAC isn’t its first venture in the Korean market. Just last month, the company entered into a strategic partnership with Hana Bank, one of Korea’s leading banking institutions. This collaboration aims to drive the development of security solutions, foster technical cooperation, and even explore a potential joint venture in the future.With this collaborative initiative, GDAC is now a partner of two major digital asset custodians: Bitgo and Fireblocks. Through this cooperative network, the Korean exchange seeks to take a leading role in enhancing security as a virtual asset service provider (VASP). In May, GDAC launched a mobile application where users can seamlessly enjoy all of its crypto services, including exchange, custody, and staking.Han Seung-hwan, CEO of GDAC, said that the company places the utmost priority on bolstering its security technology and ensuring the secure storage of customer assets. He added that having solidified its position as an exchange dedicated to institutional clients, GDAC will focus on delivering customer-centric, high-quality services.

A Hong Kong-based entity has emerged as the largest new shareholder of BlackRock’s spot Bitcoin exchange-traded fund (ETF), according to a recent regulatory filing.Photo by Kanchanara on UnsplashAs of Dec. 31, the firm held roughly 8.79 million shares of the iShares Bitcoin Trust ETF (IBIT), valued at $436 million, per a Form 13F disclosure filed with the U.S. Securities and Exchange Commission (SEC). The filing identifies the shareholder as "Laurore" and the reporting individual as Zhang Hui. While the entity is listed as Hong Kong–based, the document provides no further details regarding the company’s background or sources of capital. Because Form 13F filings disclose institutional equity holdings only at the end of each quarter, the specific timing of Laurore's accumulation of the IBIT stake remains unclear. Workaround for Chinese Bitcoin restrictionsJeff Park, Chief Investment Officer at ProCap Financial, noted on X that the entity appears to lack a public footprint. He observed that the filer’s name is common in China, suggesting limited traceability, and added that the “Ltd.” designation may indicate an offshore structure often utilized to access U.S. markets. Park further suggested that because IBIT is the firm's sole disclosed holding, Laurore likely functions purely as a $436 million Bitcoin exposure vehicle rather than a diversified fund. He theorized that this structure might reflect Chinese capital seeking regulated Bitcoin exposure via a U.S.-listed ETF, potentially signaling early indications of institutional capital flight. This disclosure arrives amidst a prolonged downturn for Bitcoin. The cryptocurrency is currently trading near $67,000, representing a decline of about 47% from its Oct. 7 peak of $126,000. Analysts split as BTC trades 47% below peakMarket analysts have offered diverging outlooks on Bitcoin’s next move. According to CoinDesk, Bloomberg Intelligence analyst Mike McGlone stated on X that he has raised his downside target for Bitcoin to roughly $28,000, up from a previous $10,000, arguing that this revised level better aligns with historical price distribution. This update follows McGlone's earlier warning that a continued crypto selloff could signal broader financial stress, and that Bitcoin could fall toward $10,000 if U.S. equities peak and a recession ensues. Conversely, Chase Guo, a former Binance executive, predicts Bitcoin will reach a new all-time high this year. As reported by BeInCrypto, Guo argues that this move will be driven by liquidity dynamics rather than fundamentals, with capital flows, market positioning, and consensus playing decisive roles. Guo believes a liquidity squeeze, fueled by derivatives exposure and capital rotation, could push prices beyond previous highs. Against the backdrop of Bitcoin’s fixed supply, he suggests that even modest institutional or sovereign inflows could exert an outsized impact on price.