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Cardano Rebound Flashes Similarity With 2020/2021 Cycle

Mark Brennan
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Cardano Rebound Flashes Similarity With 2020/2021 Cycle

A recent analysis has drawn similarities between the current ADA/BTC trend and the 2021 cycle, suggesting that Cardano could see greater highs.

Notably, Beastlorion shared what he called “Cardano hopium” in his Monday X post. His optimistic approach comes as sideways price action persists for the 10th-largest cryptocurrency by market cap.

In the past 24 hours, ADA has pulled back by nearly 6%, taking its seven-day decline to 20.2%. Data further identifies a 25% retracement over the past month, with its year-to-date performance standing at a negative 19%.

Repeating Historical ADA/BTC Trend

Nonetheless, Beastlorion highlighted a recurring pattern in the ADA/BTC chart that could deliver a glimmer of hope for holders. It shows a descending trendline breakout, which, if the price action from 2021 repeats, could lead to Cardano gaining against Bitcoin.

For perspective, during the 2017/2018 bull cycle, Cardano outperformed Bitcoin extensively, reaching a peak of 0.00008788 against BTC. However, the bear market retracement that followed led to a drop to around the lows of 0.0000040 in early 2020, with a descending trendline forming on the 1-month chart.

Meanwhile, a breakout ensued around July 2020, with ADA breaking out against BTC and pushing the descending trendline. The outburst ensured that Cardano outperformed Bitcoin, rallying to its cycle top of $3.10 while the ADA/BTC chart topped at 0.00006271 by September 2021.

The chart shows that a similar pattern is repeating. After the 2021 top, ADA regressed against Bitcoin within another descending trendline until its lows of 0.00000470 in November 2024. Cardano’s bullish price action in November prompted a breakout from the resistance trendline to the top of 0.00001380 in early December.

ADA/BTC Chart
ADA/BTC Chart

Cardano Could Follow Past Price Action

Now, ADA is retesting the trendline breakout, a pattern it observed in 2020 before the final rally. If Cardano receives similar momentum from the 2020 breakout, then it could see more upside.

The chart shows a possible surge from the current price of 0.000006 to 0.000050, which would boost the price of ADA to $5.5 at the current BTC price of $110,855. Meanwhile, at Bitcoin’s all-time high of $126,220, this could culminate in a Cardano price of $6.3.

Notably, while ADA did not reach its 2018 highs against Bitcoin in 2021, it still managed to make a new all-time high. This analogy suggests that the token could still reach unprecedented prices even if it doesn’t reach its 2021 high against BTC.

Nonetheless, this depends solely on the performance of Bitcoin. It also bears mentioning that a growing ADA/BTC chart does not mean that Bitcoin is in a bearish trend. It only implies that Cardano is performing better.

Remarkably, the chart shows a massive decline in trading volume between the 2021 bull cycle and the current market condition. The discrepancy, among others, raised doubts over the possibility of a repetition.

As XRP Falls Researcher Says Don’t Underestimate XRP: Here’s Why

Abdulkarim Abdulwahab
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As XRP Falls Researcher Says Don’t Underestimate XRP: Here’s Why

While XRP continues to trend bearishly, analyst Ether Nasyona believes those who have written off the coin may have only themselves to blame.

In his latest update, he compared XRP’s current price action to its pre-bull cycle setup in 2017. He used the pattern to suggest that a powerful price rally may again be forming.

Back then, XRP faced rejection at its 2013 all-time high (ATH) before pulling back to retest the 2014 peak, which had turned into a strong demand zone. This period of accumulation marked the beginning of XRP’s explosive surge, taking it from fractions of a cent to over $3 within months.

For context, according to Nasyona’s XRP chart, the coin initially faced rejection at $0.065 in 2017, dipped back to near the $0.023 support level, and then broke out, rising nearly 19,000% to its all-time high.

XRP at 2018 ATH Resistance, 2021 Support Zone

Nasyona noted that XRP is now displaying a similar structure on a larger scale. Specifically, after its 2024 rally, the token again faced rejection—this time at the 2018 ATH resistance at the $3.3 level.

Since then, the price has retraced toward the 2021 peak zone, which acted as a demand region where long-term holders accumulated more.

For context, since XRP reached $3.66 in July, slightly surpassing its 2018 peak, the price dipped to $1.25 on October 10. This level, just below the 2021 peak, acted as a strong demand zone for XRP, with the price rebounding to $2.40 just hours after the drop.

XRP chart by Ether Nasyona
XRP chart by Ether Nasyona

While the asset flashed signs of recovery yesterday, it is again dipping. The analyst explained that this consolidation phase is not a sign of weakness, but a “power accumulation phase” as it mirrors what occurred in 2017, which ultimately led to a parabolic breakout for XRP.

‘Short-Term Noise, Long-Term Strength’

Given the coin’s potential, Ether Nasyona cautioned traders not to be swayed by short-term market fluctuations. “Short-term fluctuations, panic, or euphoria… it’s all just noise,” he said, emphasizing that the overall trend remains bullish.

His message to the XRP community is to remain patient, as the historical chart holds a lot of promise. For skeptics, he warned against underestimating XRP’s long-term potential.

Notably, the analyst did not provide a specific price target for the next XRP bull run. However, his reference to historical patterns suggests a strong double-digit price range could be possible if XRP mirrors its 2017 trajectory.

While some analysts believe XRP’s legendary 2017 run is no longer relevant, most agree the coin will break the $10 mark.

“XRP Always Rewards the Patient”

In a separate analysis, technical analyst CryptoWZRD also expressed strong conviction that XRP is approaching the end of its prolonged sideways trading.

He noted that XRP was at a critical point after 75 days of consolidation within a tightening triangle pattern. CryptoWZRD advised holders to remain patient, stating, “XRP always rewards the patient.”

Other chartists, like ChartNerd, believe XRP could surge as high as $27, comparing its long consolidation phase to Amazon’s decade-long base before its explosive breakout.

Expert Says XRP and ONDO Are Pioneering Wall Street 2.0

Sam Wisdom Raphael
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Expert Says XRP and ONDO Are Pioneering Wall Street 2.0

A popular crypto pundit has suggested that XRP and ONDO embody the vision of Wall Street 2.0, a new financial era powered by blockchain technology.

Chad Steingraber made the bold assertion yesterday while reacting to the latest promotional video for Ondo Finance’s upcoming summit, themed ‘Wall Street 2.0 Is Here.’

The Ondo Summit, scheduled to be held on February 3, 2026, in New York, plans to feature some of the biggest names in the traditional and blockchain space. 

Some of the entities from the traditional financial sector include State Street, Goldman Sachs, BlackRock, Citi, and Franklin Templeton. Crypto firms like Chainlink, Ripple, and Layer Zero will also be attending the Ondo inaugural conference. 

The summit will also feature policymakers and investors from different parts of the world. At the moment, Ondo Finance has yet to release the agenda and speakers for the summit. Since its announcement, the summit has drawn widespread attention from the crypto community, particularly for its striking theme, “Wall Street 2.0 Is Here.”

Reacting, Steingraber shared a screenshot highlighting the lineup of major financial institutions set to attend the conference. He added that the collaboration between traditional finance and blockchain projects is enough to convince skeptics. 

XRP and ONDO Are Pioneering Wall Street 2.0 

In this context, Steingraber highlighted XRP and ONDO as key infrastructure for the next-generation financial system, describing both tokens as the foundation of “Wall Street 2.0.” 

It is worth noting that XRP, through Ripple’s payment network, is seen as a key enabler of institutional-grade cross-border transactions. Several financial institutions, including SBI Group and Tranglo, have adopted the token to facilitate cross-border settlements. 

Meanwhile, Ondo Finance has built a strong reputation for bridging traditional finance and blockchain, primarily through the tokenization of RWA, such as money market instruments and U.S. Treasuries.

Earlier this year, the team behind Ondo Finance debuted its tokenized Short-Term U.S. Government Treasuries (OUSG) on XRP’s underlying blockchain, XRPL.

With XRP’s strength in cross-border payments and ONDO’s expertise in real-world asset tokenization, analysts like Steingraber believe the two projects are at the forefront of driving the Wall Street 2.0 vision. 

Expert Says Dangerous Move from XRP — The Storm Might Not Be Over Yet

Sam Wisdom Raphael
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Expert Says Dangerous Move from XRP — The Storm Might Not Be Over Yet

Arthur, a notable market analyst, has called attention to what he believes is a dangerous move from XRP, insisting that the storm is not yet over.

Notably, the analyst’s commentary referenced the latest market-wide crash that impacted the prices of Bitcoin (BTC) and altcoins, including XRP. Specifically, XRP crashed by over 43% to a bottom of $1.58 on Oct. 10, marking its lowest price this year.

Despite recovering quickly from this floor, XRP is still facing massive losses at press time, down by more than 17% over the past week. While the rebound effort has pushed XRP price to the $2.4 region, Arthur believes the altcoin remains in a delicate position.

XRP Makes a Dangerous Move

In his recent analysis, the market commentator called attention to XRP’s struggles on the 4-hour chart. He says: “Dangerous move from XRP, the storm might not be over yet… After a 200%+ bounce from the crash lows, structure is showing signs of exhaustion.”

Data from the chart indicates that while XRP maintained a price above the $2.6 psychological mark, it remained within a symmetrical triangle that has guided its price action for weeks.

However, the recent Oct. 10 crash pushed XRP’s price below the lower trendline of the symmetrical triangle, triggering a drop underneath two more psychological support levels at $2.2 and $2.5 in one fell swoop. When XRP rebounded, it immediately recovered the $2.2 support, but reclaiming the $2.5 level took some time.

Notably, after recovering both supports, the next target was to push back into the symmetrical triangle and maintain the price action within it. Nonetheless, this attempt failed, as XRP witnessed intense resistance at the lower trendline of the triangle. 

XRP 4h Chart Arthur
XRP 4h Chart Arthur

XRP has since retraced from this resistance, and with its price currently sitting at $2.45, it has also lost the $2.5 level again. Arthur called the drop below the symmetrical triangle and the subsequent failure to reclaim it “a dangerous move” from XRP. He argued that the storm is not yet over.

XRP Still in a Delicate Position

According to the market pundit, XRP bounced from the lows it hit during the crash, but this rebound effort appears to be facing exhaustion. This is an extremely bearish position to be in, as the asset ought to have recovered back into the triangle immediately after the breakdown; otherwise, these lows could be the next normal range.

XRP’s recent drop below $2.5 came as the market saw renewed bearish action amid China’s promise of retaliation over President Donald Trump’s tariff warning. Once the tension eases, XRP must reclaim $2.5 and aim toward rebounding into the triangle. Should this occur, the asset will have reversed the bearish trend.

Interestingly, analyst Xaif is rather confident that XRP could recover fully from the recent collapse. Specifically, he pointed out that the XRP SOPR dropped to a six-month low when XRP’s price collapsed on Oct. 10. 

According to Xaif, the last time such a drop occurred, XRP recovered 35%. He expects a similar recovery push. Moreover, in the long term, veteran trader Peter Brandt appears to be bullish on XRP. In a recent disclosure, he suggested that XRP had a “pure” long-term chart.

They Told You XRP Doesn’t Need a High Price — They Lied: Crypto Founder Says

Abdulkarim Abdulwahab
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They Told You XRP Doesn’t Need a High Price — They Lied: Crypto Founder Says

In a recent podcast, Versan Aljarrah, co-founder of Black Swan Capitalist, made a daring assertion about the future of XRP.

Specifically, Aljarrah criticized the belief that XRP doesn’t need a high price to be effective, arguing that “they lied”. He suggested that as adoption scales, liquidity management will require a high-value XRP to move institutional capital and settle cross-border payments on a global scale.

“XRP absorbs liquidity,” he said, “essentially acting like a swimming pool full of money. Holding XRP secures your seat at the table where this is all going.”

“XRP Must Be High Price to Move Quadrillions”

According to Aljarrah, XRP’s rise in price will be a direct result of its expanding role in global finance, where it could support “hundreds of trillions, possibly quadrillions” in financial flows.

To him, the key to XRP’s inevitable price increase lies in its ability to act as essential infrastructure supporting real-time settlement and liquidity on a massive scale.

Notably, Aljarrah is an XRP permabull who maintains that the coin cannot remain below the $3 price given its utility in global payments.

He has continued to reiterate that $3 for XRP is too low to sustain its expected role in a future involving trillions in tokenized assets and stablecoins. In his view, as institutions increasingly use stablecoins for Treasury debt, government spending, and asset settlement, XRP must scale accordingly.

XRP as a Unit of Measurement

Meanwhile, co-host David spoke about how the concept of value is shifting in the digital age. He highlighted a common question he receives from many in the crypto community: “Do you think XRP could hit $1,000?”

While David agreed such a price is possible, he cautioned that XRP’s value should not be measured solely in terms of its dollar price.

“What will $1,000 buy you when XRP hits that price?” the pundit asked. He urged the community to look beyond the legacy financial system, which is “literally dying in front of our faces.”

David pointed out that the real shift in value will come when the question is not whether XRP will hit $1,000 or $10,000, but rather “what 1 XRP can actually do for you.”

“XRP will become the mode of value, the measuring agent,” he said, noting that he already mentally converts prices into XRP rather than traditional currencies when shopping.

“Gold Backs It, XRP Moves It,” The Future of Global Finance

The discussion also highlighted the ongoing transformation of the global financial system. Aljarrah and David noted that institutions like the Federal Reserve, World Bank, and IMF are evolving as the global economy adapts to emerging challenges and technologies.

David framed this within the context of the Fourth Industrial Revolution, predicting the rise of new financial models and infrastructure. He concluded with the bold vision that “Gold backs it, XRP moves it,” positioning XRP as a key utility in the financial systems of the future. 

David even suggested this emerging system could align with biblical prophecies. He hinted that today’s developments may be laying the foundation for a global financial framework foretold in ancient texts.

Shiba Inu Aims for Recovery after Descending Trendline Breakout

Elendu Benedict
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Shiba Inu Aims for Recovery after Descending Trendline Breakout

A bullish pattern is now developing on the Shiba Inu chart, with its target a possible retest of the price levels before the recent market crash.

Notably, DRAGONEAGE_FX shared this outlook in his recent TradingView analysis on October 13. The commentary identified a Shiba Inu (SHIB) breakout, which has fueled the prospects of a price recovery.

Shiba Inu Flashes Reversal Signal

The analyst identified that Shiba Inu has just broken above a descending trendline on the 4-hour timeframe. Notably, the meme coin traded above this trendline prior to the October 10 market crash, which sparked a steep correction to $0.0000067 before a quick rebound.

After consolidating below for some time, SHIB pushed past the trendline on October 12, showing signs of a momentum shift. Interestingly, the meme coin continued in that path, reaching a high of $0.00001129 on Monday.

According to the analysis, holding above the support trendline suggests renewed buying pressure. This is a positive sign for Shiba Inu, as it signals interest among market users despite its obvious price underperformance in recent months.

Trendline Retest Before Newer Highs

Nonetheless, the market watcher warns of a possible trendline retest before the next rally. An accompanying chart highlights the emergence of a new trendline from the cryptocurrency’s lows last week, currently serving as support.

Shiba Inu Analysis
Shiba Inu Analysis

Meanwhile, SHIB has done precisely that, with its over 6% pullback today bringing it to the support level. It now has to regain momentum around the area to sustain this breakout and target new highs.

Additionally, the analyst stated that the ongoing retracement presents a good buying opportunity for the unexposed or those looking to place new orders. This offers a fair entry in preparation for the next upswing.

Shiba Inu Targets After Retest

If Shiba Inu does rebound from here, he predicted that it would push towards the next resistance area. Specifically, this lies around $0.00001291, the area it fell from during the historical market crash on October 10.

Shiba Inu currently trades at $0.00001048 at the time of writing. This means it would have to grow by 23% from here to attain the price level.

Meanwhile, other analysts have predicted further highs for the meme coin if it reclaims and holds the $0.00001291 support. For instance, SwallowAcademy shared that SHIB would see a clean sweep through the 200-day exponential moving average resistance, currently at $0.00001329, to greater heights.

BlackRock CEO Says Bitcoin is Good for Diversification

Albert Brown
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BlackRock CEO Says Bitcoin is Good for Diversification

BlackRock CEO Larry Fink has once again tempered his earlier criticism of Bitcoin, acknowledging that cryptocurrencies now have a legitimate role in global markets.

In an interview with CBS on Sunday, Fink reflected on his past comments. He acknowledged that his views have evolved since 2017, when he dismissed Bitcoin as an “index of money laundering.”

“The markets teach you to re-examine your assumptions,” Fink said. He added that, in line with this shift, crypto now plays a role similar to gold as an alternative asset.

However, he cautioned investors against overexposure, advising that digital assets should form only a modest part of any diversified portfolio. “For those looking to diversify, [Bitcoin] is not a bad asset,” Fink said.

From Skepticism to Strategic Acceptance

Fink’s comments mark a notable shift from his earlier skepticism toward crypto. In 2017, he was part of a group of Wall Street leaders, including JPMorgan Chase CEO Jamie Dimon, who openly criticized Bitcoin, calling it speculative and risky. At that time, major financial institutions largely viewed crypto as a fringe asset class.

However, as investor demand surged and regulatory frameworks matured, attitudes began to shift. 

Since 2023, Fink has increasingly spoken in favor of the long-term potential of digital assets, emphasizing their role in portfolio diversification. His acknowledgment now reflects a wider acceptance within traditional finance that digital assets are here to stay. Nonetheless, concerns about volatility linger.

BlackRock’s Growing Role in the Crypto Ecosystem

This shift in perspective has coincided with BlackRock’s deepening involvement in the digital asset market. For context, in 2024, the world’s largest asset manager, overseeing approximately $12.5 trillion, made a decisive move into the crypto sector.

It launched the iShares Bitcoin Trust (IBIT), a spot Bitcoin exchange-traded fund. The ETF quickly rose to dominance. Within a year, IBIT became the largest Bitcoin ETF, managing over $93.9 billion in assets and holding more than 804,000 BTC, roughly 3% of Bitcoin’s total supply.

This milestone positioned BlackRock ahead of both corporate and government holders.

Retail Interest Surges Alongside Institutional Demand

Moreover, the firm’s success has not come solely from big investors. In a letter to investors earlier this year, Fink revealed that half of IBIT’s demand has come from retail investors. Interestingly, three-quarters of these investors had never previously owned an iShares product.

This trend suggests that Bitcoin’s appeal is broadening beyond the traditional crypto community. Retail investors, who once viewed Bitcoin as speculative, are now treating it as a legitimate store of value and a hedge against the traditional market risks.

Institutional Adoption Deepens After Trump’s Re-Election

The re-election of U.S. President Donald Trump in January 2025 has further accelerated institutional adoption of digital assets. As policy sentiment toward crypto has warmed, major financial entities, including asset managers, hedge funds, and even some government bodies, have expanded their exposure.

Public organizations now hold approximately 358,000 BTC, while corporate players, including MicroStrategy, Tesla, and Robinhood, have accumulated significant reserves. 

Collectively, ETFs, public and private firms, including BlackRock’s IBIT, Fidelity’s FBTC, and Grayscale’s GBTC, control over 1.65 million BTC. This accounts for about 10% of Bitcoin’s circulating supply.

According to industry experts, the growing institutional share could bring greater stability to the crypto market. However, it also raises concerns about concentrating power in an asset that was originally designed to be decentralized.

Analyst Shares 2025 Cardano Forecast — How High ADA Could Go

Elendu Benedict
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Analyst Shares 2025 Cardano Forecast — How High ADA Could Go

Cardano could still rally significantly before the end of the year, with analysis pointing to a symmetrical triangle breakout as a possible catalyst.

Cardano continues to beam with uncertainty alongside the broader market. Following two days of successive growth, the cryptocurrency has started poorly today, correcting over 4% at the time of writing.

Analysis Suggests Optimistic Cardano Price Action

Meanwhile, hopes remain high as analysts continue to speculate on a positive price development for Cardano. Specifically, in a recent commentary, BorisCryptoUSA confirmed that he expects ADA to reverse its recent bearish momentum and target higher prices before the end of this year.

The market watcher noted this as he highlighted a forming symmetrical triangle on the ADA/USDT daily timeframe. Notably, Cardano has been trending within this structure since the late 2024 rally, when it peaked at $1.32.

Cardano Chart Analysis
Cardano Chart Analysis

Notably, price action within the structure has started to tighten, with ADA nearly filling the gaps within the triangle. This suggests that Cardano could break out from the structure soon, with the analyst suggesting it could happen this year.

ADA Price Targets Upon Breakout

BorisCryptoUSA predicted that this upside potential could come to fruition but noted that macroeconomic factors must remain stable. He mentioned major black swan events, geopolitical tension, and hawkish Fed decisions as factors that could derail momentum.

Notably, a black swan event did occur on October 10, pushing Cardano’s price and the broader market to lower levels. The market is still recovering from this, with the downside seen today coming as the trade war between China and the US persists. China warned against a possible retaliation, sparking skepticism among investors.

Meanwhile, the analyst insisted that if the market sentiment gets better, Cardano could break out of the triangle this year. His first target is to swing to $1.2, marking a 76.5% growth. He identified $2 as the secondary target from the break, which represents a 194% surge from the current market price of $0.68.

Remarkably, the analyst also warned that although the breakout could be more decisive, it is wise to start taking profit once whales begin to sell.

Here’s the Next XRP Target as XRP SOPR Drops to a 6-Month Low of 0.95

Sam Wisdom Raphael
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Here’s the Next XRP Target as XRP SOPR Drops to a 6-Month Low of 0.95

A market pundit has shared what he believes is the next XRP target as XRP’s SOPR metric collapses to a low last seen six months ago. 

Notably, this analysis came from Xaif Crypto, a well-known market commentary, and emerged as XRP looks to recover from the latest market-wide dump. For context, XRP slumped nearly 44% from $2.8 to $1.58 during the market crash on Friday but has since recovered to trade around the $2.5 region.

XRP SOPR Drops as Traders Sell at a Loss

While the market is still looking to recover the Oct. 10 losses, Xaif recently called attention to a bullish development surrounding the Spent Output Profit Ratio (SOPR). According to him, historical data indicates that the next XRP target may lie around the $3 region if the pattern holds true.

For the uninitiated, the SOPR assesses whether investors are selling their coins at a loss or at a profit. Notably, when the SOPR is less than 1, it indicates that investors are selling their coins at a loss. Meanwhile, when it sits at 1, it confirms that they are selling at breakeven. However, if the SOPR is greater than 1, investors are selling at a profit.

Data from the accompanying Glassnode chart shows that the SOPR has remained above 1 since early April, when the XRP price dropped to a low of $1.61 and recovered in the weeks that followed. While the SOPR retested the 1 mark on multiple occasions, it remained above 1 for months, even spiking above 1.6 in mid-May, as investors took profit when the XRP price rose to $2.66.

XRP SOPR Glassnode
XRP SOPR | Glassnode

Next XRP Target Following SOPR Slump

Following this spike, SOPR maintained a value above 1 until this month, when XRP crashed to the $1.58 low on Oct. 10. Amid this slump, the XRP SOPR dropped to 1, reaching 0.95, as investors panic-sold. According to Xaif, this marked the lowest SOPR value in six months, with a comparable low occurring during the April drop.

Interestingly, Xaif found that the last time the SOPR reached this low, XRP recovered considerably from its floor price. Specifically, after XRP slumped on April 7 and the SOPR collapsed to 0.92, a recovery in price emerged immediately. Xaif noted that XRP rebounded from $1.9 to $2.58, representing a 35% increase.

The market analyst noted that if a similar 35% recovery emerges following the SOPR bottom, prices could spike from the recent low of $2.38 to the next XRP target of $3.10 to $3.35. Notably, this would push the altcoin above the pivotal $3 psychological mark, which could set the stage for a long-term market rally.

Interestingly, market veteran Peter Brandt also recently identified that XRP was in a long-term bullish structure, branding its chart “pure.” Meanwhile, analyst CryptoInsightUK suggested that XRP’s next leg up could push prices to a range of $8 to $12.

Bhutan Migrates National Digital ID System to Ethereum Network

Mark Brennan
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Bhutan Migrates National Digital ID System to Ethereum Network

The Kingdom of Bhutan is upgrading its self-sovereign national ID system to the Ethereum blockchain.

This shift will enable nearly 800,000 citizens to verify their identities and access public services securely online.

According to Aya Miyaguchi, president of the Ethereum Foundation, the technical integration with Ethereum has already been finalized. She added that the full migration of citizen credentials will be completed by the first quarter of 2026.

The initiative was formally announced during a ceremony attended by Prime Minister Tshering Tobgay and Crown Prince Jigme Namgyel Wangchuk. Additionally, the event saw the presence of Ethereum co-founder Vitalik Buterin and Miyaguchi herself.

A First-of-Its-Kind National Integration

Miyaguchi hailed the initiative as a “world-first” for national identity systems. She highlighted that Bhutan’s approach reflects a long-term commitment to citizen empowerment through self-sovereign digital identities. 

Furthermore, she described the achievement as a “global step toward a more open and secure digital future.”

Self-sovereign identity systems allow individuals to control their personal information without relying on centralized databases. In particular, Bhutan, leveraging blockchain technology, aims to enhance privacy, security, and transparency in government services, especially through the use of zero-knowledge proofs that protect user data while enabling verification.

From Hyperledger to Polygon, Now Ethereum

Bhutan’s digital ID system has evolved through several blockchain platforms. Initially, it operated on Hyperledger Indy before later migrating to Polygon in August 2024.

Now, the current move to Ethereum marks the nation’s third major transition, thereby signaling a step toward modernization. It also demonstrates an intent to embrace a blockchain network that is both globally recognized and scalable.

The National Digital Identity and GovTech teams in Bhutan played key roles in the migration, with support from developers and contributors from the country’s growing crypto community.

Other Nations Taking Note

While Bhutan is the first country to fully implement a national ID system on Ethereum, a few others, such as Brazil and Vietnam, have experimented with blockchain-based identity solutions on a smaller scale.

Bhutan’s progress may serve as a model demonstrating how decentralized technologies integrate into public administration without compromising privacy or efficiency.

Bhutan’s Expanding Role in Crypto Innovation

Beyond digital identity, Bhutan has quietly become one of the world’s most crypto-forward nations. Although it measures national success through “Gross National Happiness,” its economic strategy includes active participation in digital assets.

According to BitBo’s Bitcoin Treasuries data, Bhutan currently holds 11,286 Bitcoin worth approximately $1.31 billion. This makes it the fifth-largest Bitcoin-holding nation, behind the United States, China, the United Kingdom, and Ukraine.

The country accumulates Bitcoin through mining operations powered by its hydropower plants in the Himalayas.

In September, Bhutanese officials also met with former Binance CEO Changpeng Zhao for potential collaborations, though no details have been made public.

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