Bhutan currently holds 13.047k BTC worth $782.10 million at the time of writing. The country holds more than double the crypto that El Salvador, a pro-Bitcoin nation. El Salvador commands about $350 million in the leading digital cryptocurrency.

Bhutan has an estimated gross domestic product (GDP) of $3.11 billion, according to data from the International Monetary Fund (IMF). This implies about under a third of Bhutan’s GDP in Bitcoin.
In addition, the Himalayan kingdom of Bhutan holds about 656.013 in Ethereum (ETH) worth $1.52 million.

Bhutan’s 2023 wave of bitcoin mining

Bhutan has not derived its Bitcoin from law enforcement asset seizures, which is commonly undertaken by most governments. The country has substantially ramped up its crypto mining operations for Bitcoin since 2023. These mining operations are overseen by the country’s investment arm Druk Holdings.

The Himalayan kingdom has constructed Bitcoin mining facilities in various locations across the country. Its largest facility is on the site of now-disused Education City Project. While the country has substantially increased its mining efforts in 2023, the ventures date back to 2019 when Bitcoin was less than $10,000.

Last year, Bhutan had teamed up with Singapore-based mining firm Bitdeer Technologies Group to develop a 600-megawatt mining farm for Bitcoin by 2025. The move into crypto mining, comes as the kingdom works to recover from the COVID-19 pandemic. Bhutan’s economy contracted by 10 percent in 2020.

In May of last year, Bitdeer had also partnered with Druk Holding & Investments to develop a 100% carbon-free digital asset mining operation in Bhutan.

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According to the company’s market analyst Indes, the Philippines is a key market for Tribally, with a large portion of its players, supporters, and team members coming from the country. “The Philippines has an unmatched passion for gaming in general,” Indes said. “We believe that the strong community here aligns perfectly with our vision of fostering sustainable, community-driven play-to-earn experiences.”??

Innovative play-to-earn model???

Tribally’s P2E model features a unique element called “wagers,” which allows players to increase their earnings while maintaining the integrity of in-game economies. By using $TRIBAL, the platform’s native token, and $USDC for wagers, players earn a commission on all wagers placed. This revenue is distributed among players, the game’s ecosystem, and Tribally’s peer-to-peer (P2P) wagering service, creating a mutually beneficial “win-win-win” setup. ??

David?de-Vilder, CEO of Tribally, explained, “Unlike traditional P2E games, where rewards are often directly tied to in-game economies, Tribally’s wager system offers a more sustainable approach. This helps to sustain the value of rewards as more players join the ecosystem.”???

Collaborations and educational initiatives

To strengthen its presence in the Philippines, Tribally has partnered with local Web3 edutech company Bitskwela to launch an on-chain gaming education program. This initiative includes online courses, educational content featuring prominent influencers, and user guides on Bitskwela’s platform, designed to equip Filipinos with knowledge and best practices for the P2E ecosystem. ??

Additionally, Tribally and Bitskwela will conduct a university tour in the last quarter of 2024, offering interactive gaming workshops to help students navigate the evolving world of on-chain gaming.???

Jiro Reyes, CEO of Bitskwela, expressed optimism about the partnership, stating, “Tribally’s commitment to elevating Web3 gaming aligns with our mission to empower Filipinos with the knowledge and skills to thrive in this space. By providing access to both play-to-earn opportunities and educational resources, we’re helping Filipinos explore new possibilities within the Web3 space.”?

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Speaking with AIBC News, Dillinger said he is exploring the dynamic world of Web3, artificial intelligence (AI), and blockchain technology. Dillinger leads a media production company that delves into Web3, gaming, and finance. “Daredevil Media is a network that I’ve created where I have not only my personal brand, but I also have two hit shows,” Dillinger shared during the AIBC Asia conference. This venture showcases his growing interest in technology and innovation, highlighting his ability to balance his sports career with his digital pursuits.?

Daredevil Media: A new digital venture?

Dillinger’s Daredevil Media serves as a hub for his digital content, featuring two successful shows: “Let It Fly,” a basketball podcast that ranks number one in the Philippines and number four in the United States, and “GM Crypto,” which focuses on Web3, blockchain, and non-fungible tokens (NFTs), and holds the top spot in tech news in the Philippines and fourth in the US. Dillinger expressed his enthusiasm about the network’s rapid growth, stating, “I’m having a lot of fun. We’re getting a lot of distribution, whether it’s in the States, whether it’s here, and we’re just getting bigger and bigger.“?

Discovering blockchain during the pandemic

Dillinger’s interest in blockchain and cryptocurrency was sparked during the pandemic, a period that gave him the freedom to delve into new interests outside of basketball. “I had a lot of time to think, to calculate, and to figure out how I could do this properly,” he explained. After two years of dedicated learning, marked by both gains and losses, Dillinger found his footing in the industry, guided by valuable mentors. He remarked, “Things have been picking up quite well, but the job is not finished. I still have more scaling to do.”?

The importance of education in crypto and blockchain

Offering advice to newcomers in the blockchain and crypto space, Dillinger stressed the significance of education and a cautious approach. “There’s a lot of information out there that’s not the correct information,” he warned. ??

Gaming and AI: The future of Web3

As an avid gamer and streamer, Dillinger sees immense potential in the convergence of gaming, AI, and blockchain. He believes these elements will drive the future of Web3, emphasising that “Gaming mixes so well into a handful of crypto components.” He pointed out the compatibility between NFTs and gaming, suggesting that the shift from traditional servers to decentralised nodes could transform game management and gameplay. “Gaming is really going to be the central force that crypto will be piggybacking on for years to come,” Dillinger predicted.?

The future of tech in sports

Moreover, Dillinger is optimistic about how technology will revolutionise sports, particularly through the integration of blockchain, AI, and crypto. He envisions enhanced fan engagement, deeper analytics, and improved transparency, noting, “We can have deeper analytics. Everything’s going to be transparent on the blockchain, and you can’t change that.” ?

Dillinger also sees the potential for AI referees to make accurate, unbiased calls. Despite these advancements, he emphasised that the primary goal should be to benefit the sports community, stating, “The main thing is really servicing the community behind these sectors.”?

What’s next for Jared Dillinger and Daredevil Media

In the future, Dillinger said he plans to transition into a coaching role in basketball, utilising his leadership skills to mentor the next generation. Regarding Daredevil Media, he envisions expanding beyond podcasts and shows, sharing his ambition: “I think the next step is that we need to build a website similar to the Players Tribune.” Dillinger also hopes to explore sports documentaries, aiming to bring the stories of Filipino sports figures to a wider audience.?

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“We hereby announce that we have purchased additional ￥500 million (€3 million) worth of Bitcoins. With this purchase, we have completed the purchase of ￥1 billion worth (€6.1 million) of Bitcoins,” Metaplanet said in a statement.?

Strategic move in response to Japan’s economic pressures

This latest purchase follows a strategic shift announced by Metaplanet in May, when the company adopted Bitcoin as its primary treasury reserve asset. The decision to focus on Bitcoin was driven by sustained economic challenges in Japan, including high government debt, prolonged periods of negative real interest rates, and a weakening yen. The firm initially secured a ￥1 billion loan from MMXX Ventures to fund its Bitcoin acquisitions.?

Impact on Stock Performance

The news of the completed acquisition has positively impacted Metaplanet’s stock performance. Shares of the company surged by 14 percent, reaching a high of ￥1,293 (€7.93) during Tuesday’s morning session. ?

Broader business strategy

Originally focused on hotel development and operations, Metaplanet has diversified its portfolio to include consulting services in Bitcoin adoption, real estate development, and various investments. The company’s pivot to Bitcoin has been described as a transformative move. CEO Simon Gerovich noted that the firm, previously exhibiting traits of a “zombie company,” has seen a revitalised outlook thanks to its strategic embrace of Bitcoin as a key monetary asset.?

Comparison with other corporate bitcoin holders

While Metaplanet’s Bitcoin holdings have grown significantly, the company still trails behind major corporate Bitcoin holders like MicroStrategy, which owns 226,500 BTC, and Marathon Digital, which holds 25,000 BTC. However, Metaplanet’s focused approach reflects a broader trend of corporate adoption of Bitcoin as a hedge against economic instability.?

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In its statement, the PSE emphasised, ” The public is advised that PSE neither owns nor operates the website “https://psephilippine.com/User/index”, it does not sell cryptocurrencies, it does not have a ‘Customer Service’ team, and its employees or agents do not advertise or promote, for purposes of investment, cryptocurrency. ”?

PSE received reports of a fraudulent cryptocurrency investing scheme using PSE’s logo and name on its website, https://t.co/WBr4JZWjIo .

The public is advised that PSE neither owns nor operates the said website.

READ: https://t.co/38YPrPfpyQ pic.twitter.com/zUypYrdRmu

— Philippine Stock Exchange (@PhStockExchange) August 9, 2024

The fraudulent scheme begins by enticing potential investors through online advertisements. Once they express interest, they are contacted via messaging applications and presented with fabricated investment successes, encouraging them to increase their investments through various e-wallet accounts. However, when victims attempt to withdraw their funds, they are told they made an error with their account’s withdrawal password, leading to additional demands for deposits.???

Legitimate transactions and accredited participants

The PSE has reiterated that all legitimate stock transactions are conducted through PSE-accredited trading participants or stock brokerage firms. ” PSE and any of its officers, employees, and agents, do not undertake stock transactions on behalf of clients. The complete list of the accredited stock brokerage firms of the Exchange is available on the PSE website.? The PSE also advised the public to exercise caution when dealing with companies or individuals soliciting stock investments, especially those promising guaranteed returns.”??

“Investment scams usually involve promises of big payouts, quick money, or guaranteed returns and do not contain disclosures on the risks of investing,” the PSE warned.??

The public is encouraged to contact the PSE directly to verify the legitimacy of any stock investment schemes and the authenticity of documents supposedly issued by the Exchange in the Philippines. ???

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The power of the Filipino gaming community

Immutable’s Executive Producer, Jill Keshyap, highlighted the Philippines as a pivotal market for Web3 gaming. “The Philippines is one of the strongest communities in Web3 gaming, with YGG Pilipinas leading the charge. Their players are some of the most active and dedicated globally, consistently ranking at the top of new web3 games,” Keshyap stated. She further emphasised that YGG Pilipinas’ expertise in user acquisition has been instrumental in expanding Guild of Guardians’ reach, helping the game establish itself as a top team-based RPG on mobile.?

The Philippines has been recognised as the global leader in Web3 gaming interest for three consecutive years, according to CoinGecko. With over 95,000 active community members, YGG Pilipinas plays a critical role in introducing Filipino players to Immutable’s growing roster of games. The community’s impact is evident, with YGG Pilipinas members dominating leaderboards and creating content to engage new players. ?

Guild advancement program and community engagement

As part of the partnership, Guild of Guardians is prominently featured in Season 6 of YGG’s Guild Advancement Program (GAP). This questing platform rewards players with YGG tokens and achievement badges in the form of soulbound tokens, which are verifiable on the blockchain. ??

Supporting growth through strategic initiatives

Mench Dizon, Country Head of YGG Pilipinas, expressed her enthusiasm for the partnership, noting, “Immutable has consistently supported YGG across multiple initiatives.” Dizon also affirmed YGG Pilipinas’ commitment to supporting Immutable’s games and making them accessible to the Philippines.?

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Nvidia, renowned for its powerful processors essential for constructing artificial intelligence (AI) systems, has seen a staggering loss of nearly $750bn in market capitalisation. This comes just weeks after it momentarily claimed the title of the world’s most valuable publicly traded company.

The downturn wasn’t exclusive to Nvidia. Arm, a semiconductor designer that has also reaped the benefits of investor interest in AI stocks this year, saw its shares drop by 7 percent? in Tuesday’s intraday trading.

AI Giant loses $750 billion in market value

Despite the recent losses, both companies have seen their value more than double over the past year. This surge is largely attributed to significant capital investments by tech giants like Microsoft, Google, Amazon, and Meta, all aiming to enhance their AI infrastructure.

As Microsoft prepares to release its earnings report after Tuesday’s market close, some traders express concern. They fear that the profit expectations for AI-involved companies may be overly optimistic and that capital expenditure is outpacing returns.

The tech-centric Nasdaq Composite index fell by 1.9% in early afternoon trading, while the benchmark S&P 500 was down by 1%. Alongside Nvidia, shares in other chipmakers, including AMD and Intel — who are also set to report this week — were trading lower.

Emmanuel Cau, Barclays’ head of European equity strategy, noted, “There’s a lot of angst in the market ahead of reporting.” He added that investors are also treading carefully in light of upcoming interest rate decisions by the Bank of Japan, Federal Reserve, and Bank of England.

Tech companies have been on the selling end in recent weeks, causing the Nasdaq to fall about 9 percent from its mid-July peak. The index had its worst day since 2022 last week, following the release of Alphabet and Tesla’s results.

Cau explained that the shift away from tech stocks is primarily driven by investors awaiting clarity from macro data and earnings.

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Earlier this month, the country’s Department of Trade and Industry (DTI) launched the National AI Strategy Roadmap 2.0 (NAISR 2.0) and the Center for AI Research (CAIR), marking a step towards an AI-powered future for the country.?? ?

Impact of digitalisation on government efficiency

“More and more systems are now digital and cashless, benefiting individuals, MSMEs, and agricultural workers alike,” he stated. This digital shift has streamlined transactions and commercial exchanges, addressing longstanding issues of fragmented and overlapping procedures.?

Marcos also highlighted the government’s support for startups and research and development (R&D). “Relevant scholarships and R&D grants will continue to be available, aligned with our agenda to foster startups and commercialize R&D outputs,” he said. The government is also building infrastructure to support ethical AI development for practical applications. ?

Supporting innovation and higher education

Marcos also shared that the Philippine higher education system is gaining international recognition with advanced learning technologies, including robotics, AI, and the Internet of Things (IoT), being introduced in Technical Vocational Education and Training (TVET) innovation centres. ?

“Highly technical and professional level training courses will soon be launched, notably in cyber security and in the creative industries,” Marcos added.?

Similarly, as we relentlessly address the classroom gap, the digital gap must also be bridged with equal intensity.

— Bongbong Marcos (@bongbongmarcos) July 22, 2024

Digitalisation has also impacted job placement and business registrations. Marcos said the government have improved labour industry coordination through IT capabilities, achieving a job placement success rate of 98%. ?

Improving infrastructure

“The expedited processing of our infrastructure flagship projects under the Build Better More program shall follow suit,” Marcos announced. ??

“We are also building essential infrastructure linkages to support the ethical development of artificial intelligence systems for high impact practical applications since the nation’s foray into space technology.”?

Commitment to IT development and cybersecurity

Marcos directed government agencies to ensure that the speed and quality of IT development align with the Philippines’ economic aspirations. He emphasised the importance of a robust cyber-defense system, referencing the recently launched National Cybersecurity Plan. “With these said, I have directed the agencies concerned to ensure that the speed and quality of our IT development always mirrors the pace and trajectory of our economic aspirations,” the President affirmed.?

In his address, Marcos noted continuous upgrades in the country’s power and internet services, enhancing both capacity and connectivity. He assured that infrastructure development remains strategic and on schedule, benefiting vital sectors such as education, health, energy, low-cost housing, transport, and information technology.?

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In its press release, DTI said these initiatives are supported by the Asian Development Bank and mandated by the Tatak Pinoy Act (Republic Act No. 11981). The strategy roadmap and center aim to drive innovation, bolster the economy, and enhance the lives of Filipinos through strategic AI adoption.??

“The success of NAISR 2.0 is anchored on the implementation of a whole-of-nation approach. This necessitates breaking down silos that hinder collaboration across various sectors and stakeholders, including government, industry, academia, and civil society,” Fred Pascual, DTI Secretary said during the launch.??

Roadmap and research center

The agency said NAISR 2.0 builds on the 2021 AI roadmap, incorporating advanced technologies like generative AI and addressing challenges such as limited AI use cases, resource constraints, and regulatory uncertainties. The strategy emphasizes creating a robust, connected environment, improving data access, transforming education, and upskilling the workforce.????

The establishment of CAIR represents a milestone in positioning the Philippines as a global leader in AI-driven innovation. Led by Chief AI and Data Officer Dr. Erika Fille Legara and Deputy Chief AI and Data Officer Dr. Sebastian Iba?ez, CAIR aims to harness AI’s transformative power to address societal and industrial challenges, fuel economic growth, and promote inclusive development. CAIR focuses on exploring AI solutions from Amazon Web Services and collaborating with AI Singapore to tackle Southeast Asian industry challenges.??

Collaborative efforts and economic benefits

Moreover, the National Economic and Development Authority (NEDA) committed to working with DTI to implement NAISR 2.0. NEDA Secretary Arsenio Balisacan highlighted AI’s potential economic benefits and called for investments in education and digital infrastructure.??

“The technology is estimated to contribute $15.7 trillion (€14.36 trillion) to the global economy by 2030 according to one estimate, with the Philippines potentially gaining PHP2.6 trillion (€40.8 billion) annually if businesses adopt AI-powered solutions. Sectors such as retail, logistics, manufacturing, and financial services can revolutionize operations and enhance performance through AI, again and articulated earlier,” Balisacan said in his speech.?

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The partnership was announced in March,?underscoring United City FC’s commitment to embracing technological advancements in sports entertainment, aiming to deepen connections with its global fan base. At a recent AIBC Asia interview, Samir Ceric, COO of Blocksport AG, and Eric Gottschalk, President and CEO of United City FC, discussed their strategic partnership.?

We're thrilled to announce our strategic partnership with @UnitedCityFC_PH ! ??

On the back of the successful launch of its Fan App, UCFC is gearing up for an innovative journey with Blocksport.

Read more: https://t.co/hSukzty91f#Blocksport #UCFC #FanEngagement #Web3 pic.twitter.com/ZCXhErSJBW

— Blocksport (@blocksportdotio) March 4, 2024

“Southeast Asia, with its young digital natives and huge aspirations, presents a unique opportunity. United City FC, a well-known club in the Philippines, has the ambition to become an Asian champion again. By mobilising fans and offering them something beyond traditional Web 2.0 platforms, we aim to encourage and incentivise their participation in the Web 3.0 creator’s community,” Ceric said.?

Embracing Web3 for fan engagement

Gottschalk highlighted the motivations behind United City FC’s decision to fully embrace Web3 technology, a pioneering move in the Philippine sports landscape. “Football here is not yet mainstream, lagging behind basketball and volleyball. We need to be creative in engaging our fans and making our business model work,” he said. “The traditional revenue streams are limited, so we looked outside the box and found Blocksport. Their experience with professional basketball and football in Europe was particularly attractive.”?

Ceric elaborated on the importance of this technological shift, noting the differences between Web2 and Web3. “Over the past decades, major brands have leveraged data acquisition and user bases without fully realising the value of their fan base. The bridge between Web 2 and Web 3 is crucial now, as it emphasises fan engagement and the creator’s economy. Clubs must understand they are running media, entertainment, and data businesses, not just sports entities.”?

Learning from global trends

The adoption of Web3 is not just a regional trend but a global movement. “The real difference between Web2 and Web3 lies in the power of data and fan engagement. Traditional football clubs have millions of fans but often fail to capitalise on this valuable asset.”?

He continued, “Web3 allows clubs to reward their fans not just with engagement but commercially as well. Content creators for clubs should benefit financially if their content gains traction. This approach aligns with the principles of trust, transparency, and traceability inherent in blockchain technology.”?

Rekindling football’s popularity in the Philippines

The state of football in the Philippines, a nation predominantly known for its love of basketball, presents both challenges and opportunities. “In the early 1900s, the Philippines was a football country. The Asian Football Confederation was founded here, and there were massive crowds for football games. However, the sport lost its edge due to a lack of innovation and development,” Gottschalk said.?

Gottschalk also emphasised the potential for football’s resurgence. “With over 3 million kids playing football, especially in the provinces, the sport has a significant grassroots base. United City FC aims to innovate and lead by example, hoping other clubs and the federation will follow.”?

Gamification and fan tokens in the pipeline

Looking ahead, both Ceric and Gottschalk outlined their visions for the future. Gottschalk detailed United City FC’s plans: “We still need to focus on our core business, competing on the pitch, and using technology for fan engagement. Our goals include owning a stadium, developing our academies, and exploring women’s football. The next steps involve gamification and fan tokens to deepen fan engagement.”?

Ceric highlighted Blocksport’s broader ambitions. “We aim to establish ourselves as the go-to company for Web3 in the sports industry. Our partnership with Deutsche Telekom is a significant step, and we plan to expand our footprint in the US and other regions. Ultimately, we want to empower athletes and content creators, providing them with the infrastructure to connect with their loyal fan bases.”?

The convergence of tech and sports, exemplified by the partnership between Blocksport AG and United City FC, is poised to transform the sporting landscape in the Philippines and beyond.?

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