Countries Hold Billions in Bitcoins

Countries Hold Billions in Bitcoins

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Mike
Mike

An editor at Coincrop


04 Nov 2022 | 2 min read
19,096 views

T

he Chinese government has invested heavily in cryptocurrencies, amassing a portfolio worth $6 billion. This includes major coins such as Bitcoin and Ethereum, among others.

CryptoQuant co-founder Ki Young Ju said that, despite its negative posture toward the industry, the Chinese government is a crypto whale.

Young reportedly stated that China holds $6 billion worth of cryptocurrencies - including 194,000 Bitcoin ($3.9 billion), 833,000 Ethereum ($1.2 billion), and several other unnamed digital assets - which were seized from the PlusToken scam in 2019, this is despite anti-crypto stance.

China isn't the only nation that has obtained cryptocurrency through seizures. Earlier this year, for example, the US Department of Justice seized $3.6 billion worth of Bitcoin connect to the 2016 Bitfinex hack.

The U.K., too, has confiscated hundreds of millions' worth of crypto assets - most linked with illicit behaviour in some way or another.

In addition to holding a fair amount of Bitcoin, Ukraine acquired their cryptocurrency via donations supporting the war with Russia.

El Salvador recently made headlines by becoming the world's first country to make digital assets legal tender.


Mike

Mike

An editor at Coincrop
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Mike is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely putting his latest car project back together.


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