• Monday, July 22, 2024
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Ten countries with Bitcoin holdings worth $38 billion

Bitcoin reaches new all time high of $71,000

Countries are beginning to use cryptocurrencies as long-term stores of value as these digital currencies gain prominence and value.

For instance, many countries worldwide have begun to use Bitcoin (BTC) as a reserve asset. According to Bitcointreasuries.net, governments worldwide own an estimated 567,316 Bitcoins worth $38.68 billion, amounting to 2.70 percent of the global supply.

It is a trend that industry experts expect to continue. “The lesser developed countries could use Bitcoin ownership as a strong driver to establish a vibrant ecosystem and create infrastructural solutions to facilitate the integration of cryptocurrencies into the real economy,” they said.

Here is a list of the top 10 countries with the highest BTC holdings according to the BTC ownership tracking website:

The United States

According to Bitcoin Treasuries, the US has 213,246 BTC, which is about $14.54 billion in value. Since 2020, the US has been accumulating bitcoin through law enforcement seizures. US bitcoin assets have increased as the country enforces asset confiscation from individuals.

China

China has 190,000 BTC holdings, which were acquired when the PlusToken Ponzi Scheme’s seized funds were transferred to the government. The total value of the Chinese government’s BTC holdings is about $12.97 billion.

United Kingdom

The UK government has about 61,000 BTC. The country has been at the top in holding and trading Bitcoin. Its BTC holding is currently valued at $4.16 billion. It was confiscated from Jian Wen and Zhimin Qian.

Germany

The German government owns 50,000 BTC. The tokens, which are worth $3.42 billion, were confiscated by the German police in 2018 from two men who were arrested for running a piracy website. This marked the largest cryptocurrency seizure ever.

Ukraine

The Ukrainian government has 46,351 BTC currently. The authorities seized $3.17 billion worth of crypto assets from Yury Shchigol, Ukraine’s Ukraine’s former head of the State Special Communications Service.

El Salvador

El Salvador has over 5,702 BTC in its treasury. It first started buying BTC in September 2021, and as of February 2024, its Bitcoin holdings are worth more than $390 million, indicating a profit of more than 40 percent. Also, in 2021, El Salvador became the first country to make BTC legal tender and mandated all local businesses to accept payments in BTC.

Bhutan

Bhutan has 621 BTC worth $42.49 million. According to Forbes, the kingdom started mining BTC in April 2019, when Bitcoin was valued at $5,000.

Venezuela

The Venezuelan government holds 240 BTC worth $16.42 million, with 10.30 percent of the population owning crypto.

Finland

Finland has 90 BTC worth $6.16 million. The country confiscated 1,889 Bitcoins in 2018 seized in narcotics cases. Then, it sold 1889 BTC in 2021, earning roughly $48 million.

Georgia

The government of Georgia has 66 BTC worth $4.52 million.

Many countries on this list acquired their BTC through seizures and confiscations.