China May Hold 194k Bitcoin, More Than Any Public Company
Despite its anti-crypto stance, China could be holding over $5 billion in Bitcoin and Ether.
Over recent years, the Chinese government has shown an antagonistic stance on digital currencies, from banning crypto trading to cracking down on related mining activities. However, the Chinese authorities could still be hoarding an enormous amount of cryptocurrencies more than any public company, especially Bitcoin.
China Treasury Holds 194k Bitcoin, 833k Ether
CryptoQuant founder Ki Young Ju recently tweeted that the Chinese government could hold 194k Bitcoin, an equivalent of $3.9 billion at the current market price. The said holdings surpass the stash (130,000 BTC) owned by Microstrategy, the largest publicly-traded Bitcoin investor, or any other company in the category.
In addition to Bitcoin, China was also reported to be holding about 833k Ether, currently valued at $1.3 billion, among other cryptos. According to Ju, all the crypto-assets in China’s possession were not bought but were confiscated from the PlusToken Ponzi scheme.
Elsewhere, reports noted that about two million investors were defrauded in the PlusToken scam, with losses crossing 50 billion yuan or $7.6 billion.
In November 2020, a Chinese court ruled that the cryptocurrencies “be processed pursuant to laws and the proceeds and gains will be forfeited to the national treasury.” But the Chinese government has not officially disclosed whether the digital assets have been liquidated, leading to public assumptions that they could still be HODLing Bitcoin.
“They haven’t disclosed it as I know. The Chinese gov might hodl btc since it can diversify portfolio and give them a control to crypto markets,” the CryptoQuant founder tweeted.
Biggest Bitcoin Holders
According to BitcoinWorldwide, the largest holders of Bitcoin are exchange-traded funds (ETF), with about 808,688 BTC, representing 3.851% of Bitcoin’s maximum supply. Private companies hold 316,067 BTC (1.505% of BTC supply), followed by Public companies with 257,954 BTC (1.228% of BTC supply).
~ By Ibiam Wayas ~
