As the world's first decentralized digital currency, Bitcoin has attracted more and more attention from investors and institutions since its launch in 2009. In recent years, with the popularity of digital assets, many countries have also begun to increase their holdings of Bitcoin in their official reserves, forming a new trend.
According to the latest data, governments around the world hold a total of 517,414 BTC, accounting for approximately 2.5% of the total Bitcoin supply (a total of 21 million). The motivations of these countries vary, from protecting the country's economic stability to pursuing technological innovation, and governments' attitudes towards Bitcoin are changing. Among them, the following countries have particularly significant Bitcoin holdings:
USA
Bitcoin holdings: 213,246 BTC; valuation: $13.4 billion
The United States holds the most Bitcoin in the world, with most of it seized from the dark web marketplace Silk Road after it was shut down by authorities in 2013. The site, founded in 2011 by Ross Ulbricht, was one of the earliest adopters of Bitcoin, facilitating peer-to-peer transactions for drugs and other illegal items. Ulbricht is currently serving a life sentence for running the marketplace. The United States regularly sells Bitcoin seized from the site under court order.
China
Bitcoin holdings: 190,000 BTC; valuation: $11.9 billion
China is believed to have seized all of its BTC held in the Plus Token scam in 2019, making it the second-largest government holder of the asset. Plus Token was a Ponzi scheme that was set up in April 2018 and primarily targeted investors in China and South Korea and involved cryptocurrency mining. The founders allegedly stole $4 billion in investor funds, and law enforcement subsequently seized more than 190,000 BTC and other cryptocurrencies from the scam operators. It is unclear whether the Chinese government has sold any of the BTC.
U.K.
Bitcoin holdings: 61,000 BTC; valuation: $3.8 billion
In 2021, the UK Metropolitan Police seized 61,000 Bitcoins from two Chinese citizens, Wen Jian and Qian Zhimin. At the time, Bitcoin was worth ÂŁ1.4 billion. The BTC was linked to a ÂŁ5 billion investment fraud committed by Qian Zhimin in China between 2014 and 2017, during which Qian Zhimin allegedly stole funds from 128,000 investors. Prosecutors accused Qian Zhimin's employee Wen Jian of laundering the proceeds by exchanging BTC for cash, jewelry, and real estate in the UK.
Ukraine
Bitcoin holdings: 46,351 BTC; valuation: $2.9 billion
Ukraineâs Bitcoin is acquired through police seizures and donations from individuals supporting the countryâs war effort. In 2023, the country confiscated $1.5 million worth of Bitcoin from Yuri Shigor, the former head of Ukraineâs State Special Communications Service. Other civil servants claimed to own more than $2.7 billion worth of BTC in 2020, although these Bitcoins may not be directly controlled by the Ukrainian government. Since 2022, Ukraine has received more than $225 million in Bitcoin donations.
El Salvador
Bitcoin holdings: 5,800 BTC; valuation: $364.2 million
In 2021, the Central American country of El Salvador became the first country to adopt Bitcoin as its official currency. The country's president, Bitcoin advocate Nayib Bukele, announced plans to build a Bitcoin city. Since then, El Salvador has accumulated more than 5,800 Bitcoins by mining "digital gold" using volcanic energy and buying an average of one Bitcoin per day on the open market.
Bhutan
Bitcoin holdings: 621 BTC; valuation: $39 million
The South Asian kingdom of Bhutan has been actively mining Bitcoin for years. Between 2021 and 2023, the country invested $540 million in Bitcoin mining operations. The investment, equivalent to 21% of Bhutanâs GDP at the time, was funded by a loan from the Royal Monetary Authority to state-owned enterprise Druk Holding & Investments. Bhutan is also reportedly working with Singapore-based Bitdeer Technologies to develop a 600-megawatt Bitcoin mining farm.
Venezuela
Bitcoin holdings: 240 BTC; valuation: $15.1 million
Venezuela has begun accepting Bitcoin in exchange for its failed cryptocurrency, the Petro. Launched in February 2018, the digital currency was supposedly backed by the countryâs oil reserves and was designed to support the Bolivar currency. However, the Petro faced resistance from local opposition lawmakers, and the government found it difficult to combine the cryptocurrency with public services such as salaries or the cost of issuing new passports. Recent reports indicate that Venezuela halted the issuance of the Petro in January.
Finland
Bitcoin holdings: 90 BTC; valuation: $5.7 million
Finland once held up to 1,980 Bitcoins, which were seized by Finnish customs during criminal investigations, mainly in a major drug bust in 2016, when 1,666 Bitcoins were seized. Most of these Bitcoins have since been sold through Finnish cryptocurrency companies Coinmotion and Tesseract. The country has reportedly donated about $50 million to Ukraine, with the proceeds from these sales used to support Ukraine's war against Russia.
Georgia
Bitcoin holdings: 66 BTC; valuation: $4.1 million
It is unclear how Georgia acquired the Bitcoin, but the small European country likely acquired the assets through law enforcement seizure, similar to how other countries have acquired Bitcoin assets.
It can be calculated that the nine governments hold a total of $32.3 billion worth of Bitcoin. At the same time, as more and more countries begin to hoard Bitcoin, some people have begun to pay attention to whether countries around the world may be conspiring to overthrow Bitcoin. Although the policies and goals of each country vary, it cannot be ignored that the government's attention to Bitcoin is increasing, which may lead to a unified regulatory policy in the future.
First, regulatory convergence. If multiple countries begin to jointly develop a regulatory framework for Bitcoin, this could have a significant impact on the use and trading of Bitcoin. For example, governments may introduce tax policies, anti-money laundering regulations, etc., which would restrict the anonymity and free trading of Bitcoin.
Second, the rise of national digital currencies. As attention to Bitcoin increases, many countries have begun to develop their own digital currencies (CBDCs). These countries may impose stricter regulations on Bitcoin while launching national digital currencies to protect their own monetary policies.
Finally, technological confrontation. The decentralized nature of Bitcoin makes it difficult for a single country to control it, but if governments unite, they may suppress Bitcoin through technical means, including restricting mining activities and closing exchanges.
In general, although many countries are actively hoarding Bitcoin, the possibility of a global conspiracy to overthrow Bitcoin is relatively small, and there are still many uncertainties. As a decentralized asset, Bitcoin's nature determines that it is not easily controlled by a single entity.
The attitudes and policies of governments may affect the future of Bitcoin, but different countries have different economic conditions and policy goals, which leads to different positions on Bitcoin. In addition, Bitcoin's own network effect and user base make it still very viable. Wide acceptance around the world makes any attempt to overthrow Bitcoin face huge challenges.
In the future, we may see more countries interacting and competing in the field of Bitcoin and digital currency, and whether Bitcoin can continue to maintain its leadership depends on its adaptability and innovation in the global economy. In any case, the era of digital currency has arrived, and the game between governments in this field will continue to affect the global financial landscape.
