According to data collected by Arkham Intelligence and Bitcoin Treasuries, the Chinese government's cryptocurrency holdings are estimated to be $11 billion so far in 2024, and the U.S. government's holdings are ranked first at $12.2 billion. In terms of companies, Tesla, owned by billionaire Elon Musk, ranked only fourth, lagging behind MicroStrategy's $14.768 billion.
According to on-chain data, the list of governments holding the most cryptocurrencies in 2024 is as follows:
Number of countries United States $12.2 billion China $11 billion (estimated) United Kingdom $3.5 billion Ukraine $3 billion Bhutan $761 million El Salvador $342 million Germany $404.88
Bitcoin Treasuries statistics show that among companies holding Bitcoin, Tesla ranks only fourth, with a holding value of $5.863 billion. MicroStrategy's holdings are worth $14.768 billion, which means it has surpassed the holdings of the Chinese and US governments.
Bitcoin has quickly become one of the world’s most popular stores of value, and with governments around the world currently holding billions of dollars worth of Bitcoin and other cryptocurrencies, its role as a modern economic force cannot be underestimated.
As can be seen in the chart, Bhutan has emerged as one of the richest cryptocurrency holders, currently holding more than $770 million in Bitcoin.
The country’s holdings are more than twice as large as those of bitcoin proponent El Salvador, which owns about $350 million in Bitcoin.
In addition, it holds 656.03 ether (ETH), worth $1.52 million. This is an unusually large portfolio for a country with a population of less than 1 million. But it looks like BitDeer is leading a huge Bitcoin mining operation.
The Singapore-based company began working with the Bhutanese government in 2023 to quietly and significantly expand its mining facilities, with plans to reach a capacity of 600 terawatts by 2025.
“Unlike most governments, Bhutan’s Bitcoin does not come from law enforcement asset seizures, but rather from Bitcoin mining operations, which have increased dramatically since the beginning of 2023,” Arkham noted.
According to the International Monetary Fund (IMF), Bhutan’s gross domestic product (GDP) is estimated at $3.11 billion, ranking alongside countries such as Andorra, East Timor and Belize. This means that Bitcoin accounts for just under a third of Bhutan’s GDP.
The country’s other holdings include The Sandbox (SAND), Polygon (MATIC), Binance Coin (BNB), BIM (BIM), and iNFTspace (INS).
