Global Crypto Power Plays: Which Governments Are Hoarding the Most Bitcoin?

Global Crypto Power Plays: Which Governments Are Hoarding the Most Bitcoin?

As the conversation surrounding a potential U.S. strategic bitcoin reserve heats up, questions arise about which governments already hold substantial bitcoin stashes. Here’s a comprehensive look at the top five governments with the largest bitcoin holdings as of December 2024.

Inside the Secret Bitcoin Vaults of Governments: U.S., China, and Beyond

While many may be surprised to learn that several countries possess significant bitcoin reserves, much of these holdings are the result of criminal seizures or asset forfeitures. Some nations, however, have taken a proactive approach by purchasing bitcoin for their treasuries or mining it themselves.

1. U.S. – 199,172 BTC

As of December 8, 2024, the U.S. leads the world with an estimated 199,172 BTC, valued at nearly $20 billion based on current exchange rates. These holdings primarily stem from seizures related to criminal cases, such as the infamous 2016 Bitfinex hack, the Silk Road darknet marketplace, and other asset forfeitures. According to on-chain data from Timechainindex, the U.S. government maintains the largest bitcoin stash among nation-states.

2. China – 194,775 BTC

China’s government holds approximately 194,775 BTC, mostly seized during the crackdown on the Plustoken Ponzi scheme. This haul is estimated to be worth around $19.4 billion at current prices. However, unlike the U.S., China’s bitcoin holdings are not publicly confirmed through on-chain data, leaving some uncertainty around the exact details. Rumors suggest China may have sold some of its seized BTC, though this remains unverified.

3. United Kingdom – 61,245 BTC

The U.K. holds 61,245 BTC, valued at around $6.11 billion, thanks to a large-scale criminal investigation. The bitcoin was seized from Zhimin Qian, a Chinese national involved in a massive fraud operation. Between 2014 and 2017, Qian defrauded 130,000 Chinese investors out of $5.6 billion. The confiscation of the bitcoin in 2021 marked the largest money laundering bust in the U.K. to date.

4. Bhutan – 12,211 BTC

Bhutan, through its investment arm Druk Holdings, holds an impressive 12,211 BTC valued at approximately $1.2 billion. Unlike other countries, Bhutan didn’t seize this bitcoin; it actively mines the digital asset as part of its efforts to diversify its economy and push forward with digital transformation. Bhutan is also an early adopter of cryptocurrency, owning 656 ETH worth $2.6 million.

5. El Salvador – 5,958 BTC

El Salvador made history on September 7, 2021, by becoming the first country to adopt bitcoin as legal tender. As part of this bold move, the Salvadoran government has been steadily accumulating bitcoin, purchasing one BTC daily since November 2022. El Salvador’s bitcoin stash of 5,958 BTC is currently valued at around $594 million.

Do Governments Realize the Value They’re Holding?

While countries like El Salvador and Bhutan have publicly committed to accumulating bitcoin as part of their economic strategies, most other nations have yet to establish formal crypto reserves. However, the growing interest in bitcoin as a reserve asset is evident. Recently, the U.S. moved nearly 20,000 BTC, sending part of its holdings to Coinbase. Meanwhile, Germany sold off nearly 50,000 BTC earlier this year, showing that some governments may not fully appreciate the long-term potential of their bitcoin reserves.

Though these governments hold substantial bitcoin reserves, private companies and exchange-traded funds (ETFs) control even larger amounts, highlighting the significant role the private sector plays in the global bitcoin market.