By Hassan Mehmood (Saudi Arabia)
The sensational remark that the government of China holds more Bitcoin than Tesla and MicroStrategy combined is creating some major headlines. The remark is a big revelation and therefore, it needs to be authenticated.
The person who posted the idea is Ki Young Ju, the co-founder and CEO of Cryptoquant. Cryptoquant is a research and analysis firm dedicated to cryptocurrencies.
As per his remarks, the government of China under President Xi Jinping has ownership of $3.93 billion among a host of different cryptocurrencies. The report has also disclosed the astonishing fact the CCP, the ruling party of Mainland China, is a Bitcoin whale.
The government of China started the embargo against cryptocurrencies back in September 2021. As per a report of Cryptoquant, in addition to 194K Bitcoin, the Chinese government also has a reserve containing 833K Ethereum tokens and some other varieties of crypto tokens from PlusToken scam confiscation.
Ju has mentioned in a new tweet that the $6 billion cryptocurrency reserves have been forfeited to the national reserve.
Also read:A sizeable portion of the massive cryptocurrency reserves of the Chinese government is made up of seized assets from a scam called Plus Token. The $4.2 billion retracted cryptocurrencies included 194,775 Bitcoins, 833,083 Ethereum tokens, 1.4 million LTC, 6 billion Dogecoins, 213, 724 USDT, and 487 million XRP tokens.
Several scammers were taken into custody; however, the stolen reserves were handed over to the Chinese government.
China’s Strict Actions Against Crypto Sector
All Bitcoin operations and mining farms have been exiled from China by the decree of the government. However, despite all the changes, China has appeared as the biggest Bitcoin holder in the world. The US government is at second rank with 70,124 Bitcoins under its custody.
Meanwhile, Ukraine has the 3rd largest Bitcoin reserves on account of donations and aid provided to it from all parts of the world. The government of Bulgaria claimed in 2017 that it has ownership of 200,000 Bitcoins; this claim was retracted later. The government of El Salvador currently has publically declared 2,381 reserves to support Bitcoin as its legal tender.
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