Bitcoin (BTC), the leading electronic cash or cryptocurrency has rapidly grown to be adopted by millions of individuals, hundreds of institutions and many top governments around the globe. Operating on a decentralized peer-to-peer (P2P) network, BTC is the most popular cryptocurrency and also the most dominant in the crypto market today.
By the “biggest bitcoins”, we mean governments with the largest holdings of BTCs.
Of the 21 million BTC in total supply, data shows that governments worldwide hold approximately 517,414 BTC, worth over $32 billion at the time of writing. In other words, known governments’ BTC reserves account for an estimated 2.5% of the total supply of the largest cryptocurrency by market capitalization.
Interestingly, the reasons behind governments’ BTC holdings vary, mainly dominated by confiscations and seizures. Though a growing interest, BTC holding by governments presently lacks economic or investment strategy. This tends to suggest the nascent state of BTC adoption globally, at least as far as the state is concerned regarding “the future of money”.
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Top governments by Bitcoin holdings
According to BitcoinTreasuries, a platform that compiles data about publicly traded companies and other large entities that own BTC, only nine (9) known countries hold BTC at the time of writing. These countries include the United States, China, the United Kingdom, Ukraine, El Salvador, Bhutan, Venezuela, Finland, and Georgia.
- United States
The United States (U.S) is the nation with the largest BTC reserve. Per data on BitcoinTreasuries, the US government owns exactly 213,246 BTC at the time of writing, worth over $13.5 billion based on the current prices.
However, Arkham, a leading crypto intelligence platform focused on deanonymizing entities on the blockchain shows the US government has a balance of 213,297 BTC. Representing 1.015% of the crypto asset’s total supply, the U.S government’s BTC stash is largely attributed to confiscations from cybercriminals and darkweb market operations.
The regulatory climate for crypto in the US, involving recent actions against crypto-related companies by U.S regulators and agencies, is relatively hostile. The U.S. Securities and Exchange Commission (SEC) has been taking enforcement actions against crypto-related companies.
- China
Another top country with a significant amount of BTC is China, with its current holdings representing 0.905% of BTC’s total supply and worth over $12.5 billion as of July 2024. The Chinese government owns 190,000 BTC at the time of writing, according to Bitcoin Treasury data.
Multiple reports show that the Chinese government amassed this heavy BTC stash from funds seized from the PlusToken Ponzi scheme. This Ponzi scheme started in 2018 as a crypto wallet project based in China, which promised investors a 30% return on their investments.
In January 2024, Chinese law enforcement seized BTC worth more than £1.4 billion after uncovering an investment fraud carried out by Zhimin Qian and Jian Wien between 2014 and 2017.
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- United Kingdom
Known for its crypto-friendliness and calculated actions towards crypto regulation, the United Kingdom ranks as the third country by BTC held in its balance sheet. As of July 2024, the United Kingdom, which comprises four constituent countries—England, Scotland, Wales, and Northern Ireland—boasts 61,000 BTC in its holdings, according to BitcoinTreasuries.
Valued at over $3.8 billion based on the current prices at the time of writing, the UK government’s BTC balance is equivalent to 0.29% of the crypto assets total supply. Notably, Arkham’s dashboard captures a balance of 61,245 BTC for the UK government at press time.
- Ukraine
Closely following the UK in terms of BTC holdings is the Ukrainian government, boasting a balance of 46,351 BTC at the time of writing. Like most countries, a significant part of the Ukrainian government’s BTC holdings comes from confiscations related to financial crimes.
In December 2023, as reported by local news outlet RBC, the National Anti-Corruption Bureau of Ukraine (NABU) seized $1.5 million worth of cryptocurrency from Ukraine’s former head of the State Special Communications Service Yuriy Shchigol. Supported by the country’s Supreme Anti-Corruption Court, the seizure involved $1.2 million worth of tether (USDT) and 6.9 BTC.
- El Salvador
El Salvador is among the few countries with exposure to BTC as an investment strategy and means to boost economic growth and tourism revenue. According to BitcoinTreasuries and Arkham, the Salvadoran government holds roughly 5,800 BTC worth about $370 million at the time of writing.
In September 2021 under the presidential regime of Nayib Bukele, El Salvador became the first country to accept bitcoin as legal tender. To grow its bitcoin holdings, the country initiated a dollar-cost averaging approach in November 2021 that allows them to buy 1 BTC per day.
- Bhutan, Venezuela, Finland, and Georgia
Other countries with not-so-large amounts of BTC in their possession include Bhutan, Venezuela, Finland, and Georgia. BitcoinTreasuries data shows that the South Asian country Bhutan holds 621 BTC, equivalent to about $40 million at press time.
The Venezuelan government, on the other hand, boasts a balance of 240 BTC worth over $15 million based on the current prices. While the government of Finland has 90 BTC in their possession, the Georgian government holds only 66 BTC in their treasury as of July 2024.
German and Bulgarian governments’ BTC sell-off
It bears mentioning that the German and Bulgarian governments were previously among the top countries with a substantial amount of BTC. As of January 2017, the government of Bulgaria held 200,000 BTC, according to BitcoinTreasuries data. But in January 2018, the Bulgarian government offloaded all 200,000 BTC —worth $14,094 at that time — in one transaction.
Similarly, as of June 2024, the German government had almost 50,000 BTC in its custody. The BTC assets were seized in mid-January 2024 by the country’s law enforcement authorities after a suspect voluntarily surrendered the assets, their Police Department reported. But the German government, specifically Saxony, a small state in eastern Germany, offloaded the confiscated crypto assets in July 2024. This sale pushed BTC price to $53,000 for the first time since February 2024. At the time of writing, Arkham’s dashboard shows that the government of Germany boasts only 0.01 BTC in their balance sheet worth about $426.
Nigeria
Sorry to disappoint you, but Nigeria is not among the governments with the biggest bitcoins in the world. However, it is public knowledge that the Nigerian government, through its various law enforcement agencies—the Economic and Financial Crimes Commission (EFCC) and the cybercrime unit of the Nigeria Police—have had course to seize BTCs and other cryptocurrencies in the course of their investigation and prosecution of crypto-related matters. What is not public knowledge however is what these seized BTC or cryptocurrencies are worth, where they are stored, and how they are safeguarded or treated. Certainly, in public trust, this is one area that can benefit from improved transparency amongst Nigeria’s law enforcement agencies.
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Credit: Ndianabasi Tom A crypto journalist and content writer who has been talking about cryptocurrency and blockchain technology since 2018, Ndianabasi is a Writer at Crypto Asset Buyer (CAB).
