As reported by crypto writer Paulo A. José, after confiscating large amounts of Bitcoin and Ethereum from Plus Token scheme in 2019, the amount of BTC and ETH that the Chinese government holding is even more than MicroStrategy and Tesla.
According to data published on Nov 2 by Ki Young Ju, founder and CEO of crypto data analytics platform CyptoQuant, China now holds 194,000 Bitcoin and 833,000 Ethereum. Ki Young Ju also posted a list of public companies that hold the most Bitcoin, led by MicroStrategy of the US with 130,000 Bitcoins.
“Chinese authorities seized 194k BTC, 833k ETH, and others from the PlusToken scam in 2019. They forfeited these $6 billion-worth assets to the national treasury”, wrote Ki Young Ju.
However, Ki Young Ju also commented on Twitter that China is not the only country that holds a large number of seized Bitcoins, noting that Bulgarian government may have more than 200,000 Bitcoins confiscated from a crypto criminal group in 2017.
José said that if China sells 194,000 confiscated BTC, it could cause serious damage to the crypto market and Bitcoin price could drop to $5,000 in less than 7 seconds. It is an interesting paradox that China has been starting to ban cryptocurrencies since mid-2021, however, the ban did not prevent this country from being in the top 10 countries adopting digital assets.
Currently, Bitcoin mining in China continues despite the government’s ban on the cryptocurrency. According to data by crypto analytics platform Bitrawr, there are around 65 accessible Bitcoin nodes in China as of Nov 11.
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