This German government undoubtedly left a bad taste in the cryptocurrency market after selling almost 50,000 BTC that he had seized pirated movie website movie2k. This led to further research into how much Bitcoin other governments hold, considering the impact their sale could have on the market if they decided to sell as well.
How many Bitcoins will flood the market if all governments sell
According to data from Bitcoin Treasury bonds, almost 517,414 BTC ($32.9 billion) will flood the market if all nine governments currently holding the flagship crypto decide to sell all of their BTC reserves. These governments include the United States, China, the United Kingdom, Ukraine, SaviorBhutan, Venezuela, Finland and Georgia.
The United States government currently holds the most BTC among these governments, with a reserve of 213,246 BTC. These bitcoins are part of the seizures from shadowy web marketplace Silk RoadThe US government is known to have already disposed of some of its Bitcoin holdings, with the last sale taking place on April 2 when the government sold 1,754 BTC.
China comes second on the list, with a BTC reserve of 190,000 BTC. Similar to the US, China’s Bitcoin holdings are believed to have been created by takeovers Plus Token Scama pyramid scheme that promised investors high returns. The UK has 61,000 BTC that was confiscated from a former bar worker who was found guilty of money laundering.
Next on the list is Ukraine with a reserve of 46,351 BTC. El Salvador comes in second after Ukraine, as the government holds 5,800 BTC. The government of El Salvador is known for its pro-BTC stance. It has been actively accumulating BTC since the country adopted Flagship cryptocurrency as legal tender in September 2021
El Salvador is followed by Bhutan, Venezuela, Finland and Georgia with BTC holdings of 621, 240, 90 and 66 BTC respectively.
Fund managers hold more BTC
As expected, asset managers such as Black Rock own more BTC, considering the way they have been accumulating the flagship cryptocurrency through their Bitcoin ETFsAccording to Bitcoin Treasuries, these fund managers collectively hold over 1 million BTC.
BlackRock is the largest BTC holder among these fund managers, with a reserve of 316,276 BTC for its IBIT Spot Bitcoin ETF. Grayscale is next on the list, with a reserve of 272,661 BTC for its GBTC Spot Bitcoin ETF.Fidelity, Ark Invest and Bitwise The top five list is completed by assets worth 176,995, 47,764 and 39,661 BTC, respectively.
At the time of writing, Bitcoin is trading at around $63,800, up more than 1% in the past 24 hours, according to data data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
