He German Government It certainly left a bitter taste in the cryptocurrency market after the sale of almost 50,000 btc, which was confiscated from the Pirated movies website movie2kThis has led to further investigation into how much bitcoin other governments hold, given the impact their sales could have on the market if they decided to sell as well.
How much bitcoin will flood the market if all governments sell?
According data Of bitcoin Treasury bonds, nearly 517,414 btc ($32.9 billion) will flood the market if all the nine governments Governments that currently own the flagship cryptocurrency decide to get rid of all their btc reserves. These governments include the United States, China, the United Kingdom, Ukraine, The 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 of the Silk Road Darknet MarketplaceThe US government is known to have already disposed of some of its bitcoin holdings, with its latest sale occurring on April 2, when the government sold 1,754 btc.
China is second on the list, with a btc reserve of 190,000 btc. Similar to the United States, China's bitcoin reserves are believed to have been obtained through confiscations from the Plus Token Scama Ponzi scheme that promised investors high returns. The UK holds 61,000 btc, which was seized from a former takeaway restaurant worker who was convicted of money laundering.
Ukraine is next on the list, with a reserve of 46,351 btc. El Salvador follows, as the government holds 5,800 btc. The government of El Salvador has become famous for its pro-btc stance. It has been actively accumulating btc since the country adopted the flagship cryptocurrency as legal tender in September 2021.
Bhutan, Venezuela, Finland, and Georgia follow behind El Salvador with btc holdings of 621, 240, 90, and 66 btc, respectively.
Fund managers hold more btc
As expected, asset managers like it Black Rock have more btc, given that they have been accumulating the flagship cryptocurrency through their respective bitcoin Exchange Traded Funds (ETFs)According to data from bitcoin Treasuries, these fund managers hold a cumulative total of 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 bitcoin Spot ETFFidelity, Ark Invest and Bit by bit round out the top 5 with holdings of 176,995, 47,764, and 39,661 btc, respectively.
At the time of writing, bitcoin is trading around $63,800, up more than 1% in the past 24 hours, according to bitcoin/” rel=”nofollow noopener” target=”_blank”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com