The U.S. government, along with Germany and the United Kingdom, rank among the major holders of cryptocurrency worldwide, according to Arkham, a platform specializing in decrypting blockchain entitie. Arkham recently released a dashboard highlighting governments with significant cryptocurrency holdings. Through the new tracking feature, users can obtain up-to-date information about governments’ crypto balances and transaction histories.
The announcement came on April 12, 2024, highlighting the United States, the UK and Germany as the top three nations, respectively, in terms of cryptocurrency ownership.
The data reveals that the U.S. government leads the pack, holding a substantial amount of Bitcoin (BTC) totaling 212,847 BTC as of the latest update. This sum, valued at approximately $15 billion based on current market prices, underscores the scale of the government’s crypto holdings. Additionally, the U.S. government possesses around $200 million worth of other cryptos, including Ether (ETH), as well as major stablecoins such as Tether and USDC.
Following the U.S., the United Kingdom owns 61,245 BTC valued at about $4.5 billion, while Germany holds 49,858 BTC, equivalent to approximately $3.5 billion.
Contrastingly, the El Salvadoran government, despite being the pioneer in adopting Bitcoin as legal tender in 2021, holds a relatively smaller amount of BTC. As per Arkham’s data, El Salvador possesses 5,717 BTC, valued at $405 million.
Arkham’s unveiling of the leading governments based on their Bitcoin holdings signifies a step toward transparency in understanding the crypto assets held by influential entities such as nation-states. Notably, revelations about the extensive BTC holdings of the U.S. government have been circulating publicly for some time.
Moreover, the dashboard sheds light on the ongoing accumulation of Bitcoin by the U.S. government. Since the beginning of 2023, Arkham’s data, along with other reports, indicate that the U.S. government has acquired approximately 5,000 BTC. A considerable portion of these holdings stems from seizures related to entities such as the dark web marketplace Silk Road, its affiliate Jimmy Zhong and the perpetrators of the Bitfinex exchange hack.
El Salvador sticks out with its consistent purchasing strategy, wherein the country adds one BTC to its treasury daily. President Nayib Bukele affirmed this approach in March, stating that El Salvador would continue this practice until acquiring BTC becomes financially unfeasible with fiat currencies. In contrast, the UK’s BTC holdings have remained static since mid-2021, and Germany’s last recorded transactions were in January.
Arkham’s tracking tool currently concentrates on particular regimes, with China’s holdings yet to be incorporated. However, data from Bitcoin Treasuries suggests that China may possess approximately 190,000 BTC.
This revelation that governments around the world hold significant crypto holdings provides some kind of validation to industry players such as Canaan Inc. (NASDAQ: CAN) that blockchain and crypto are here to stay and could soon enjoy mainstream acceptance, given that governments are warming up to these new currencies.
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