Did you know that governments hold about 463,741 BTC globally? Shockingly, that is equivalent to 2.3% of the world’s net supply of BTC.
The value of the same could be around $42.99 billion. However, CoinGecko notes that it is a trailing figure. In July 2024, the figure was 529,591 BTC. This means that the nature of the government’s involvement in the BTC trade is quite dynamic.
So does it need to be more streamlined? At least the experts feel so. Another shocking report reveals that over 50% of the 7 million cryptocurrencies on the Gecko terminal have failed.
Around 3.7 million coins are on the verge of being closed down. This development makes one thing quite apparent: On the one hand, the government’s role is dynamic. On the other hand, the government has not handled the market’s volatility and high risk well.
How Do Governments Acquire Coins?
To acquire the coins, governments use seizures, often purchase, mining, and usually donation techniques. However, there is no leash on the strategies used in that regard!
So far, the US government holds the maximum number of BTC coins. With seizures like Silk Road and Bitfinex to fund the reserve, the US government has over 198,012 BTC, which is worth as much as $18.3 billion.
Is BTC An Abstract reserve?
Bitcoin doesn’t seem to be a flexible asset for the US. For starters, President Trump’s executive order in a trial to set up the Digital Fort Knox will render BTC a very strategic reserve for the country!
At the same time, China is holding BTC worth $17.6 billion, with a volume as high as 194,000 coins.
Countries like the UK, Bhutan, Ukraine, and Germany also have major reserves. So, the bottom line is that Bitcoin is still the major cornerstone of the crypto space.
