THE German Government has undoubtedly left a bitter taste in the cryptocurrency market after selling nearly 50,000 BTC, which it seized from movie2k pirated movie siteThis led to further research into how much Bitcoin other governments held, given the impact their sales could have on the market if they also decided to sell.
How Much Bitcoin Will Flood the Market If All Governments Sell
According to data Bitcoin Treasury bonds, nearly 517,414 BTC ($32.9 billion) will flood the market if all nine governments currently holding the flagship crypto commodity, decide to dump all of their BTC reserves. These governments include the United States, China, the United Kingdom, Ukraine, El SalvadorBhutan, Venezuela, Finland and Georgia.
The United States government currently holds the largest amount of BTC among these governments, with a stash of 213,246 BTC. These bitcoins are part of the seizures of Silk Road Dark Web MarketThe US government is known to have already dumped some of its Bitcoin holdings, with its last sale taking place on April 2, when the government sold 1,754 BTC.
China is second on the list, with a BTC stash of 190,000 BTC. Like the United States, China’s Bitcoin holdings are believed to come from seizures in the Plus Token Scama Ponzi scheme that promised investors high returns. The UK is holding 61,000 BTC, which was seized from a former fast food worker convicted of money laundering.
Ukraine is next on the list, with a reserve of 46,351 BTC. El Salvador follows Ukraine, as the government holds 5,800 BTC. The government of El Salvador has become known 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 are behind El Salvador with BTC holdings of 621, 240, 90 and 66 BTC, respectively.
Fund managers hold more BTC
As expected, asset managers like Black rock hold more BTC, given how they have accumulated the flagship cryptocurrency through their 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 Cash Bitcoin ETF. Fidelity, Ark Invest and Bitwise complete the top 5 list with holdings of 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 from CoinMarketCap.
Featured image created with Dall.E, chart by Tradingview.com
