As Bitcoin cements its role in the global financial landscape, several governments have quietly accumulated significant reserves. Bulgaria stands out as the world’s largest known government holder of Bitcoin, followed by the United States and China. Here’s a ranking of the top Bitcoin-holding governments, from the highest to the lowest, based on publicly known or estimated reserves.
TOP GOVT HODLERS
1. Bulgaria: A Mystery Accumulation
Bitcoin Holdings: Approximately 213,000 BTC
Bulgaria holds the title for the largest Bitcoin reserves of any government. These holdings originate from a 2017 operation targeting organized crime. While the government has remained silent about its plans, if these reserves remain intact, they are worth billions, solidifying Bulgaria’s top position.
2. United States: A Surprising Contender
Bitcoin Holdings: Over 200,000 BTC (estimated from seizures)
The U.S. has accumulated significant reserves through cryptocurrency seizures, including a notable 69,000 BTC from the Silk Road case. While some Bitcoin has been auctioned, the U.S. is speculated to retain a portion, making it a close second on this list.
3. China: Quiet Accumulation
Bitcoin Holdings: Approximately 194,000 BTC
China’s Bitcoin reserves were largely acquired from fraud investigations, such as the PlusToken Ponzi scheme. Although China has banned crypto trading and mining, its government-held Bitcoin remains a key strategic asset.
4. United Kingdom: Seized Holdings
Bitcoin Holdings: Approximately 61,000 BTC
The UK government’s Bitcoin reserves come from law enforcement operations, including a 2021 scam seizure worth billions. While not actively buying, the UK’s significant holdings position it as a notable player.
5. Bhutan: Strategic Mining Operations
Bitcoin Holdings: Over 13,000 BTC
Bhutan actively mines Bitcoin using its renewable hydroelectric resources. Managed by Druk Holding & Investments, Bhutan’s reserves continue to grow, with plans to expand mining operations further by 2025.
6. Ukraine: Leveraging Crypto During Crisis
Bitcoin Holdings: 46,351 BTC (including donations)
Ukraine has embraced Bitcoin for financial resilience amid conflict with Russia. The government has received substantial donations in Bitcoin to support humanitarian and military efforts, showcasing the cryptocurrency’s utility in crises.
7. El Salvador: A Bitcoin Pioneer
Bitcoin Holdings: Over 2,300 BTC
El Salvador, the first country to adopt Bitcoin as legal tender, has been actively buying during price dips. The government uses Bitcoin to promote economic initiatives like “Bitcoin City” and financial inclusion, making it a small but influential player.
Why Governments Hold Bitcoin
1. Hedge Against Inflation
Bitcoin’s scarcity and decentralized nature make it an appealing hedge against inflation and fiat currency volatility.
2. Strategic Financial Asset
Bitcoin offers countries an alternative financial asset outside the control of traditional systems.
3. Economic Innovation
Countries like Bhutan and El Salvador use Bitcoin to foster innovation, attract investment, and modernize their economies.
Conclusion
Governments are engaging with Bitcoin in diverse ways, from Bulgaria’s massive seizure-driven reserves to El Salvador’s strategic purchases. As the global financial landscape evolves, Bitcoin’s role in government reserves is likely to expand, underscoring its importance as a global asset.