China is one of the first countries in the world to show its opposition to cryptos. Throughout the value chain, industry players have suffered unparalleled repression.
A war chest, despite the crypto ban!
In a document relayed on Twitter, Ki Young Ju, an analyst at CryptoQuant, a blockchain data company, revealed that China holds approximately 194,775 bitcoins (BTC). BTC whose approximate value is 3.9 billion dollars, which are stored in the accounts of the State Treasury.
This is more than 1% of the total tokens available on the market. This makes Beijing one of the most important whales in the bitcoin (BTC) segment. But the CryptoQuant analyst tempers and indicates that “The current status of this reserve is not known. There is no information on whether it has been sold or if the government has made any updates”.
One important thing to note is that China controls more bitcoins (BTC) than Microstrategy. It is the company that holds the largest number of tokens in the world. According to the latest figures, MicroStrategy has 130,000 BTC in its pocket.
Indeed, the Chinese government obtained these BTCs at the end of the seizure of the tokens of the Ponzi scheme PlusToken. The case caused a stir in the country in 2020, for having caused damage of more than 4 billion dollars. A hundred people had been arrested. Recall that Beijing also got its hands on 833,083 ether (ETH), 1.4 million litecoin (LTC), 27.6 million EOS, 74,167 Dash, 487 million XRP, 6 billion dogecoin (DOGE) , 79,581 bitcoins in cash (BCH) and 213,724 Tether (USDT). The Chinese ogre’s crypto holdings are estimated to be worth over $6 billion.
Soon after the cryptos were seized, the Chinese government indicated that they would handle them according to the laws. However, analyst CryptoQuant notes that the market is worried about the fate of these tokens. Indeed, if Beijing suddenly sells them, just to get rid of them, it could create a panic on the market.
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