Not only has the Chinese government become one of the largest bitcoin whales in the world, but it owns more BTC than MicroStrategy, according to CryptoQuant.
The head of the Korean analytical company CryptoQuant, Ki Young Ju, drew the attention of the crypto community to a little-known fact that the Chinese government leads the ranking of the most influential bitcoin whales in the world. At the same time, its BTC reserves are almost 1.5 times higher than the reserves of Michael Saylor’s company MicroStrategy.
FUN FACT: Government of China is a crypto whale.
Chinese authorities seized 194k BTC, 833k ETH, and others from the PlusToken scam in 2019. They forfeited these $6 billion-worth assets to the national treasury.
FWIW, MicroStrategy has 130k $BTC. pic.twitter.com/Ilqp7EnenL
— Ki Young Ju (@ki_young_ju) November 2, 2022
Ki Yong Joo revealed that the Chinese authorities have transferred 194,000 BTC seized as a result of the PlusToken scam in 2019 into the ownership of the national treasury. In comparison, MicroStrategy owns 130,000 BTC. In 2020, Chinese police detained more than 100 people suspected of creating the PlusToken cryptocurrency pyramid scheme and confiscated $4.2 billion worth of crypto assets from the organizers, according to court documents.
According to the head of CryptoQuant, the Chinese government has a very serious leverage and control over the cryptocurrency markets. For example, it can hold BTC to diversify the government portfolio or dump crypto assets to kill crypto markets. Ki Yong Joo suggested that these are not the only Chinese crypto asset holdings that have fallen out of the public eye.
Previously, former CEO of BitMEX exchange Arthur Hayes suggested that the next bull run for the cryptocurrency will begin when China returns to the market and Hong Kong will play a vital role in this process.
Source: Bits
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