Surprising Players Emerge in 2024

• The US leads global Bitcoin holdings with $12.16B, primarily from law enforcement seizures.
• Bhutan leverages BTC mining for income, holding $782.46M in cryptocurrency reserves.

Arkham Intelligence has published its newest government Bitcoin holdings leaderboard, which provides an intriguing view of global cryptocurrency strategy among nation-states. The United States leads the pack, with a stunning $12.16 billion in BTC.

ARKHAM GOVERNMENT BITCOIN HOLDINGS LEADERBOARD

1. United States – $12.16B
2. United Kingdom – $3.67B
3. Bhutan – $782.46M
4. El Salvador – $351.75M

Honorable Mention – Germany – ZERO (down from $3.56B) pic.twitter.com/hHo7v1QYgC

— Arkham (@ArkhamIntel) September 19, 2024

Diverging Approaches: US Actively Manages Bitcoin, UK Takes Passive Stance 

This vast hoard, totaling around 203,239 BTC, is mostly the result of law enforcement seizures, most notably the Silk Road case. The US government’s approach to managing these assets is not static; regular transactions suggest active management with the goal of leveraging the portfolio.

This position, along with other digital assets such as Ethereum, demonstrates a diverse approach to optimizing returns from their cryptocurrency portfolio.

Also, the United Kingdom is second, with $3.67 billion worth of Bitcoin, or around 61,245 BTC. Unlike the United States, the UK government has taken a more passive approach to management. There have been no large cryptocurrency transactions in the recent few years, with the last substantial shift coming three years back.

This shows that the UK is more interested in holding its Bitcoin as a long-term investment than trading or diversifying into other digital assets.

Bhutan and El Salvador: Contrasting BTC Strategies with Global Impact

Bhutan’s ranking on the leaderboard is surprising and impressive. As we previously reported, with $782.46 million in Bitcoin, or 13,047 BTC, the little Himalayan country is the third-largest government BTC holder. Bhutan’s plan is unique in that it is actively involved in Bitcoin mining operations.

The cash earned by mining pools such as “Foundry USA Pool” and “Ant Pool” benefits the country’s economy, making cryptocurrencies an important component of Bhutan’s financial ecosystem.

Bhutan also holds smaller amounts of Ethereum, valued at roughly $1.51 million, as well as other altcoins, demonstrating a more diverse portfolio than El Salvador, which focuses only on Bitcoin.

Further, El Salvador, which is well-known for using Bitcoin as legal tender, is ranked fourth on the ranking. Its government has $351.75 million in Bitcoin, which equates to 5,877 BTC. Unlike other countries, El Salvador’s plan relies entirely around Bitcoin, which is consistent with the country’s overall economic policies.

The Salvadoran government carefully controls its Bitcoin holdings and conducts daily trades. Over the last year, its portfolio has fluctuated, but it has recently steadied at around $350 million. Despite the inherent dangers and volatility associated with Bitcoin, El Salvador remains completely committed to the cryptocurrency experiment.

One of the most notable adjustments in the rankings is Germany’s decline from possessing $3.56 billion in BTC to having none. This significant reduction in ownership indicates a total exodus from Bitcoin; however, the reasons for this shift remain unknown.

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