China’s government is reportedly holding a significant amount of Bitcoin (BTC) in its national treasury. According to Ki Young Ju, the CEO of CryptoQuant, China seized 194,000 BTC from the PlusToken scam in 2019, making it one of the largest BTC whales. This move is surprising considering China’s anti-crypto stance. However, Ki suggests that owning a large amount of BTC could give China leverage in the crypto market. In November 2020, Chinese authorities arrested 109 individuals involved in the PlusToken scam, resulting in the confiscation of billions of dollars’ worth of cryptocurrencies. The seized digital assets were reportedly forfeited to the national treasury, but it is unclear whether China has disposed of or sold them. It’s worth noting that the US government also holds a significant amount of Bitcoin through crypto seizures, while other governments like Ukraine, Bulgaria, and El Salvador are also holders of substantial amounts of the cryptocurrency.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Asia
Countries	🇨🇳 🇺🇸 🇺🇦 🇧🇬 🇸🇻
Sentiment	neutral
Relevance Score	1
People	Ki Young Ju, Colin Wu
Companies	Silk Road, MicroStrategy, PlusToken, CryptoQuant, US government
Currencies	XRP, Bitcoin, Bitcoin Cash, Litecoin, Ethereum
Securities	None