China owns largest crypto reserves

Remarkably, China has surpassed the US in Bitcoin and crypto reserves. China has taken the lead in global cryptocurrency holdings, leaving the US behind. However, the United States is not planning to fall behind in this crypto race. The rivalry between the two superpowers is underway.

According to data from the JAN3 platform, China’s government holds almost twice as many BTC compared to the United States. Current reports indicate that China owns 194,000 BTC, valued at $17 billion, while the US holds 112,189 BTC, worth $9.9 billion.

Other countries also maintain their own crypto reserves. The government of El Salvador holds 6,089 BTC, equivalent to $537 million. Meanwhile, the United Kingdom and Finland have 61,000 BTC and 1,981 BTC, valued at $5.3 billion and $174 million, respectively.

The US is currently discussing the use of Bitcoin in its national digital asset reserve, while experts suggest that China is already working on a similar initiative. David Bailey, CEO of BTC Inc., claims that Chinese authorities are “working twice as hard to build their own strategic Bitcoin reserve.” According to the analyst, Beijing’s officials have intensified their engagement with digital assets, giving them high priority.

In this context, talks about the legalization of cryptocurrencies in China have resurfaced. There is speculation that the Chinese government may lift its existing ban on all crypto-related operations, especially since Hong Kong, an administrative region of China, has already attracted a multitude of crypto firms. Many analysts also believe that the next major bullish impulse in the crypto market will come from Asia.