The Chinese government currently has more Bitcoin holdings than MicroStrategy as a result of the funds it seized from the PlusToken Ponzi scheme.
The Chinese government holds more Bitcoin than MicroStrategy after it seized 194,775 BTC during the infamous PlusToken scam.
The total value of the Bitcoin holdings is about $3.9 billion.
In addition to the Bitcoin, the government also seized 833,083 ETH, 1.4 million LTC, 27.6 million EOS, 74,167 DASH, 487 million XRP, 6 billion DOGE, 79,581 BCH, and 213,724 USDT. In total, the government has crypto assets worth over $5 billion.
China’s Bitcoin Holdings Top Even MicroStrategy
This makes the Chinese government holder of over 1% of the total bitcoins in circulation. However, the current status of this stash is not known. There is no information on whether this has been sold or any update from the government at all.
The crypto assets were seized during the infamous PlusToken scam, which was a Ponzi scheme that siphoned between $2 to $2.9 billion at the time. A Chinese court has highlighted that the seized tokens “would be processed pursuant to laws” and “forfeited to the national treasury.”
There is some concern in the market that the country could influence the price of bitcoin and the market if it sold the assets. The concerns are similar to the worries that the Mt. Gox rehabilitation plan will deliver 140,000 BTC to creditors. However, that concern has been assuaged.
But in this case, China could dump a large…
