China is one of the first countries in the world to demonstrate its rejection of cryptocurrencies. Throughout the value chain, industry participants have been subjected to unprecedented repression.
Military chest, despite the ban on cryptography!
In a document posted on Twitter, Ki Yang Ju, an analyst at CryptoQuant, a blockchain data company, revealed that there are approximately 194,775 bitcoins (BTC) held in China. BTC, the approximate value of which is 3.9 billion dollars, which are stored in the accounts of the State Treasury.
“The Chinese government is a cryptokit”
This is over 1% of the total tokens available on the market. This makes Beijing one of the most important whales in the bitcoin (BTC) segment. But the CryptoQuant analyst is reticent and points out that “the current state of this reserve is unknown. There is no information on whether it was sold or if the government made any updates.
It is important to note that China controls more Bitcoin (BTC) than Microstrategy. This is the company that owns the largest number of tokens in the world. According to the latest data, MicroStrategy has 130,000 BTC in its pocket.
Indeed, the Chinese government received these BTCs at the end of the PlusToken Ponzi Scheme token seizure. The case made headlines across the country in 2020, causing more than $4 billion in damages. One hundred people were arrested. Recall, Beijing also got its hands on 833,083 ether (ETH), 1.4 million litecoins (LTC), 27.6 million EOS, 74,167 Dash, 487 million XRP, 6 billion dogecoin (DOGE), 79,581 bitcoins. cash (BCH) and 213,724 Tether (USD). Cryptocurrency assets of the Chinese cannibal are estimated at more than 6 billion dollars.
Shortly after the cryptocurrencies were confiscated, the Chinese government said it would treat them in accordance with the laws. However, the CryptoQuant analyst notes that the market is concerned about the fate of these tokens. Indeed, if Beijing suddenly sells them, just to get rid of them, it could cause a panic in the market.
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The failed cryptocurrency investment in 2017 not only did not dampen my enthusiasm, but only increased my enthusiasm. Therefore, I decided to study and understand the blockchain and its many applications, as well as pass on information regarding this ecosystem with my pen.