The Chinese government is becoming one of the world’s biggest “whales”, as it has come into possession of more Bitcoin than MicroStrategy holds.
According to the head of Korean analytics firm CryptoQuant, Ki Young Ju, the Chinese government leads the ranking of the world’s most influential bitcoin whales. Its BTC reserves are almost 1.5 times higher than the reserves of Michael Saylor’s MicroStrategy company.
Chinese authorities seized 194,000 BTC, 833,000 ETH and more from the PlusToken scam in 2019. On the other hand, MicroStrategy has 130 thousand BTC.
According to the head of CryptoQuant, the Chinese government exercises strict control over cryptocurrency markets. For example, it can hold BTC to diversify the government portfolio or reject cryptocurrency assets to destroy cryptocurrency markets.
Ki Yong Joo said these are not the only Chinese holdings of digital cryptocurrency assets that have seen the light of day.
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