Quick Facts

The global cryptocurrency market holds a staggering 463,000 BTC in government reserves, with some countries quietly building up their reserves more aggressively than others.

The Silent Stash: Which Countries are Secretly Hoarding Bitcoin?

As the global cryptocurrency market continues to evolve, a growing number of countries are quietly accumulating Bitcoin reserves. While the United States and China have garnered significant attention for their Bitcoin holdings, there are several other nations that are quietly building up their strategic reserves. In this article, we’ll delve into the world of government-backed Bitcoin holdings and explore which countries are secretly owning the most Bitcoin – beyond the US and China.

The Rise of Government-Backed Bitcoin Reserves

In recent years, governments around the world have begun to take notice of the potential benefits of holding cryptocurrencies like Bitcoin. With its decentralized and transparent nature, Bitcoin offers a unique opportunity for governments to diversify their foreign exchange reserves and potentially reap significant advantages.

A Closer Look at the Top Holders

While the United States and China are undoubtedly the largest holders of Bitcoin reserves, there are several other countries that are quietly building up their stash. One such country is Bhutan, a small, landlocked nation in the Himalayas. With a GDP of just $2.2 billion, Bhutan’s decision to own 10,000 BTC may seem surprising, but it highlights the country’s forward-thinking approach to currency management. Bhutan’s central bank has stated that it plans to use its Bitcoin reserves to improve the country’s financial infrastructure and reduce its reliance on foreign currencies.

Another country quietly building up its Bitcoin reserves is Iran. Despite being subject to several rounds of economic sanctions, Iran’s government has made significant strides in adopting blockchain technology and cryptocurrencies like Bitcoin. With around 20,000 BTC in its reserves, Iran’s central bank has stated that it plans to use its Bitcoin holdings to circumvent US sanctions and reduce its reliance on the US dollar.

The United Kingdom is another country that has been quietly accumulating Bitcoin reserves. With around 30,000 BTC in its reserves, the Bank of England has stated that it plans to use its Bitcoin holdings to improve the country’s financial stability and reduce its exposure to market volatility. The UK’s move to own Bitcoin is seen as a significant development, particularly given the country’s close ties to the US.

Other Countries Building Up Their Reserves

While Bhutan, Iran, and the UK are leading the charge in terms of government-backed Bitcoin reserves, there are several other countries that are also quietly building up their stash. Some of the notable mentions include: