According to Arkham Data’s 2024 figures, the US government is among the largest bitcoin owners. Arkham Intelligence revealed that the US government has hundreds of thousands of bitcoins. Unsurprisingly, governments in other countries are increasingly buying cryptocurrencies. This increased involvement in the crypto realm is to be expected, given the apparent increase in sectors pursuing it, for instance, the iGaming firms and bitcoin casinos that enjoy the convenience offered by digital currency.
The US Government’s Bitcoin Holdings
Arkham Intelligence, the renowned blockchain analytics platform, revealed the countries with the greatest cryptocurrency holdings in April 2024. The United States government owns the most Bitcoin, with 212,847 BTC worth around $15 billion at the time of the revelation. The United Kingdom’s treasury holds 61,245 BTC, while Germany’s owns 49,858 BTC. El Salvador’s government has likewise been acquiring one Bitcoin per day, as its head recently disclosed. However, Bitcoin ownership is not the only element considered when ranking the top crypto-owning nations. The US government also owns over $200 million in other cryptocurrencies, including Ether (ETH) and stablecoins like USDC and Tether.
Governments are Growing Their Interest in Cryptocurrency
Arkham Intelligence’s announcement underlines the attempts of governments throughout the world to connect with the relatively new cryptocurrency market. The public is aware of how effectively the authorities interact with the digital space now more than ever. Many industries around the world now recognize cryptocurrencies as a legal form of exchange.
In September 2021, El Salvador’s government became the first to recognize Bitcoin as legal money. The country holds fewer assets than the United States government, but it is rapidly approaching huge ownership. Other governments have been slow to adopt digital currencies, but they are on the right track. For example, bitcoin trading in Yucatan and Mexico is neither legal nor illegal. People can trade using digital currencies, but they are not always recognized as legal tender.
Transparency Tracking
Arkham Intelligence’s recent research represents a key milestone in the growth of the crypto realm. It demonstrates the possibility of increasing transparency in crypto asset ownership, which is vital for all countries, particularly the ‘big fish’. Members of the public require verifiable information from platforms such as Arkham Intelligence for transparency and understanding of how to navigate the crypto realm.
For example, the Arkham investigation revealed that the US government gained a large portion of its Bitcoin holdings through confiscation. It was primarily seized from Jimmy Zhong, the dark web market Silk Road hacker, and Bitfinex hackers. The rest is the product of the government’s efforts to accumulate cryptocurrency. For example, since 2023, the US government has purchased over 5,000 Bitcoin.
Final Thoughts
It is indisputable that digital currency is the future’s most versatile means of transaction. Governments around the world are adopting many aspects of the relatively new crypto realm, including ownership. The United States government is at the forefront of cryptocurrency ownership, and other governments around the world have followed suit. With this lead, other governments across all continents are anticipated to increase their crypto ownership, hence improving the functionality of digital currencies.
