Perspective on Bitcoin's 'National-Level Holdings Game': Who is Hoarding? Who is Selling Off?

Original Title: "The U.S. House of Representatives Passes Three Crypto Bills, How is the National Team's Bitcoin Chip Battle Going?"

Original Author: Fairy, ChainCatcher

Original Editor: TB, ChainCatcher

Bitcoin is the hidden chess piece in a new round of national competition.

This morning, the U.S. House of Representatives successively passed the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act, officially unveiling the acceleration of crypto legislation.

When Bitcoin becomes national policy, sovereign states are no longer bystanders but entrants, players, and even table-turners. In today's escalating global currency game, understanding the crypto layout of the "national team" may be a key step in grasping the next round of global financial trends.

This article will deeply analyze the current Bitcoin holdings and policy trends of major countries worldwide, revealing the true landscape of this "national-level holdings game."

Number of Holdings: Approximately 198,012 BTC

Main Source: Law enforcement seizures, including the Silk Road case, Bitfinex hack, etc.

Strategic Direction:

In March 2025, the Trump administration signed an executive order to officially establish a strategic Bitcoin reserve and digital asset reserve.

Currently, during the House's Crypto Week, three crypto bills are under concentrated review: the GENIUS Act, the CLARITY Act, and the Anti-CBDC Act, targeting stablecoins, digital asset classification, and central bank digital currencies, respectively.

The House has passed all three bills. Among them, the CLARITY Act and the Anti-CBDC Act will be submitted to the Senate for review; the GENIUS Act is expected to be officially signed into law by Trump this Friday.

China

• Number of Holdings: Approximately 194,000 BTC

• Main Source: Seizures from the 2019 PlusToken Ponzi scheme

• Strategic Direction:

In 2017, the People's Bank of China and six other ministries jointly issued a document to completely halt ICOs and crypto trading platform operations; in September 2021, the central bank and nine other ministries issued a notice explicitly defining cryptocurrency trading as "illegal financial activities," intensifying efforts.

Currently, local governments are showing signs of exploring stablecoins: for example, the Wuxi Municipal Party Committee's reform task promotion meeting explored stablecoins empowering foreign trade development; the Shanghai State-owned Assets Supervision and Administration Commission held a central group study meeting on the development trends and response strategies of cryptocurrencies and stablecoins.

Additionally, Hong Kong, China, adopts an open attitude, fully embracing crypto. Hong Kong's "Stablecoin Ordinance" will take effect in August, with over 50 companies in Hong Kong intending to apply for stablecoin licenses.

United Kingdom

• Number of Holdings: Approximately 61,000 BTC

• Main Source: Law enforcement confiscations from crimes such as money laundering

• Strategic Direction:

In September 2024, the Digital Asset Property Act was officially introduced, clearly defining cryptocurrencies as legally protected personal property, providing clear judicial safeguards.

The UK Financial Conduct Authority (FCA) requires all virtual asset service providers to register and fully comply with anti-money laundering (AML) and counter-terrorism financing (CFT) rules.

Bhutan

• Number of Holdings: Approximately 11,286 BTC

• Main Source: Green Bitcoin mining utilizing hydropower resources

• Strategic Direction:

In 2019, the Royal Monetary Authority of Bhutan launched the "Cryptocurrency Mining Regulatory Sandbox Framework," providing regulatory conditions for mining. The government quietly established Bitcoin mining farms, using its abundant hydropower resources to "mine" BTC, and managed the assets through the sovereign wealth fund Druk Holding & Investments (DHI).

Previously, Bhutan had 12,574 Bitcoins through mining, accounting for about 30%-40% of GDP. However, Bhutan also conducts sales from time to time, transferring 749.3 BTC to Binance in the past half month, still holding 11,286 BTC.

El Salvador

• Number of Holdings: Approximately 6,240 BTC

• Main Source: Government purchases and mining

• Strategic Direction:

In 2021, El Salvador became the first country to adopt Bitcoin as legal tender. El Salvador requires that all goods in the country can be priced in Bitcoin; any economic entity must accept Bitcoin payments; Bitcoin transactions are exempt from capital gains tax, and taxes can be paid with cryptocurrencies.

In early 2025, due to pressure from the International Monetary Fund (IMF), El Salvador adjusted its policy: Bitcoin no longer has mandatory circulation status, changed to "voluntary acceptance"; taxes no longer accept cryptocurrency settlements.

Currently, Bitcoin remains an important part of the country's economic strategy, maintaining a policy of purchasing 1 BTC daily.

Iran

• Number of Holdings: Unknown, experts estimate cumulative holdings of 60,000-200,000 BTC

• Main Source: Local mining

• Strategic Direction:

In 2019, the government officially legalized Bitcoin mining, requiring miners to sell part of the mined BTC to the central bank. According to Mastermined founder Andrew Scott Easton, Iran has mined over 60,000 BTC to date; Sazmining founder Kent Halliburton believes it may have accumulated 100,000-200,000 BTC.

In December 2024, Iran changed its stance on digital currencies, shifting from imposing restrictions to focusing on regulation. Iranian Minister of Economic Affairs and Finance Abdolnaser Hemmati emphasized the government's plan to mitigate the economic risks posed by digital currencies while leveraging their potential benefits.

Finland

• Number of Holdings: Approximately 90 BTC

• Main Source: Seizures from criminal cases, especially from major drug enforcement actions in 2016

• Strategic Direction:

Finland once held 1,981 BTC, mainly confiscated by Finnish Customs in criminal cases. In 2022, the government decided to sell 1,890 BTC to donate to Ukraine, using part of the proceeds, "tens of millions of euros," as humanitarian aid.

Since 2018, the Finnish Financial Supervisory Authority (FIN-FSA) has included the crypto industry in the "Virtual Currency Provider Act" regulatory system; the act requires all trading platforms, custodians, and wallet service providers to register and comply with KYC/AML and other compliance obligations.

Starting in 2025, Finland fully implements the EU MiCA regulations, covering stablecoins, DeFi, crypto asset service providers, and other dimensions, further aligning the regulatory framework with the EU.

Georgia

• Number of Holdings: Approximately 66 BTC

• Main Source: Court litigation

• Strategic Direction:

In 2022, Georgia passed a new financial regulatory framework, bringing digital asset trading and related businesses into regulatory view.

Starting in 2023, Georgia introduced the "Virtual Asset Service Provider (VASP) Registration Act," requiring cryptocurrency-related businesses to register with the National Bank and obtain licenses, complying with the Financial Action Task Force (FATF) anti-money laundering (AML) and counter-terrorism financing (CFT).

Venezuela

• Number of Holdings: Approximately 240 BTC

• Main Source: Unknown

• Strategic Direction:

Venezuela was one of the first countries in the world to "incorporate crypto assets into the national governance toolbox." In 2018, the government enacted the "Constitutional Decree on Crypto Assets and Related Activities," covering mining, trading, custody, platform operations, asset issuance, etc., and established the specialized agency SUNACRIP for supervision.

In the same year, the national sovereign digital currency Petro (PTR) was launched, claiming to be backed by oil and mineral resources, issued based on the DASH blockchain, but always lacked transparency and market trust. In 2023, the SUNACRIP $3 billion corruption scandal broke out, leading to the complete collapse of the regulatory system, and Petro was officially discontinued in 2024.

Faced with ongoing inflation, more and more Venezuelans are turning to stablecoins for避险. In December 2024, experts said stablecoin transactions now account for almost half of Venezuela's total cryptocurrency transactions.

Ukraine

• Number of Holdings: Approximately 186 BTC

• Main Source: Global donations during the war, law enforcement seizures

• Strategic Direction:

Since the outbreak of the Russia-Ukraine war in 2022, Ukraine has become the first country to adopt Bitcoin on a large scale due to the practical needs of war rather than ideological drive. Faced with blocked traditional financial channels, Ukraine quickly transformed cryptocurrencies into cross-border "digital military funds."

In March 2022 alone, Ukraine raised over $100 million in cryptocurrency donations through online platforms, once holding as much as 46,351 Bitcoins. These funds were quickly invested in military equipment purchases, humanitarian aid, infrastructure repairs, and wartime logistics.

In May 2025, Ukraine is drafting a legal framework for holding Bitcoin in its national reserves, with a special parliamentary committee led by financial officials finalizing the legislative draft.

Germany

• Number of Holdings: Approximately 0 BTC

• Main Source: Law enforcement seizures, confiscated 49,857 Bitcoins from the illegal movie piracy website Movie2k.to

• Strategic Direction:

In January 2024, the German government confiscated 49,857 Bitcoins (BTC) from the illegal movie piracy website Movie2k.to through law enforcement actions. Just half a year later, the German government chose to sell all these Bitcoins.

In 2021, Germany passed a new law allowing about 4,000 existing institutional investment funds to invest in cryptocurrency assets, with fund managers able to allocate 20% of the funds to crypto assets. In December 2024, Germany fully adopted the EU's "Crypto Asset Market Regulation," regulating stablecoins, ICOs, and DeFi, ensuring market transparency and consumer protection.

Original Link