A disturbing bear – China is in the list of the biggest holders of Bitcoin (BTC)after authorities got their hands on PlusToken-linked cryptocurrencies.
Over 190,000 BTC in China’s public treasury
China is a bitcoin whale. She even holds more bitcoins than MicroStrategy and his 130,000 BTCafter the Chinese authorities seized the 194,775 BTC related to the PlusToken scam.
Although the country has banned cryptocurrency last year, on paper, the Chinese government would own more than 1% of the total bitcoins in circulation.
However, the Chinese authorities remain discreet about the real state of their assets. They did not provide no official information which would allow to know the amount of bitcoins sold, added to the stock over time and the actual balance of BTC today.
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China, a bitcoin grizzly worrying the markets
Given the large amount of bitcoins it has, China could exert strong downward pressure on the price of the cryptocurrency, if it were to part with it.
A Chinese court had indicated that the tokens seized during the PlusToken case, will be “treated in accordance with the laws” and “confiscated for the benefit of the national treasury”. No official decision seems to have been made as to the final destination of these bitcoins.
The authorities had put an end to the PlusToken scam in 2020, a scam that will have cost $5.7 billion to victims. Apart from bitcoins, the seized assets also include 833,083 ETH, 1.4 million LTC, 27.6 million EOS, 74,167 DASH, 487 million XRP, 6 billion DOGE, 79,581 BCH and 213,724 USDT.
The concerns about the liquidation of these cryptocurrencies related to PlusToken are nothing new. The sale of these bitcoins could shake the markets. However, given their quantity, it will probably be done gradually, rather than all at once.
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