Despite Widespread Speculation That China Remains One of the Largest Government Holders of Bitcoin, Some Experts Argue That This May No Longer Be the Case

Reports suggest that while official data still reflects China possessing around 194000 BTC, some analysts believe the country has quietly offloaded its holdings.

Despite widespread speculation, some experts argue that China may no longer be one of the largest government holders of Bitcoin, contrary to reports suggesting the country possesses around 194,000 BTC.

According to reports, China's involvement in the Bitcoin sphere has been a subject of ongoing discussion. Earlier this year, crypto analyst Ki Young Ju stated that China had sold off its Bitcoin linked to the PlusToken scam in January.

However, some, like Peter Schiff, a staunch critic of Bitcoin and a well-known advocate for gold, claim that China abandoned its Bitcoin position months ago.

Schiff's assertion contradicts rumors of a brewing competition between China and the U.S., both aiming for digital asset dominance.

According to him, China has no interest in competing for crypto supremacy and continues to prioritize gold as its preferred store of value.

"The US and China are not engaged in a 'Bitcoin arms race' to see who can hold the most BTC. I'm not sure who started this ridiculous rumor, but it's still circulating despite the fact that no one seems to know what they are talking about," wrote Schiff on X, formerly Twitter.

"China has no interest in holding Bitcoin. In fact, China sold off its BTC months ago. But even if they did want to hold the largest Bitcoin fortune, the U.S. already outclasses them in terms of seized crypto assets alone."

If true, this would contradict publicly available data and further fuel debates over whether China is still a major Bitcoin holder.

According to data from the government's balance sheet, at the end of 2022, the country's BTC stash was valued at $3.97 billion, part of the total $7.1 billion in "other assets" on the balance sheet.

According to Visual Capitalist, if China's BTC holdings are still around 194,000 at current prices, they would be worth around $5.2 billion.

Meanwhile, Bitcoin's market activity continues to reflect the typical four-year cycle, characterized by sharp price increases followed by corrections.

The cryptocurrency saw impressive growth in 2023, but its annual performance slowed in 2024. Early 2025 also presented challenges, with Bitcoin experiencing a drop in February before showing slight recovery in March.

Analysts anticipate further volatility but expect a continuation of the long-term upward trend.

The political landscape in the U.S. also plays a crucial role in shaping Bitcoin's trajectory. Since Donald Trump took office, his administration has implemented pro-crypto policies, including the creation of a national Bitcoin reserve.

For now, this reserve consists only of seized digital assets, and it remains unclear if or when the U.S. government will actively begin purchasing Bitcoin for strategic holdings.