China’s So-Called Bitcoin Holdings — Analysts Say Where’s the Proof?

Last week, Bitcoin.com News dropped an editorial that spilled the beans on all the governments clutching bitcoin, whether they snagged it through criminal busts or by mining or buying it. In the piece, we noted that China might be sitting on a stash of over 190,000 bitcoins, and our report also threw in that this claim is pure speculation.

An image shared by an X account on Dec. 10 shows countries and companies that own bitcoin (BTC). The data, which is from May 2024, indicates that the U.S. has the most holdings, followed by China, which has 194,000 BTC. The chart also shows Germany and Ukraine holding 50,000 to 46,351 BTC, respectively.

“China and Ukraine don’t own anything,” Sani replied to the Finance Guy. The chart shared by the X account is quite dated when compared to current statistics. For example, Microstrategy’s holdings are significantly larger than what’s depicted, but the chart, of course, is from May 2024. Additionally, Ukraine no longer holds any bitcoins; donations sent to the government were converted into traditional fiat currencies to support their defense and relief initiatives.

Germany also sold off its 50,000 BTC stockpile earlier this year. Although the report is outdated, figures concerning China continue to circulate in numerous articles and research papers to date. Bitcoin.com News highlighted this in our latest article, where @Ergobtc, a researcher from the now-defunct OXT Research, clarified that many blockchain analysts believe these coins were disposed of on the open market in 2019. Sani also mentioned this last week.

“I don’t know who needs to hear this, but there is no proof that China still holds any of their confiscated Bitcoin,” he wrote on X on Dec. 8. “Anyone thinking that they do, please provide us with the addresses.” Author and researcher Kyle Torpey responded to Sani's post. “I tried to fix this on @BTCtreasuries some months ago,” he said. “But it didn’t work because my source that disputes the numbers is not as recent. I think everyone is just citing them without looking at the source data.”

The timechainindex.com founder replied:

No one ever does, they just choose what benefits them.

Others humorously remarked that China might be “Mr 100,” known as Upbit's wallet, yet often labeled by influencers on X as a whale with that moniker. In the Bitcoin community, where the mantra “don’t trust, verify” is sacred, the unverified claim of China amassing over 190,000 bitcoins rings hollow.

As of Dec. 11, 2024, we know that no wallet addresses have been produced to substantiate this claim, leaving the tale as nothing more than digital folklore. The blockchain’s ledger, transparent by design, should be the final word, yet this rumor often persists without the verification it demands, just like the “Mr 100” X posts. The persistent narrative of China’s supposed bitcoin hoard is a testament to how easily unverified can proliferate in the crypto space.

At times it can be an echo chamber where hearsay is amplified over hard data. If we are to respect the integrity of Bitcoin’s decentralized ethos, we must demand proof, not just accept the stories that fit our narratives from time to time. This China rumor, lacking any blockchain-backed evidence, should be quashed.

We can confirm the U.S. government’s wallets along with the United Kingdom’s seized bitcoins. The community acknowledges that Germany disposed of their bitcoins, and on-chain evidence reflects the holdings on the balance sheets of the Royal Government of Bhutan and El Salvador.