全球政府持有463,741 BTC，約佔比特幣總供應的2.3％

該數字反映了從2024年7月的529,591 BTC下降，強調了政府參與加密貨幣的動態性質。

As of April 2025, governments worldwide hold 463,741 BTC, valued at approximately $42.9 billion, according to CoinGecko’s research. This figure represents a decline from 529,591 BTC in July 2024, highlighting the dynamic nature of government involvement in cryptocurrencies.

根據Coingecko的研​​究，截至2025年4月，全球政府持有463,741 BTC，價值約429億美元。這個數字是從2024年7月的529,591 BTC下降，強調了政府參與加密貨幣的動態性質。

Meanwhile, a separate CoinGecko report focusing on GeckoTerminal data reveals that over 50% of the nearly 7 million cryptocurrencies listed since 2021 have failed, with 3.7 million projects no longer trading.

同時，一份針對壁虎數據的單獨的Coingecko報告表明，自2021年以來列出的近700萬個加密貨幣中，超過50％失敗了，有370萬個項目不再交易。

These developments showcase both the strategic role of governments in the crypto space and the volatile, high-risk nature of the broader cryptocurrency market.

這些事態發展既展示了政府在加密貨幣領域的戰略作用，又展示了更廣泛的加密貨幣市場的揮發性高風險性質。

How Governments Are Accumulating Bitcoin

政府如何累積比特幣

Governments acquire Bitcoin through various means, including seizures from illicit activities, direct purchases, sustainable mining endeavors, and donations. Their strategies and motivations differ widely.

政府通過各種手段獲取比特幣，包括非法活動，直接購買，可持續採礦和捐贈。他們的策略和動機差異很大。

The United States remains the largest holder, with 198,012 BTC, valued at $18.3 billion. This stash is primarily derived from seizures related to the Silk Road darknet market and the Bitfinex and Shapeshift hacks.

美國仍然是最大的持有人，擁有198,012 BTC，價值183億美元。該儲藏板主要來自與絲綢之路Darknet市場以及Bitfinex和ShapeShift Hacks有關的癲癇發作。

However, recent liquidations and President Trump’s March 2025 executive order to establish a “Digital Fort Knox” indicate a shift toward viewing Bitcoin as a strategic reserve asset.

但是，最近的清算和特朗普總統2025年3月的行政命令建立“數字諾克斯”，這表明將比特幣視為戰略儲備資產的轉變。

China, despite its crypto trading ban, holds 194,000 BTC, valued at $17.6 billion. This accumulation stems from the 2019 PlusToken Ponzi scheme, and the Chinese government’s plans for these coins remain undisclosed.

儘管中國的加密貨幣貿易禁令，但持有194,000 BTC，價值176億美元。這種積累源於2019年的龐普語計劃，中國政府對這些硬幣的計劃仍未公開。

The United Kingdom holds 61,000 BTC, valued at $5.6 billion, which were acquired through crime-related seizures. The government is currently debating whether to liquidate these coins or repurpose them for public finance.

英國擁有61,000 BTC，價值56億美元，是通過與犯罪有關的癲癇發作獲得的。政府目前正在辯論是清算這些硬幣還是將其重新利用為公共財政。

In contrast to larger nations, smaller countries like Bhutan and El Salvador are actively engaging in smaller-scale but consistent bitcoin accumulation.

與較大的國家相比，不丹和薩爾瓦多等較小國家正在積極參與較小但一致的比特幣積累。

Bhutan’s 8,594 BTC, valued at $795.4 million, are being mined using sustainable hydroelectric power, showcasing a unique approach to government-led crypto accumulation.

不丹的8,594個BTC，價值7.954億美元，正在使用可持續的水力發電進行開採，展示了一種獨特的政府領導的加密貨幣積累的方法。

El Salvador, having already integrated bitcoin into its legal tender system, continues its experiment with purchasing 1 BTC daily, bringing its total to 6,135 BTC, valued at $567.8 million.

埃爾·薩爾瓦多（El Salvador）已經將比特幣整合到其法定招標系統中，繼續進行實驗，每天購買1 BTC，總計達到6,135 BTC，價值5.678億美元。

On the other hand, Ukraine, which received significant bitcoin donations during the ongoing conflict, has liquidated most of its 256 BTC to fund military and humanitarian efforts.

另一方面，在正在進行的衝突中獲得了大量比特幣捐贈的烏克蘭已經清算了其256個BTC的大部分，以資助軍事和人道主義努力。

Government Liquidations Impact Bitcoin Price

政府清算影響比特幣價格

The mid-2024 sale of 46,359 BTC by Germany for fiat currency at prevailing market rates had a substantial impact, triggering a 15.7% drop in the bitcoin price within a single day.

2024年中期，德國以菲亞特貨幣為正常的市場利率出售了46,359 BTC，產生了重大影響，在一天之內觸發了比特幣價格下跌15.7％。

This liquidation was attributed to budget constraints and legal mandates to convert seized assets into fiat. It highlights how governments' actions can influence bitcoin's value.

該清算歸因於預算限制和法律授權，以將被沒收的資產轉換為菲亞特。它強調了政府的行動如何影響比特幣的價值。

While selling a portion of its bitcoin stash, Germany plans to retain a portion for long-term use, striking a balance between immediate fiscal needs and holding a strategic asset.

在出售其比特幣藏匿處的一部分時，德國計劃保留一部分長期使用，在立即財政需求和持有戰略資產之間取得平衡。

The German government's decision to liquidate its bitcoin holdings was a significant event that had immediate consequences for the cryptocurrency market.

德國政府決定清算其比特幣持有的決定是一項重大事件，對加密貨幣市場產生了直接的影響。

The interplay between government bitcoin holdings and the high failure rate of other cryptocurrencies signals a broader shift in the macroeconomic landscape.

政府比特幣控股與其他加密貨幣的高失敗率之間的相互作用表明宏觀經濟景觀發生了更大的轉變。

Over 50% Of Nearly 7 Million Cryptocurrencies Listed On GeckoTerminal Since 2021 Have Failed

自2021年以來，在壁虎上列出的近700萬次加密貨幣中，超過50％。

CoinGecko’s analysis of GeckoTerminal data reveals that 52.7% of the nearly 7 million cryptocurrencies listed since 2021 have failed, with 3.7 million projects no longer trading.

Coingecko對Geckoterminal數據的分析表明，自2021年以來列出的近700萬個加密貨幣中，有52.7％失敗了，有370萬個項目不再交易。

The first quarter of 2025 alone saw 1.8 million failures, rendering 49.7% of all project collapses between 2021 and 2025.

僅2025年的第一季度，就有180萬次失敗，在2021年至2025年之間，所有項目的49.7％崩潰了。

This surge in failures coincides with market turbulence following Donald Trump’s January 2025 inauguration, which may have exacerbated volatility and contributed to the downfall of several crypto projects.

唐納德·特朗普（Donald Trump）2025年1月就職典禮後，這種失敗的激增與市場動盪相吻合，這可能加劇了波動性，並導致了幾個加密項目的倒台。

The explosion of new projects, particularly in 2024, fueled this trend. That year saw 3 million new cryptocurrencies launched, triple the number launched in 2023.

新項目的爆炸激增，特別是在2024年，這加劇了這一趨勢。那一年，推出了300萬個新的加密貨幣，這是2023年推出的數字。

This surge was driven by platforms like pump.fun, which simplified token creation and led to a flood of meme coins and speculative projects.

這次激增是由諸如pump.fun之類的平台驅動的，該平台簡化了令牌創建，並導致了大量的模因硬幣和投機項目。

However, 1.4 million projects failed in 2024, collecting 37.7% of the total failures over the five-year period. In contrast, failures between 2021 and 2023 were significantly lower, comprising just 12.6% of the total.

但是，2024年有140萬個項目失敗，收集了五年內總失敗的37.7％。相比之下，2021年至2023年之間的故障顯著降低，僅佔總數的12.6％。

The high failure rate among these tokens can be attributed to several factors. Many projects

這些令牌之間的高失敗率可以歸因於幾個因素。許多項目