On-chain data shows that the UK government owns over 60,000 bitcoins.

The on-chain data analysis tool Arkham today completed the integration of tracking on-chain addresses for the UK government, discovering that the UK government owns over 60,000 BTC, with a current book value of approximately $4 billion, originating from confiscated proceeds of past criminals.

The UK Government Owns 61,245 Bitcoins

According to data from the on-chain analysis tool Arkham, the UK government currently owns 61,245 bitcoins, valued at around $4 billion.

These bitcoins were seized by the London police from Chinese immigrants involved in money laundering back in 2018. Wen Jian and Qian Zhiming, Chinese immigrants, were engaged in significant money laundering activities from 2014 to 2017. Wen Jian was arrested in the UK for handling laundered funds, while Qian Zhiming has since left the UK and his whereabouts are unknown. However, the authorities confiscated the bitcoins he held as part of the illicit gains, which were officially transferred to the national treasury in 2021.

Why Does the Government Hold Bitcoin?

Despite Bitcoin's decentralized and anti-government philosophy, both government and corporate holdings are steadily increasing.

For example, it was revealed last year that the US government owns 200,000 bitcoins, primarily from criminal proceeds rather than deliberate government purchases, with records of selling as well.

The US government holds 200,000 bitcoins, but "value" is not the main focus

However, some countries are actively buying and holding bitcoins. For instance, former NSA contractor Edward Snowden, who exposed the Prism program, recently stated, "A certain government is now buying bitcoins," citing specific intentions like El Salvador's financial policies.

Whistleblower Snowden predicts: A certain government is buying bitcoins, to be revealed this year

It seems clear that currently, governments worldwide are not holding bitcoins for speculative profit.