Officials also have some knowledge of trading coins? Ukrainian public officials' asset declaration: holding a total of over 40,000 bitcoins, approaching the amount held by Tesla

Ukraine's government recently disclosed the cryptocurrency holdings of public officials in accordance with the asset disclosure system for civil servants, revealing astounding figures. Data providers indicate that a total of 46,351 Bitcoins are held by public officials in the country, with an average of about 71 Bitcoins per person.

The key point is that Ukraine has yet to regulate cryptocurrencies. 652 civil servants and officials voluntarily disclosed their cryptocurrency assets, suggesting that the actual total holdings may be far greater than reported.

Total Value of $26 Billion

According to the data provided by blockchain data provider Opendatabot, as of March 31, more than 700,000 public officials have filed asset declarations, of which 652 individuals hold Bitcoin, totaling 46,351 bitcoins. On average, each individual holds approximately 71 bitcoins, nearly $4 million each, with a total value of around $26 billion at the time of writing.

In addition, other cryptocurrencies held include:

• 24.2%: Ethereum ETH
• 4.2%: Litecoin LTC
• 2.8%: Cardano ADA
• 2.8%: Stellar XLM
• 2.0%: Monero XMR
• 1.5%: IOTA MIOTA
• 1.4%: Bitcoin Cash BCH
• 0.2%: Bitcoin Gold BTG

Growth in Cryptocurrency Adoption

Opendatabot noted that most of the public officials holding cryptocurrencies come from city councils, the Ministry of Defense, and the police departments.

Among them, City Councilor Vyacheslav Mishalov holds the top position with 18,000 bitcoins, valued at over $1 billion; followed by Lensky Peter Sergeevich, Secretary of the Embassy in Vietnam, with 6,528 bitcoins; and the Deputy Chairman of the Odessa Commission with 5,328 bitcoins ranking third.

An interesting point is that the total bitcoin holdings of Ukrainian public officials are five times that of payment institution Square and slightly behind Tesla in the rankings of listed companies.

This also indicates that cryptocurrency investments are gradually becoming more popular. In 2016, only 25 public officials declared holding bitcoins, followed by 58 individuals the next year, 71 the year after, and a significant increase to 424 individuals in 2019.

It was previously reported that Rostislav Solod, a 19-year-old city councilor in Ukraine, holds 185,000 Monero XMR. In December last year, it was worth about $26 million, and now the total value has reached $47 million. However, he is not listed in Opendatabot's list.