U.Today

Today, the current head of Binance, Richard Teng, discussed a topic that has intrigued market participants for years: the nations that hold the primary cryptocurrency, Bitcoin (BTC). Often compared to gold, BTC has gained recognition as a strategic reserve asset, as noted by Jerome Powell, the head of the U.S. Federal Reserve.

With a new U.S. administration approaching, speculation around Bitcoin as a reserve asset has intensified. Despite lacking official confirmation, the market has responded fervently; Bitcoin has surged over 136% since the year's start and is now showing six-figure price potentials.

Teng engaged his audience on which countries might consider accumulating cryptocurrency as part of their reserves.

Bitcoin and Governments

Although no precedent exists for official strategic reserves in cryptocurrency, several countries possess Bitcoin. The United States, for instance, holds 198,109 BTC on its balance sheet, valued around $19.25 billion. Moreover, the U.S. government reportedly has about $500 million in various cryptocurrencies, primarily from seizures related to criminal investigations, including the Silk Road shutdown and the Bitfinex hack.

In addition to the U.S., nations like Bhutan and El Salvador have sizable Bitcoin holdings, owning 11,688 BTC (approximately $1.14 billion) and 5,960 BTC (about $579.25 million), respectively. These assets were acquired through mining and market purchases.

This article was originally published on U.Today