Is China Still a Major Bitcoin Holder? Experts Dispute Official Data

Despite widespread speculation that China remains one of the largest government holders of Bitcoin, some experts argue that this may no longer be the case.

Reports suggest that while official data still reflects China possessing around 194,000 BTC, some analysts believe the country has quietly offloaded its holdings. Peter Schiff, a well-known advocate for gold and outspoken Bitcoin critic, claims China abandoned its Bitcoin position months ago, dismissing rumors of a brewing competition with the U.S. over digital asset dominance.

Schiff’s assertion aligns with crypto analyst Ki Young Ju’s earlier statements, which suggested that China had sold off Bitcoin linked to the infamous PlusToken scam in January.

If true, this would contradict publicly available data, fueling debates over whether China is still a major Bitcoin holder. Schiff also criticizes speculation that China and the U.S. are engaged in a “Bitcoin arms race,” suggesting such narratives are merely attempts to drive up Bitcoin’s price. According to him, China has no interest in competing for crypto supremacy and continues to prioritize gold as its preferred store of value.

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Meanwhile, Bitcoin’s market activity reflects the typical four-year cycle, characterized by sharp price increases followed by corrections. The cryptocurrency saw impressive growth in 2023, but its annual performance slowed in 2024. Early 2025 also presented challenges, with Bitcoin experiencing a drop in February before showing slight recovery in March. Analysts anticipate further volatility but expect a continuation of the long-term upward trend.

The political landscape in the U.S. has played a crucial role in shaping Bitcoin’s trajectory. Since Donald Trump took office, his administration has implemented pro-crypto policies, including the creation of a national Bitcoin reserve. For now, this reserve consists only of seized digital assets, and it remains unclear if or when the U.S. government will actively begin purchasing Bitcoin for strategic holdings.

Alexander Stefanov