- There is an ongoing digital assets “war” between nation-states.
- The U.S. government is secretly shuffling around its Bitcoin holdings.
- Other top nations are threatening to overtake the U.S. in digital economy leadership.
A “digital asset war” is underway between nations, with the U.S. government secretly shuffling its Bitcoin holdings and Russia’s new crypto mining law adding fuel to the fire.
In his most recent podcast, Altcoin Daily host Aaron Arnold focused on the Bitcoin market to illustrate this trend. He identified the United States as a major player in this competition for digital asset dominance. He pointed out that the U.S. government is quietly moving its Bitcoin holdings around.
Using on-chain data from known U.S. wallets, Arnold revealed that the American government is the biggest geopolitical Bitcoin holder, controlling over 200,000 Bitcoins. But he thinks wealthy Middle Eastern countries are eyeing the U.S.’s top spot, with plans to overtake them.
While Arnold acknowledges the possibility of the U.S. selling its Bitcoin, he does not think it as a wise move. He argues that holding onto the Bitcoins, and even adding more, would benefit the country, as former President Donald Trump pledged to do if re-elected. Besides Bitcoin, Arnold noted that the U.S. government also possesses 50,000 Ether (ETH), worth roughly $134 million.
Despite America’s significant Bitcoin holding, Arnold thinks it is not the foremost nation in advancing digital assets. The crypto market analyst noted that Norges Bank, the Central Bank of Norway, owns over 1.1 million shares of MicroStrategy stock, which is a way of owning Bitcoin by proxy. In addition, Norway’s sovereign wealth fund recently boosted its Bitcoin holdings to 2,446 BTC.
Arnold pointed to Russian President Putin’s recent signing of a crypto mining law as Russia’s attempt to “seize the moment” in the crypto asset space. The new law aims to improve crypto mining regulations, supporting Russia’s efforts to profit from the digital asset economy. Analysts think the law will help solidify Russia’s position as a major player in the global crypto market.
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