Governments Owning Bitcoins Worldwide

Finance | November 2, 2020, Monday // 13:19|  views

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Bitcoin is the cryptocurrency responsible for the change in perception of what currencies are all about. Unlike fiat currencies that are attached to banks and other financial institutions, bitcoin is a completely new perspective in the financial world and no other currency can beat cryptocurrencies in the number of advantages it offers to customers all around the globe. The fact that bitcoin as a digital currency is not connected to banks and other financial institutions is a reason plus to process bitcoin transactions faster, offer lower processing fees, and plus, make online trading possible using online cryptocurrency trading platforms. Today, the world has gone mobile, and smartphone apps are available to download on your smartphone device.

Governments and the Bitcoin Ownership

While individual users take advantage of bitcoin transactions, they are not the only who have recognized the potential of bitcoins to store funds, process payments, and much more. Governments and governmental institutions are also taking advantage of cryptocurrency, bitcoins in particular, and its popularity has reached its peak back in 2017, when bitcoins gained 20 times their value. There is an indication that some governmental institutions are owning bitcoins, like the Swedish, Bulgarian, The United States, the Korean government, and many others who have shown interest in trading with bitcoins. What followed is a short presentation of the current situation with the number of government that own bitcoins, as well as other institutions that show interest in owning bitcoins, so here they are.

Sweden

Unlike the situation in Bulgaria, the Swedish Government has sold its bitcoin at a lower value. According to the plans of the Kronofogden, the initial plan was to sell bitcoins for just 0.6 BTC, which were worth about .200 at the time. Back in 2019, the Swedish bitcoins were sold for 370,000 Swedish Krona, or about 4.59 BTC. The first attempt of the Swedish Government to sell its bitcoins was three years ago when the highest bid in the auction equaled 43.000 Swedish Krona. It exceeds the market value of the cryptocurrencies in Sweden, which was around 27,600 krona.

According to a representative of the Swedish Enforcement Authority, Johannes Paulson, “Many people ask why we auction the cryptocurrency and we don’t exchange it ourselves. The answer is that there is no infrastructure that meets our requirements,” It’s the reason why trading bitcoins is still not widely accepted in Sweden because people want to make sure that they are using quality services that ensure funds security at a high level.

However, it doesn’t mean that there aren’t any credible sites on which you can purchase and trade with this cryptocurrency. There are plenty of those. One of the most reputable is Bitcoin System, a platform that has advanced AI algorithms which will help the registered traders make a profit in a short amount of time. This platform is used by traders from all over the world, not just Sweden.

Bulgaria

According to research by CoinDesk, the Bulgarian Government owns around 200.000 bitcoins. 23 Bulgarian national politics were arrested, and the value of the bitcoins at that moment has reached .3 billion. What indicates that what was going on was indeed a criminal investigation is the Government’s rejection to further comment on the topic. The recent news from Bulgaria regarding cryptocurrencies is the news about the Bulgarian company Colibra, the company that uses cryptocurrencies as a method to reimburse passengers for flight delays.

When there is a delay of 2 hours since the expected arrival of the flight, the passengers using the Colibra app will get the money reimbursed on their bank account. According to the co-founder of the company, “At first people seem to be puzzled how they can get compensated for flight delays that are not covered by the EU regulation that pays out after three hours and without having to pay anything upfront”. The popularity of bitcoins has reached its peak, and Bulgaria is the second country with the highest number of bitcoins in the world.

The United States

Sweden and Bulgaria are not the only countries that have put their bitcoin ownership on auction. Similar to the situation in Bulgaria, the situation with bitcoins was under criminal investigation. The US Marshals Service, for instance, auctioned more than 44.000 BTC from Ross Ulbricht, the Silk Road operator back in 2015. This auction was only another in the series of auctions performed by the US governmental institutions. The US is one of the countries where using bitcoins is legal, just like the situation with other developed countries like the UK, Canada, and Japan. The situation in India, for instance, remains unclear, and the Indian government has banned banks from dealing with bitcoins. As of July 2020, the value of the bitcoins in the country has reached ,225.

 

 

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