Ukraine Ranks Sixth in the World in Bitcoin Reserves
Date: 2024-11-29 Author: Oliver Abernathy Categories: IN WORLD
According to the analytics platform DropsTab, the Ukrainian government owns 642 bitcoins, which is equivalent to $61.28 million (about UAH 2.27 billion). For comparison, the United States holds 208,109 BTC worth almost $20 billion, China holds 194,000 bitcoins worth about $19 billion, and the United Kingdom holds 61,000 BTC (about $6 billion).
Over the past two years, Ukraine's position in the list of countries holding BTC has changed significantly. At the end of 2022, Ukraine ranked third, behind only the United States and El Salvador. At that time, China and the United Kingdom did not appear in this ranking at all.
Some analysts suggest that Ukraine's actual cryptocurrency reserves may be much larger. For example, Bitcoin Treasures estimates the volume of bitcoins at official government addresses at 46,351 BTC, which exceeds $45 billion. In addition, in 2022, cryptocurrencies for significant amounts were mentioned in declarations by Ukrainian officials - 1,448 such documents were submitted.
Unlike other countries, where bitcoins often end up in the hands of the state through confiscations from unscrupulous companies, Ukraine received a significant part of its reserves through donations. These funds were used to support the country in the conditions of military conflict.
Donations were received not only in BTC, but also in other cryptocurrencies, including USDT, DAI, Ethereum, Dogecoin, as well as in the form of NFTs. According to Chainalysis, by the beginning of 2023, Ukraine had received more than $70 million in cryptocurrency donations, of which about 80% were collected in the first months of the conflict. Crystal Blockchain also notes that the total amount of crypto aid, including donations to NPOs and charitable foundations, exceeded $200 million in July 2023.
Ukraine partially legalized cryptocurrencies in 2022 to make it easier to use them for military donations. However, the National Bank of Ukraine does not yet recognize cryptocurrency as legal tender.
