CaryptosHeadlines Media Has Launched Its Native Token CHT.
Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT.
Join the Airdrop at the official website,
CryptosHeadlinesToken.com
Financial commentator Peter Schiff has claimed that the Chinese government likely sold its Bitcoin (BTC) holdings in January. This statement comes after an old comment made by U.S. Senator Cynthia Lummis resurfaced online.
She suggested that the United States and China could compete to accumulate digital gold. While some believe both countries might compete to accumulate Bitcoin, Schiff argued that China is uninterested in such a race and sees no value in it.
China’s Alleged Bitcoin Sell-Off
In late January, Ki Young Ju, the CEO of crypto analytics firm CryptoQuant, reported that China had sold 194,000 Bitcoin. These digital assets were originally seized from the PlusToken scam in 2019. Instead of holding onto them, the Chinese government reportedly mixed the funds and sent them to various crypto exchanges.
Experts said if this claim is true, China will no longer hold a significant Bitcoin reserve. Before then, Bitcoin Treasuries, a platform that tracks government and institutional Bitcoin holdings, previously listed China as the second-largest government holder of Bitcoin.
Notably, Asian countries are just trailing behind the United States. However, if China has offloaded its Bitcoin, this ranking could change.
Peter Schiff’s View on Bitcoin and China’s Stance
In a recent X post, Peter Schiff, a well-known critic of Bitcoin, believes that China does not see the cryptocurrency as a valuable asset. He argued that Bitcoin supporters are using Senator Lummis’s previous comment to hype up the price of Bitcoin.
Schiff claimed China is not rushing to stack up Bitcoin because it prefers real assets like gold instead. He suggested that while the U.S. accumulates Bitcoin, China focuses on what he considers more reliable investments.
China has always maintained a strict stance on digital currencies for years. The government banned crypto trading and mining, forcing many crypto businesses to leave the country. Schiff pointed out that the alleged Bitcoin sell-off aligns with China’s cautious approach to digital assets.
He reiterated that instead of treating Bitcoin as a reserve asset, China is focusing on its own Central Bank Digital Currency (CBDC), the digital yuan.
How Other Countries Are Approaching Bitcoin Reserves
Earlier this month, President Donald Trump signed an Executive Order to create a Bitcoin reserve and stockpile digital assets. Notably, the reserve will only hold Bitcoin seized from criminal cases, not newly bought ones. The U.S. has not announced plans to buy more.
Meanwhile, other countries, including Japan and South Korea, are not rushing to include Bitcoin in their national reserves. They remain skeptical about Bitcoin’s potential as a store of value. In contrast, some smaller nations, such as El Salvador, have embraced Bitcoin, but most developed economies are still hesitant.
