Although China officially ban Bitcoin, but we're don't know if China's government actually a Bitcoin enthusiast and already accumulate Bitcoin right now. After Bitcoin price surge and make new ATH, they can just unban Bitcoin and they will sell all of their coins in order to make good amount profit. I don't think there's a country or rich people will avoid against Bitcoin, rich people will try to find a way to multiple of their beginning capital.
I have never heard of my government holding bitcoin assets. There are a lot of US dollar assets, and they may all go to buy US Treasury bonds.