Top Countries with the Largest Bitcoin Holdings Projected for 2024
Governments around the world are increasingly recognizing the potential value of Bitcoin as a reserve asset. Currently, governments collectively own approximately 569,070 Bitcoins, which represents 2.69% of the total supply. In a historic move, El Salvador became the first country to adopt Bitcoin as legal tender in 2021, requiring all local businesses to accept BTC payments. Experts believe that Bitcoin ownership can be a catalyst for developing countries to establish a thriving ecosystem and infrastructure to integrate cryptocurrencies into their economies.
By promoting wider distribution and reducing concentration, government ownership of Bitcoin can foster a more democratic pattern of ownership in the crypto market. Coinpedia has compiled a list of the top countries holding Bitcoin in 2024, revealing the nations with the highest Bitcoin holdings.
The United States leads the pack with approximately 215,000 BTC, valued at $8.3 billion. Most of these holdings have been acquired through law enforcement seizures since 2020. China follows closely with 190,000 BTC, obtained from funds seized in the PlusToken Ponzi scheme, totaling approximately $12.6 billion. The United Kingdom holds about 61,000 BTC, valued at $4 billion, which was confiscated from individuals involved in illegal activities. Germany ranks fourth with 50,000 BTC, worth $2.17 billion, confiscated by the German Police in 2018 following a cryptocurrency fraud case. Ukraine holds 46,351 BTC, obtained through the seizure of $1.5 million in crypto assets from a former government official.
El Salvador, the pioneer in adopting Bitcoin as legal tender, currently holds 5,690 BTC in its treasury. Since September 2021, the country’s Bitcoin holdings have grown to a value of over $397 million, representing a profit of more than 40%. The president of El Salvador, Nayib Bukele, has also implemented a program that offers expedited citizenship to immigrants who make a BTC “donation” to the government, contributing to the country’s Bitcoin reserves.
Other countries with notable Bitcoin holdings include Bhutan, which holds 621 BTC worth $24.61 million. Forbes reports that Bhutan began mining Bitcoin in April 2019 when its value was $5,000, resulting in significant gains. Venezuela’s government holds 240 BTC, and approximately 10.30% of the population owns cryptocurrency. Finland confiscated 1,889 Bitcoins in 2018 in narcotics cases, selling them in 2021 for roughly $48 million, leaving the government with 90 BTC. Georgia’s government holds 66 BTC, valued at $4,234,672, according to Bitcointreasuries.net.
In conclusion, government ownership of Bitcoin is becoming increasingly prevalent worldwide. As governments acquire and hold Bitcoin, it has the potential to promote wider crypto distribution and reduce concentration, contributing to a more democratic ownership pattern in the crypto market.