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Bitcoin (BTC) has become a global phenomenon in the financial world since it was first created in 2008 by someone under the pseudonym Satoshi Nakamoto. This crypto asset continues to grow and become one of the investment instruments that attracts the attention of many parties, including governments from various countries.
Some countries have even started keeping Bitcoin as part of their national reserves or confiscated proceeds in criminal cases. Behind its growing popularity, there are countries that collect large amounts of Bitcoin. The following are the seven countries with the largest Bitcoin holdings in the world based on the latest data from BitcoinTreasuries.
1. United States: 207,189 BTC (US$20.4 Billion)
The United States (US) holds the top spot with the most Bitcoin holdings in the world. The country owns 207,189 BTC which is currently worth around US$20.4 billion. The majority of Bitcoin owned by the US was obtained through seizures in various criminal cases.
One of the main sources of its Bitcoin is seizures from the dark web site, Silk Road, which is known as an illegal marketplace on the internet. After the founder of Silk Road, Ross William Ulbricht, was arrested in 2013, the FBI seized around 69,370 BTC which later became part of the national reserve. In addition, other seizures came from various other law enforcement operations involving cases of drug trafficking, fraud, and money laundering.
2. China: 194,000 BTC (US$19.04 Billion)
China, despite officially banning the trading and mining of crypto assets since 2021, still has significant Bitcoin holdings. The country owns around 194,000 BTC which is worth around US$19.04 billion. Most of this Bitcoin came from a massive ponzi scheme that took place between 2018 and 2019, namely PlusToken.
PlusToken managed to attract more than 200,000 BTC from investors with the promise of high returns. After the scheme was exposed, the Chinese government seized the assets. Even so, the fate of this confiscated Bitcoin is still unclear whether it will be used in the country’s economic policy or kept as state reserves.
3. UK: 61,000 BTC (US$5.99 Billion)
The UK takes third place with 61,000 BTC of Bitcoin holdings, which is worth around US$5.99 billion. Like the US and China, the UK’s Bitcoin holdings were also obtained through seizures in fraud and money laundering cases.
One of the major cases involving Bitcoin seizures was that of Jian Wen and Zhimin Qian in 2018. Both individuals were involved in a fraudulent investment scheme that utilized fraudulent funds in China. The seized Bitcoin was then transferred to a wallet managed by the UK Metropolitan Police.
4. Ukraine: 46,351 BTC (US$4.55 billion)
Ukraine is one of the countries that actively uses Bitcoin in various activities, especially in terms of fundraising for humanitarian purposes. At the start of the conflict with Russia in 2022, Ukraine started accepting donations in the form of cryptocurrencies, including Bitcoin. The country currently has 46,351 BTC worth approximately US$4.55 billion.
In an effort to support war funding and aid humanitarian needs, the Ukrainian government even shared Bitcoin wallet addresses openly on social media platforms such as Twitter (now X) to facilitate donations from around the world. With this move, Ukraine managed to raise a large amount of funds during the crisis period.
5. Bhutan: 13,029 BTC (US$1.28 Billion)
Bhutan, a small country located in the Himalayas between India and China, also has a record amount of Bitcoin in its reserves. The country has 13,029 BTC which is worth around US$1.28 billion. Bhutan is using Bitcoin as part of its sovereign wealth strategy by adopting sustainable crypto mining technology.
The country utilizes its abundant hydropower potential to conduct Bitcoin mining, making it one of the countries focusing on eco-friendly crypto mining. Since 2019, Bhutan has been working with Singapore-based mining company Bitdeer to expand their mining operations. By 2024, Bitcoin mining facilities in Bhutan will reach a capacity of 100 megawatts, with plans to increase this to 600 megawatts by 2025.
6. El Salvador: 5,942 BTC (US$583.14 Million)
El Salvador made history in 2021 as the first country to adopt Bitcoin as legal tender. The country started buying Bitcoin in 2021, with a total of 5,942 BTC worth approximately US$583.14 million. President Nayib Bukele is the prime mover behind this policy, which aims to increase financial inclusion and reduce reliance on traditional currencies.
The move gained global attention, both positive and negative, as a major experiment in cryptocurrency adoption at the country level. Despite criticism regarding Bitcoin’s price volatility, El Salvador continues to champion the use of Bitcoin in its national financial system.
7. Venezuela: 240 BTC (US$22.85 Million)
Venezuela, which has experienced a severe economic crisis in recent years, has begun to look to Bitcoin as an alternative to inflation and economic instability. The country owns 240 BTC worth about US$22.85 million.
In 2018, Venezuela launched a national digital currency called the Petro, but public acceptance of the Petro was very low, so Bitcoin was more widely accepted by the public as a medium of exchange. In 2020, the Venezuelan government also began legalizing Bitcoin mining and introduced a National Mining Pool program to regulate this activity. Although the amount of Bitcoin owned by Venezuela is much smaller than other countries, this move shows how Bitcoin can be an alternative in the midst of economic difficulties.
Rumors about the United Arab Emirates
In addition to the seven countries above, there are also rumors that the United Arab Emirates (UAE) has Bitcoin worth around US$60 billion. This claim was first made by Changpeng Zhao, former CEO of Binance, but until now there has been no data confirming this large Bitcoin ownership. If true, the UAE would be the country with the largest Bitcoin holdings, surpassing countries like the United States.