Over the years, cryptocurrency has become an increasingly popular market for novice and veteran investors. The crypto market has grown so much that many countries have adopted cryptocurrencies, particularly Bitcoin, as legal-course currency. Decentralization, possible profits, and the adaptability of technology to the crypto market are the main reasons behind this adoption. This begs the question, Which country owns the most Bitcoin? Currently, the USA owns the most Bitcoin, approximately 215,000 BTC. It is important to note that this large reserve is mainly the result of legal seizures.
Yet the USA is far from the only country that claims ownership of shares in the crypto market. In this opportunity, we at PlasBit want to give you some insight into the current affairs of Bitcoin adoption and holding, so let’s look at some of the countries that own the most Bitcoin.
Top 10 Countries with the Most Bitcoin
While Bitcoin is still far from being wholly accepted by the government in most countries, citizens have found ways to carry out crypto transactions in the digital market. Let’s look at which country owns the most Bitcoin on our list.
Georgia
The Georgian government currently holds around 66BTC, valued at around $4.2 million.
Finland
After the Finnish government confiscated 1,889 BTC from different narcotic cases in 2018, they were forfeited to the country and then sold in 2021 for $48 million. Currently, the country holds 90 BTC.
Venezuela
The Venezuelan government currently holds 240 BTC, with 10.30% of the population owning some crypto. The government tried its hand at the crypto market in 2018 by creating Petro, a cryptocurrency supposedly backed by the country’s oil reserves. Yet, it shut down in 2022 after corruption scandals surfaced around it.
Bhutan
Holding 621 BTC and a net worth of 24.61 million, Bhutan started mining Bitcoin in 2019, when the value was around $5,000 per BTC. Currently, the price has skyrocketed to over $60,000, an all-time high.
El Salvador
The country first started buying BTC in 2021, and as of February of the current year, its Bitcoin holdings of 5,690 BTC are worth over $397 million, more than 40% of profit. Nayib Bukele, the Salvadorean president who adopted Bitcoin in the country, ran a program that contributed to the country’s Bitcoin income, offering expedited citizenship to immigrants who donate BTC to the government.
Ukraine
Around 12.7% of the Ukrainian population, approximately 5.5 million people, currently hold BTC. The Ukrainian government has 46,351 BTC, and like other members of the list, these assets were seized from a former government official, Yury Shchigol, due to corruption charges.
Germany
The German government confiscated around 50,000 BTC in 2018. According to the national police, the combined value of over $2 billion assets made this seizure the biggest in the country’s history. Two men spearheaded the fraud, who also ran a piracy website until 2013.
United Kingdom
The UK comes in at number three on our list, with its government holding around 61,000 BTC valued at $4 billion. These were confiscated from Jian Wen and Zhimin Qian, two money launderers who used Bitcoin for criminal activities.
China
The country with the largest worldwide population is also the second-largest Bitcoin owner. The Chinese government seized around 190,000 BTC from the PlusToken pyramidal scheme, which siphoned around $2 to $2.9 billion in BTC at the time, cementing China’s position as number two on the list of countries with the most Bitcoin.
USA
The USA answers the question of which country owns the most Bitcoin, accumulating 215,000 BTC owned by the American government, which is around $8.3 billion in value. Most of these BTC have been accumulated through government seizures, and the country’s recent adoption of BTC as a legal currency will only help increase that number over time.
Bitcoin Adoption and It’s Factors
While many countries have adopted the crypto market as part of their economy or are at least friendly with it, each country faces hurdles in the process of crypto adoption, leading to disparities in the percentages and the overall popularity of cryptocurrency in a given country. Let’s look at some factors that affect crypto's popularity in a country.
Economic Stability
One of the most important factors in the overall popularity of Bitcoin and the crypto market is that in countries with unstable economies, their population is less receptive to risk investing in a highly volatile market. Not only is stability important, but the overall wealth distribution is also meaningful. Although it is the first Latin American country to adopt Bitcoin as a legal currency, El Salvador has had slow progress in its population crypto adaptation, as its economy has just recently improved after years of instability. The percentage of the population that owns Bitcoin is particularly low for a crypto-friendly country, yet it is steadily improving under President Nayib Bukele’s government.
Technological Knowledge
One of the main reasons for the high number of bitcoins owned by the USA is the technological knowledge of its population and the availability of technological devices to the general population. All crypto works with blockchain technology, so to keep up with the changes in security protocols and more, it is necessary to have access to modern devices, technical knowledge of the whole crypto transaction process, the technology behind a particular crypto, and much more.
Limited Access to Traditional Banking
Blockchain technology allows people with little to no access to a solid, traditional banking infrastructure to access different financial services. This technology allows people to participate in their local economy more easily by giving them access to low-cost digital money for their transactions. They might also take advantage of the growing decentralized finance ecosystem to access more advanced financial options, like personal and business credits.
Inflationary Safeguard
Cryptocurrencies with limited tokens, like Bitcoin, are designed to be deflationary. Crypto usage can help fight hyperinflation in developing countries, allowing people to safeguard their capital in a liquid and transferable way. This is the main reason Argentina’s President, Javier Milei, decided to adopt Bitcoin as a means to fight hyperinflation in the country.
El Salvador VS USA
To better clarify the different factors that affect the popularity of the crypto market in a given country, let’s compare two famous nations in the crypto world: El Salvador, the first Latin American developing country to adopt it, and the USA, the number one Bitcoin holder.
Stability
While the USA legalized the usage of Bitcoin in March of this year, the strength of its economy helped increase the popularity of cryptocurrencies among investors years before the adoption. Conversely, El Salvador adopted Bitcoin as a legal currency in 2021. Yet, its population is still adapting to the usage of Bitcoin, as they are still recovering from a lackluster economic situation, discouraging the population from investing in a volatile market like the crypto world.
Technology
It’s no secret that the USA is one of the most technologically advanced countries in the world. Most of the country's population has access to modern technology and knowledge sources, which allows potential investors, both large and small, to research and prepare for their crypto investment process properly. On the other hand, El Salvador’s proper contact with cryptocurrencies came with Bukele’s government after the controversial but positive decision to adopt Bitcoin. The lack of technology due to the economic situation in the country and the lack of knowledge due to the negligible contact the general population has had with the crypto market contributes to its slow but steady adaptation process.
Banking
El Salvador’s economy has improved immensely during the last few years. Nevertheless, the population's brunt is still improving their finances, so the financial options available to the general population are still limited. The people who have managed to invest in Bitcoin in the country have better opportunities for financial options, a positive point for the adaptation process. In contrast, the USA is one of the world's financial hubs, so much of its population can access solid banking and financing options without needing crypto investment.
Inflation
Nayib Bukele faced the COVID-19 pandemic and its resulting global inflation rise, yet among the measures he took to face these challenges, the adoption of Bitcoin in 2021 served as a factor in fighting the increasing inflation in the country, which went from having the highest inflation rate in the country in 20 years during 2022, to one of the lowest of the region in 2024. While the USA has seen its share of inflation during the last couple of years, it has not become a problem that would need extra measures to control. However, the recent adoption of Bitcoin might be a safeguard against inflation in the future.
Crypto Socio-Economic Influence
As with everything, the crypto world has pros and cons. These can affect a country's social and economic infrastructure positively and negatively. Let’s look at some of the effects Bitcoin adoption might cause in a country.
The Plus Side
One of the biggest benefits of crypto adoption is the possibility of greater financial inclusion, especially for the population that doesn’t have access to traditional banking services. Cryptocurrencies like Bitcoin also allow individuals to carry out transactions worldwide without centralized authorities, thus promoting international business and reducing transaction fees for small businesses. Thus, the global economy opens up to more people.
Finally, cryptocurrencies' blockchain technology allows for the development of decentralized applications that can be used for many purposes besides transactions, thus creating the perfect market for innovation.
The Negative Side
One of the main concerns about crypto transactions is the potential facilitation of illegal activities. Money laundering, online scams, terrorism financing, and other illegal activities are some risks the crypto world entails. Volatility is also a huge discouraging factor for potential crypto investors, as prices can fluctuate tremendously with short notice.
The negative impact of cryptocurrencies on the environment is also a major reason for concern. Most cryptocurrencies require advanced, state-of-the-art algorithms, which require tremendous amounts of energy to function and maintain the network properly. Some estimates suggest that the carbon footprint of Bitcoin mining alone is equivalent to that of a small country.
The Internet, Bitcoin’s Adoption Backbone
Bitcoin’s adoption into society requires effective and efficient network systems that allow constant, stable connection. One of the main reasons for this is security and the ability to conduct transactions at high speeds, allowing Bitcoin’s effective integration into financial institutions. An optimal network service allows both individual investors as well as countries adopting Bitcoin to:
- Improve transaction speed
- Improve security
- Improve energy sustainability
- Accommodate large-scale Bitcoin operations
Countries attempting to enter the crypto world through Bitcoin need an optimal network infrastructure. The market's volatility requires internet speed and stability.
Stability and Speed
Thanks to the large amount of transactional data that blockchain technology stores, Bitcoin requires constant stability and high download and upload speeds. Bitcoin’s blockchain technology ensures that it’s almost impossible for data to be hacked or corrupted. Countries looking into adopting Bitcoin as legal currency must ensure that their national network infrastructure:
- Can keep up with scalations in blockchain technology
- Ensures reliable internal and external servers
- Provides stability and speed.
The Energy Issue
As we’ve mentioned before, Bitcoin mining is extremely energy-intensive and produces high contamination levels. As sustainability and alternate energy sources are becoming a commitment the world over, being able to use other energy sources, like solar energy, can have many benefits in the long run:
- Diminished energy costs
- Increased profits
- Access to massive power sources that provide uninterrupted Bitcoin investment
Considering these factors, we can see that the future of a sustainable Bitcoin economy is closely linked to solar energy. The method is currently being developed and optimized to harness solar energy better and more photovoltaic energy with less waste. If the issues are resolved, solar-powered Bitcoin transactions are the answer to reducing carbon emissions and dependence on power grids.
The Challenges of Adopting Bitcoin
While making Bitcoin a legal currency in any country could be seen as a major leap forward, it doesn’t come without its share of current and future problems, as Bitcoin's decentralized, digital aspect complicates matters quite a bit.
Transaction Capacity
Bitcoin’s current transaction processing capacity is extremely limited compared to other systems. To give an idea, while currently Bitcoin can handle around seven transactions per second, Visa can handle 24,000 transactions per second. Mainstream adoption of Bitcoin currently hinges on improving its transaction capacity. Some projects focus on improving these aspects, like Lightning Network, but these are still in the early stages of development.
Regulation
A worldwide problem that governments are currently facing regarding Bitcoin is how to regulate it properly. Regulations can vary and change quickly, so uncertainty is rampant, and adoption is greatly hindered. Legal certainty achieved through clean and stable regulations is key for people and businesses to adopt Bitcoin.
Security
Bitcoin’s technology, decentralized nature, and cryptographic foundation make it extremely secure. Nevertheless, third-party applications and services like crypto wallets or trading platforms are vulnerable to hacking and scams. Improving security services and solutions is paramount to create trust and promote adoption.
Volatility
The instability of the crypto market deters many investors. It is arguably the main reason behind many of the trust issues possible investors have with Bitcoin and cryptocurrencies in general and a deciding factor in the analysis of which country owns the most Bitcoin. The dramatic price changes that Bitcoin experiences might become a huge obstacle for people and businesses to use for everyday transactions. One possible solution to this problem is stablecoins.
User Experience
Since Bitcoin is a digital currency that requires technical knowledge and hardware, it can be very intimidating for users without access to that knowledge. To make Bitcoin more accessible to more users, it is necessary to simplify the user interfaces in apps and platforms, provide excellent customer support, and make more user-friendly functionalities.
Trust
Not only does volatility affect the general population's trust in Bitcoin, but illicit activities have also been carried out using it, giving it a bad name that has been difficult to clean. A public campaign to educate people on positive cases of Bitcoin usage, transparency, and public support campaigns is necessary to create the population's trust and acceptance.
Integration with Traditional Banking Options
The seamless integration of Bitcoin into traditional banking systems is a must to adopt it effectively. Operating with traditional banks with no issues, easy conversion between Bitcoin and traditional currencies, and supporting widespread acceptance by the whole financial sector is necessary for mainstream adoption.
Legalities and Taxes
One of the biggest reasons people distrust Bitcoin is the lack of proper guidance on its legality and tax impact. Unclear tax implications are a big deterrent for many people, as the implications might create a huge legal tax problem.
Competition
As time passes, many other cryptocurrencies appear on the market, and while currently, Bitcoin is the undisputed ruler of the crypto market by a wide margin, this supremacy is not guaranteed for the future. Technologies with faster transactions, more privacy, or better features may be on the horizon to take the number-one position in the market. Relevancy in a constant evolution market is one of the biggest challenges Bitcoin might face in the future.
Energy
As mentioned, Bitcoin mining is incredibly energy-consuming. The sustainability and worldwide acceptance of Bitcoin hinges on developing green, sustainable energy methods or improving the energy consumption of the existing methods.
Our Labor and Beliefs
PlasBit is a crypto exchange platform that offers real-time market data and order execution capabilities to meet all your crypto trading needs. Our platform functions 24/7, allowing users to participate and react to market changes to maximize profits while securing their assets. We also offer connection to traditional banking options, allowing you to exchange crypto into fiat currency whenever needed through our online wire transfer services. Our cards support both online and physical shopping, bringing users closer to a crypto-friendly environment both on and off the Internet. PlasBit is committed to ensuring all your transactions and assets are safe and secure. We will go the extra mile to protect you, using additional security measures and protocols to ensure everything is as it should be.
Transactions require two-factor authentication, and our 24/7 support chat and emails are here to help you when needed. We also conduct penetration tests to ensure hackers are blocked, and there are no vulnerabilities. Exchanges like PlasBit help the broad adoption of Bitcoin worldwide by bridging the gap between fiat and crypto for the average user, thanks to our user-friendly interface and easy-to-understand system.
We believe in Bitcoin's power as a truly decentralized currency that can change how people manage their finances and give them true control over their funds. This is a significant milestone in achieving self-sovereignty. We believe in Bitcoin, in particular, as the one true decentralized cryptocurrency that does not have any organization behind it.
Conclusion
As we have seen, Bitcoin adoption worldwide is slowly but steadily becoming more commonplace. Many countries that at first shunned Bitcoin, like the USA, have now decided to begin adapting it to their legal economy, answering the question of which country owns the most Bitcoin. Others, like El Salvador, bet on Bitcoin adoption as a way of promoting the growth of the country’s economy. Bitcoin adoption has benefitted many countries, giving their populations access to financial options they couldn’t before, opening the gates for more people to engage in the global economy, and creating the possibility of safeguarding their money from and fighting inflation.
However, Bitcoin adoption is not without its own set of challenges. The general distrust of the population due to past illicit usage history, the high energy consumption and contamination Bitcoin mining produces, the high volatility of the price, currently limited transaction capacity, and the process of integration into current traditional banking options are some of the biggest hurdles the crypto titan faces in the future. Nevertheless, the future for crypto adoption worldwide looks bright as more crypto-friendly regulations are being discussed and developed, and usage of Bitcoin and cryptocurrencies in general is becoming more mainstream the world over.
It is our belief that in the not-so-distant future, Bitcoin and other cryptocurrencies will become a fundamental part of everyday transactions for people as the evolution of technologies and the rise of digital currencies push economies to the digital plane.
