Which Country Owned The Most Bitcoin?
In this article, we’ll give you an idea of which country owned the most amount of Bitcoin cryptocurrency and its estimated circulations around the world.
Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
According to research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.
The number of bitcoins in circulation has been growing since the creation of the currency in 2009 and reached almost 16.8 million in December 2017. However, the total amount of bitcoins is capped at 21 million, which is expected to be reached around 2140.
Bitcoin Ownership by Country
The amount of Bitcoin owned by each country is a closely guarded secret. However, we can make some educated guesses based on the available data.
It is estimated that there are approximately 16 million Bitcoins in circulation. Of these, it is believed that approximately 4 million are held in China, 3 million in the United States, and 2 million in Japan. Other countries with large numbers of Bitcoin holders include Canada, the United Kingdom, and Australia.
Interestingly, the distribution of Bitcoin ownership is quite skewed. The top 10 countries account for over 80% of all Bitcoins in circulation. This concentration of ownership means that a small number of individuals or entities could have a significant impact on the price of Bitcoin.
The United States
As of September 2019, the United States is estimated to have approximately 1.8 million Bitcoin users and a total of $11.5 billion worth of Bitcoin in circulation. The largest concentration of Bitcoin users in the US is in California, followed by Texas and New York.
In terms of businesses that accept Bitcoin, the US lags behind other countries. However, there are a few notable businesses that do accept Bitcoin, including Microsoft, AT&T, and Overstock.com.
The United States government has taken a hands-off approach to Bitcoin so far. However, the US Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued guidance stating that businesses that deal in Bitcoin must comply with anti-money laundering and counter-terrorism financing regulations.
Canada is home to a growing number of Bitcoin users and businesses. As of September 2019, Canada is estimated to have approximately 1.9 million Bitcoin users and a total of $6.9 billion worth of Bitcoin in circulation. The largest concentration of Bitcoin users in Canada is in Toronto, followed by Vancouver and Montreal.
The Canadian government has taken a hands-off approach to Bitcoin so far. However, the Canadian Securities Administrators (CSA) have issued guidance stating that businesses that deal in Bitcoin must comply with securities regulations.
In terms of businesses that accept Bitcoin, Canada lags behind other countries. However, there are a few notable businesses that do accept Bitcoin, including Shopify and Newegg and TigerDirect.
The United Kingdom
As of September 2019, the United Kingdom is estimated to have approximately 3.8 million Bitcoin users and a total of $13.9 billion worth of Bitcoin in circulation. The largest concentration of Bitcoin users in the UK is in London, followed by Birmingham and Manchester.
In terms of businesses that accept Bitcoin, the UK lags behind other countries. However, there are a few notable businesses that do accept Bitcoin, including Marks & Spencer and Virgin Galactic.
Australia is home to a growing number of Bitcoin users and businesses. As of September 2019, there are an estimated 2.1 million Bitcoin users in Australia and $5.9 billion worth of Bitcoin in circulation
There are a few notable businesses that accept Bitcoin in Australia, including Binance, CoinJar, and BitPay. The Australian government has been supportive of Bitcoin and blockchain technology. In 2017, the Australian Senate inquiry into digital currencies concluded that Bitcoin is not a currency and should be regulated as a property.
China is home to two of the world’s largest Bitcoin mining pools – F2Pool and Antpool – which combined control more than 25% of the network’s collective hashrate. However, due to the Chinese government’s crackdown on cryptocurrency, it is difficult to estimate the number of Bitcoin users in China.
Bitcoin ownership is thought to be heavily concentrated in China, with an estimated 65-80% of the total supply held by Chinese investors. This estimate is based on analysis of the blockchain data and Chinese trading activity, as well as anecdotal evidence from industry participants.
There are a number of reasons why Chinese investors may be more likely to hold Bitcoin than investors in other countries. Firstly, China has a history of investing in alternative assets outside of the traditional financial system. For example, gold is often seen as a safe haven asset by Chinese investors and there is a large market for gold bullion and gold coins in China.
Secondly, Bitcoin may be seen as a way to circumvent capital controls and restrictions on foreign currency holdings. Chinese residents are only allowed to convert a certain amount of RMB into foreign currency each year, and there are strict limits on how much money can be sent out of the country. By holding Bitcoin, Chinese investors can avoid these restrictions and easily move their money overseas.
Lastly, China is home to many of the world’s largest Bitcoin mining operations, which gives Chinese miners a significant amount of control over the Bitcoin network. This may make Chinese investors feel more confident about holding Bitcoin as they know that they can help maintain network security by participating in mining activities.
Japan has been a leader in adopting Bitcoin and other cryptocurrencies. As of September 2019, there are an estimated 3.5 million Bitcoin users in Japan, accounting for approximately 4% of the country’s population.
As of September 2019, it is estimated that Japan owns approximately 3.63 million Bitcoins, which is about 5.75% of the total supply. This makes Japan the second largest holder of Bitcoin after the United States. The majority of Japanese Bitcoin ownership is held by individual investors, with only a small percentage owned by businesses or investment firms.
The Japanese government has been supportive of Bitcoin and blockchain technology, and in 2016 the country officially recognized Bitcoin as a legal form of payment. This recognition helped to legitimize Bitcoin and spur adoption among businesses and consumers alike.
Despite its relatively small size, Japan has played a significant role in the development of the cryptocurrency industry. In 2014, Tokyo-based Mt. Gox was the world’s largest Bitcoin exchange, handling over 70% of all global transactions at its peak. However, the exchange collapsed in early 2014 after suffering a devastating hack that resulted in the loss of 850,000 Bitcoins (worth over $450 million at the time).
Despite this setback, Japan has continued to be a leader in cryptocurrency innovation and adoption. In 2017, the country introduced legislation that recognized Bitcoin as a legal form of currency and placed regulations on cryptocurrency exchanges. These measures helped to boost confidence in cryptocurrencies and spurred adoption by businesses and consumers alike.
As of December 2017, it is estimated that over 800,000 Bitcoin are held by South Korean investors. This is a significant increase from previous estimates which put the number of Bitcoin held by South Koreans at around 500,000. The majority of these Bitcoin are thought to be held as investment, with only a small percentage used for day-to-day spending.
The high level of interest in Bitcoin in South Korea is often attributed to the country’s young and tech-savvy population. South Korea is also home to a number of large cryptocurrency exchanges, including Bithumb, Coinone, and Korbit. These exchanges allow investors to buy and sell Bitcoin easily, and have helped to drive up demand for the currency in the country.
India is home to over 1.3 billion people, making it the second most populous country in the world. Despite its large population, India only accounts for a small percentage of global Bitcoin ownership. According to a report from The Times of India, there are only around 50,000 Bitcoin users in the country.
However, the number of Bitcoin users in India is growing rapidly. The same report from The Times of India estimates that the number of Bitcoin users in the country will grow to 2 million by 2019. This growth is being driven by a variety of factors, including a rise in awareness of Bitcoin and other cryptocurrencies, and an increase in investment from both domestic and foreign investors.
With its large population and growing economy, India has the potential to become a major player in the global cryptocurrency market. If more people in the country start using and investing in Bitcoin, we could see a significant increase in the amount of Bitcoin owned by Indian citizens.
Bitcoin ownership in Russia is thought to be quite widespread, with a recent study revealing that almost one in three Russian internet users have bought or sold the cryptocurrency. This figure is even higher among young people, with over half of those surveyed aged 18-24 saying they had done so.
There are a number of reasons why Bitcoin might be popular in Russia. For one, the country has a long history of volatile currency markets, which has made many Russians skeptical of traditional financial institutions. Bitcoin provides an alternative way to store and transfer value that isn’t subject to the same fluctuations.
Another factor could be the fact that buying Bitcoin is a way to get around strict government controls on foreign currency purchases. Russians are only allowed to buy $50 worth of foreign currency per month, but there’s no such limit on Bitcoin. So for those looking to invest in international assets, Bitcoin can be a convenient way to do so.
Whatever the reasons for its popularity, it’s clear that Bitcoin has taken hold in Russia and is here to stay.
Bitcoin Ownership By Country
As of October 2020, the amount of bitcoin owned by each country is as follows:
United States: 22.3%
South Korea: 5.8%
United Kingdom: 4.7%
Here is a list of every country’s Bitcoin ownership according to recent estimates. These numbers are always changing, but it gives you a good idea of where the majority of Bitcoin is held. Unsurprisingly, the United States and China hold the most Bitcoin, but there are many other countries with sizable holdings as well.