The global adoption of Bitcoin continues to accelerate, not only among individual investors and corporations but also at a national level. Countries around the world are increasingly recognizing the strategic value of holding Bitcoin as a reserve asset. While some nations on the list of top holders are economic powerhouses you might expect, others are surprising entries making bold moves in the digital currency space.
This article breaks down the countries currently holding the most Bitcoin, exploring the scale of their investments and the stories behind their acquisitions.
Top Nations by Bitcoin Holdings
United States
The United States holds the largest known national Bitcoin treasury. According to data from intelligence platform Arkham, the U.S. government currently possesses approximately 198,109 BTC. With Bitcoin's price hovering around significant highs, this vast holding is valued at over $20 billion.
These holdings were primarily acquired through seizures from criminal investigations and enforcement actions against darknet markets and illegal operations. The U.S. manages these assets through various government agencies, including the Justice Department and the IRS.
China
Despite its strict stance against cryptocurrency trading and mining within its borders, China ranks as a close second to the U.S. in national Bitcoin holdings. Current estimates indicate that China holds roughly 190,000 BTC, with a total value of approximately $19.5 billion.
Similar to the U.S., a significant portion of China's Bitcoin treasury is believed to have originated from seizures during the government's crackdown on crypto-related activities. This large holding exists alongside its push for a state-controlled digital currency, the digital yuan.
United Kingdom
The United Kingdom secures the third spot, though its holdings are considerably smaller than those of the top two. The UK's treasury is reported to contain about 61,245 BTC. At recent market prices, this investment is worth an estimated $6.28 billion.
The UK's approach has been more measured, with its holdings also largely resulting from law enforcement seizures. The country continues to develop a regulatory framework for digital assets, balancing innovation with consumer protection.
Surprising Entries on the List
While the top three holders are major global economies, the following two nations have made deliberate and strategic decisions to embrace Bitcoin, setting themselves apart in the world of macroeconomic policy.
El Salvador
El Salvador made history in September 2021 by becoming the first country in the world to adopt Bitcoin as legal tender. This groundbreaking move was championed by President Nayib Bukele and drew significant criticism from international bodies like the International Monetary Fund (IMF).
Undeterred, the nation launched an ambitious "one Bitcoin per day" purchasing program in November 2022. Through this consistent accumulation strategy and other purchases, El Salvador has built a treasury of nearly 6,000 BTC. Valued at over $611 million, this holding represents close to 2% of the country's entire Gross Domestic Product (GDP), showcasing a monumental bet on the digital currency's future.
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Bhutan
The Royal Kingdom of Bhutan, a nation more famously known for measuring its success by Gross National Happiness rather than pure economic output, is another unexpected major holder. The Himalayan kingdom has quietly accumulated a substantial portfolio of cryptocurrencies, including both Bitcoin and Ethereum.
Data reveals that Bhutan currently owns 1,221 BTC. With the current valuation of Bitcoin, this holding is worth approximately $1.26 billion. This investment is seen as part of the country's broader strategy to leverage technology for economic development while maintaining its unique cultural identity.
Why Are Countries Accumulating Bitcoin?
Nations are attracted to Bitcoin for several strategic reasons, which differ from the motivations of individual investors.
Diversification of Reserves: Countries traditionally hold reserves in assets like gold, foreign currencies (primarily the U.S. dollar), and government bonds. Bitcoin offers a new, non-sovereign asset class for diversification, potentially hedging against inflation and global economic instability.
Technological Advancement: Investing in Bitcoin signals a country's commitment to embracing financial technology and innovation. It can attract tech talent and investment from the growing blockchain industry.
Economic Independence: For some smaller nations, Bitcoin represents a path toward greater monetary independence and a way to reduce reliance on traditional banking systems and foreign currencies.
Frequently Asked Questions
Which country owns the most Bitcoin?
The United States currently holds the most Bitcoin of any nation, with approximately 198,109 BTC. These holdings were largely seized through law enforcement actions rather than purchased directly.
How did Bhutan acquire its Bitcoin?
Bhutan's acquisition of Bitcoin is believed to be part of a state-backed investment strategy. The country has invested in cryptocurrency mining, using its abundant hydroelectric power to generate coins sustainably, thereby building its treasury.
Is Bitcoin a good investment for a country?
The answer is highly debated. Proponents argue it's a high-growth potential asset that diversifies national reserves. Critics point to its extreme volatility, making it a risky store of value for managing a national economy. The long-term outcome for countries like El Salvador is still being watched closely by economists.
What are the risks for countries that hold Bitcoin?
The primary risk is price volatility. A sharp decline in Bitcoin's value could significantly impact the value of a nation's reserves. Other risks include technological complexity, security concerns around storing large amounts of digital assets, and potential political backlash.
Did China ban Bitcoin?
Yes, China has implemented strict bans on cryptocurrency trading and mining within the country. However, the government itself still appears to hold a large amount of Bitcoin that was seized from its citizens and businesses during its crackdowns.
How can I track a country's Bitcoin holdings?
While not all countries are transparent about their holdings, blockchain intelligence firms like Arkham Intelligence use on-chain analysis to track the movements of large wallets believed to be controlled by governments.