Top 5 Countries With More Bitcoin Holders
The cryptocurrency trend continues to trend among people in the search for the next investment opportunity that will give them a chance to make money on their investment. Many people are wondering whether or not cryptocurrencies can be considered an investment or gambling.
The truth is that the technological innovations behind all of these cryptocurrencies are real and it brings many benefits to the world. Therefore, for people that believe in such technology, cryptocurrencies are considered an investment which is why they are holding on to them for the long run.
When we talk about cryptocurrencies, the most popular option that is common all around the world is Bitcoin. Bitcoin is the first cryptocurrency with an unknown creator that started this entire crypto movement. The price of Bitcoin managed to climb up to $65,000 in the past couple of years, and people believe that in the next decade, it could go up to multiple millions of dollars per coin.
This is why many people are interested in Bitcoin as an investment and they are allocating their resources towards investing in this digital currency.
So, which countries are most confident in Bitcoin? Who are the ones that believe the most in Bitcoin by not selling their digital assets, even when the price is dropping?
Which Countries Hold Most Bitcoin?
There is no doubt that the United States is the biggest holder of Bitcoin. Just because Bitcoin has a fixed supply of 21 million coins, and not all of them are mined, the circulation of available Bitcoins is constantly changing but at a slow rate. This is why it is hard to know the exact amount of BTC that people from the United States hold.
However, it is worth mentioning that nearly 22 percent of all Bitcoin addresses are coming from the United States. Some sources suggest that the United States holds 19% out of all Bitcoin in circulation, which is huge.
Even though officials in China are in a constant battle with crypto owners trying to regulate cryptocurrencies, they still fall in second place as the biggest Bitcoin holders in the world. China’s government has tried to ban cryptocurrencies multiple times but failed in every way thanks to the decentralized nature of Bitcoin. And that is the main bonus Bitcoin has compared to fiat cryptocurrencies.
The reason why China falls in second place as one of the biggest Bitcoin holders is because of the number of miners that China has. According to some sources, China has around 18 percent of the total amount of Bitcoin in circulation, and all thanks to the huge crypto farms, which were the main problem for the Chinese government due to energy consumption.
You probably didn’t expect to see Nigeria as one of the top Bitcoin holders, but it is. Nigeria has always been a technologically forward country looking for innovations in every area. Maybe this is the reason why they’ve adopted cryptocurrency technology.
As of now, Nigeria holds around 15% of the total Bitcoin in circulation and this number continues to grow as more investors are considering Bitcoin as a long-term investment. Nigeria has more than $3 billion worth of Bitcoin and has a lot of users, exchanges, and even miners that have quite a big crypto farms.
Nigeria is so ahead that they use cryptocurrencies for daily transactions, and are most bullish on Bitcoin. They have always been a country that embraced new technology, which is why it became the most fast-growing country in the past couple of years.
Considering the population in Russia, it is no surprise that we find this country a top Bitcoin holder in the world. Even though Russia didn’t have a great opinion of cryptocurrencies at the beginning, they softened their regulations and views of this new technological innovation and even the government decided to invest in Bitcoin.
In 2017, the Russian government started considering Bitcoin as a legitimate payment solution for online purchases, and a good store-of-value asset. This was announced by Mr. Marinchev, who is Vladimir Putin’s Advisor for Internet issues.
Now Russia holds around 14% of the total supply of Bitcoin and this currency continues to grow in popularity in this country.
The situation between Canada and Russia is almost identical in terms of the total supply of Bitcoin that they hold. As of now, Canada holds around 14% of the current supply of Bitcoin, which is great considering that there are no big farms that mine Bitcoin.
This means that the popularity of this cryptocurrency and its adoption is more by the people than big organizations. This is also proven by the number of Bitcoin wallets registered in Canada, which has been growing significantly over the past couple of years.
Canada falls in fifth place as the biggest Bitcoin holder in the world, which shouldn’t be surprising.