Bitcoin (BTC) — the first and most well-known cryptocurrency, has made countless investors around the world wealthy or significantly boosted their fortunes.
In this article, we'll explore who owns the most Bitcoin, how they managed to accumulate such vast amounts of coins, and how you might try to replicate the success of these investors.
Understanding Bitcoin ownership
Introduction to Bitcoin ownership
Many crypto market players are curious to find out who holds the most Bitcoin. After all, the more BTC someone holds, the greater their potential influence on the coin's price and the market as a whole. These major Bitcoin hodlers are often referred to as "whales," a term that highlights their size and weight in the vast crypto oceans. You can read more about crypto whales and how they affect the industry in our dedicated article.
But here’s the question: how can we even determine who owns the most bitcoins? It all boils down to the specific characteristics of blockchain technology, which underpins Bitcoin and all other digital assets. On the one hand, blockchain attracts users with the anonymity and privacy it offers—something traditional finance cannot provide. On the other hand, the very nature of blockchain promotes transparency and equality for all network participants. So we’re left with this intriguing paradox: while any transaction and address balances are visible on the blockchain, the identities behind these addresses often remain a mystery. Let’s delve deeper into this fascinating contradiction.
Transparency in Bitcoin wealth distribution
We can identify which addresses hold the most Bitcoin, but we don’t always know who controls these addresses.
Essentially, anyone can track the flow of funds between addresses, offering insight into how wealth is distributed. However, these addresses themselves remain anonymous—the identity of their owner or owners is usually unknown, which diminishes Bitcoin ownership transparency.
For a more detailed understanding of what crypto wallet addresses are, be sure to check out our latest article. It’ll give you a clearer sense of what these addresses are and why identifying the people behind them is nearly impossible through Bitcoin wallet analysis.
You can easily purchase Bitcoin (BTC) and many other top market cryptos through our itez widget via this link!
Exploring the largest Bitcoin holders
Top Bitcoin addresses and their owners
In most cases, the largest Bitcoin holders are not individuals but companies—be it publicly traded firms like the software provider MicroStrategy, private entities such as the defunct crypto exchange Mt. Gox, which collapsed in 2014, or mining companies like the American firm Marathon Digital Holdings Inc.
Individual investors rarely make it into the top Bitcoin addresses. And even if they do, they remain anonymous in the vast majority of cases.
So, let’s try to uncover who owns bitcoin now. To do this, the itez team used data provided by world-renowned Bloomberg analyst Eric Balchunas, who shared his findings on the social platform X on 12th August 2024. Here’s the list he provided:
Analysis of Bitcoin wealth concentration
Now, let’s break down this list. When analysing the current Bitcoin wealth distribution, it becomes clear that the primary Bitcoin millionaires today are not private investors but corporations and even governments.
In fact, the Bitcoin wealth concentration can be summarised as follows:
- Individuals: 1 – Satoshi Nakamoto. It’s important to note that this claim remains unproven, as to this day, it’s still not confirmed whether Satoshi Nakamoto is a single anonymous creator of Bitcoin or a group of developers.
- Exchange-Traded Funds (ETFs): 3 – Blackrock, Grayscale, and Fidelity.
- Private Companies: 2 – Block.one and Robinhood.
- Public Companies: 1 – MicroStrategy.
- Mining Companies: —
- Crypto Exchanges: 2 – Binance and Bitfinex.
- Governments: 2 – USA and China.
This reveals a notable Bitcoin wealth inequality: right now, the largest accumulation of Bitcoin is within BTC-ETFs, which only emerged in January 2024. This demonstrates the unprecedented success and long-term potential of this new financial instrument.
Factors affecting Bitcoin ownership
Institutional investors and whales
While it's difficult to pinpoint how many bitcoin holders there are, one thing is certain—the most influential and powerful players in the market are the largest holders: institutional investors and crypto whales.
The growing interest from these major investors has radically altered the landscape of cryptocurrency ownership. Their massive buy-ins or sell-offs can drastically impact Bitcoin’s price, either boosting it or causing it to crash. These sudden bursts of volatility often have negative consequences for smaller, retail investors, who can lose significant amounts during these price swings.
Bitcoin mining pools and their impact
Another critical group of large players is mining pools, which are responsible for a substantial portion of Bitcoin’s supply. These pools often retain a portion of their large earnings on corporate balance sheets, waiting for Bitcoin’s value to rise and, consequently, increasing their profits further.
Among the most prominent mining companies are Marathon Digital Holdings Inc, Hut 8 Corp, and Riot Platforms, Inc. While none of these companies are among the top ten largest holders of BTC as of August 2024, the amounts they control are still significant. As of the time of writing this (25 August 2024), these companies collectively hold around 25,000 BTC, 9,100 BTC, and 9,000 BTC respectively.
Top BTC hodlers among public Bitcoin miners. Source: bitcointreasuries
Unfortunately, Bitcoin, which was originally envisioned as a decentralised alternative to traditional currencies, is becoming increasingly centralised. This is largely due to the fact that more and more coins are being concentrated in a small number of wallets. As a result, the power these entities wield over the market is growing disproportionately, giving them the ability to significantly influence price movements and market dynamics.
Examining Bitcoin ownership by country
Countries with the largest Bitcoin holdings
Based on our earlier discussion, the answer to what country owns the most bitcoin is the United States. The country leads the charge due to its robust technological infrastructure and the widespread acceptance of cryptocurrencies among businesses and investors. The developed ecosystem of crypto exchanges, venture capital firms, and access to cheap electricity in certain regions support mining activities. Moreover, institutional interest in Bitcoin remains high, and the US continues to attract crypto projects and startups, further cementing its dominance in the industry.
China comes in second after the US. For many years, China was the global hub for Bitcoin mining. However, since 2021, the Chinese government has banned mining and crypto trading, citing concerns about financial system stability and environmental protection. Despite this, China remains a significant technological player, primarily due to its past influence on the market and its promotion of the digital yuan.
The United Kingdom ranks third in the world for Bitcoin ownership. This is fueled by a combination of factors, including the increasing integration of Bitcoin into the financial services sector and the proactive stance of regulatory bodies such as the Financial Conduct Authority (FCA). The FCA has implemented a regulatory framework that, while strict, has provided clarity and security for investors, encouraging greater participation in the crypto market.
Interestingly, some countries like El Salvador have given Bitcoin official status as legal tender. The nation is actively developing its crypto infrastructure and plans to use geothermal energy to power its mining operations. To learn more about how Bitcoin has transformed El Salvador, check out our special report on the country's Bitcoin policy.
Regulatory environment and Bitcoin ownership
The list of those who have the most bitcoins in the world is heavily influenced by the regulatory environment. Let’s look at the policies of the three countries that are the top holders of Bitcoin.
In the US, authorities have been tightening their grip on cryptocurrency regulation, with a focus on protecting investors and combating money laundering. Major agencies such as the SEC and CFTC have been intensifying their oversight of the crypto market. This makes the upcoming presidential election crucial, as the new US leader could usher in a new era of digital asset regulation. For more details on what might happen if the most crypto-friendly candidate, Donald Trump, is elected, see our dedicated piece.
As noted earlier, China has completely banned cryptocurrency transactions and mining, while pushing its own digital currency, the digital yuan. The government maintains strict control over access to international crypto exchanges, which has significantly reduced trading volumes and Bitcoin ownership in the country.
In the UK, FCA has established strict regulations for crypto companies, requiring registration and compliance with anti-money laundering rules. The UK government has also expressed intentions to make the country a global hub for cryptoasset technology, supporting innovation while maintaining regulatory clarity. This balanced approach has helped the UK secure a significant position in global Bitcoin ownership.
Meanwhile, El Salvador continues to support Bitcoin as legal tender and offers tax incentives for crypto investors. The government is actively promoting cryptocurrencies and is working to improve the financial literacy of its population.
Conclusion: the future of Bitcoin ownership
Without a doubt, the cryptocurrency market will continue to evolve and develop, but some things are likely to remain constant—such as the community’s belief in the potential of Bitcoin and the desire to accumulate as many coins as possible.
However, it’s important to recognise that the list of top Bitcoin whales is far from static; it’s a dynamic leaderboard where players constantly appear and disappear, swapping places as they rise or fall. This volatility and movement reflect the ever-changing and forward-moving nature of the cryptocurrency market.
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This article is not investment advice or a recommendation to purchase any specific product or service. The financial transactions mentioned in the article are not a guide to action. It’s not intended to constitute a comprehensive statement of all possible risks. You should independently conduct an analysis on the basis of which it will be possible to draw conclusions and make decisions about making any operations with cryptocurrency.
