The world is full of Bitcoin holders, or hodlers (whatever you want to call them) but which countries are holding the most? Whilst this might not seem important, it is in fact very important. In order to see how Bitcoin might flow in the future, we need to see which areas are seeing Bitcoin as a long term investment, compared to the countries that are spending it more quickly. Those who are spending it more quickly are most likely to see adoption as the future for cryptocurrency, they are using Bitcoin as a currency and not as an investment asset. In order to work out where Bitcoin will be most successful as an adopted currency, we need to workout which countries are holding and which are adopting.According to Usethebitcoin.com, the top ten Bitcoin ‘hodling’ countries are as follows;
The United States
The Czech Republic
You’re probably surprised by some of these countries, right? The USA, Japan, Switzerland and South Korea hardly come as a surprise. As very cryptocentric nations we already know that adoption will work in these countries, they are holding en masse simply because they have a huge population of cryptocurrency investors too. The likes of Romania, the Czech Republic, Poland, Spain and Turkey may come as a surprise, though as (mostly) European countries, we already know that the stance in Europe is generally quite positive, therefore it is expected that a number of countries in the continent will be holding Bitcoin in huge amounts. Just because Bitcoin seems to be more attractive as an investment in these countries, it doesn’t mean adoption isn’t possible, it just means it might be a little harder to achieve and there needs to be a change in approach if adoption is driven in these areas. China is possibly the biggest surprise, given that we now know authorities in China are hoping to wipe cryptocurrencies out from their very existence (it seems anyway). Perhaps many people in China are still holding onto their Bitcoin because it’s becoming very difficult to get rid of it? Or, maybe they are hoping that in the future, when Bitcoin flies again, the Chinese authorities may change to a more positive stance on the legalisation of cryptocurrencies in their country? ReferencesUsethebitcoin.com
Adrian is an avid reader who first stumbled across Crypto after reading 'The Basics of Bitcoins and Blockchains' by Antony Lewis in 2018. Since then, Adrian has immersed himself within the industry, and has a real interest in Enterprise Blockchain solutions.
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