The US and China are two of the biggest Bitcoin (BTC) holders among all other countries. However, China is very close to overtaking the US as the largest BTC holder among countries. According to the Bitcoin treasuries data by Bitbo, the US has 198,012 BTC, valued at around $17.48 billion. The US’s BTC holdings account for nearly 0.943% of the 21 million BTC that will ever be mined. China, on the other hand, has 194,000 BTC, valued at $17.12 billion, accounting for 0.924% of the total. In third place, we have the UK with 61,245 BTC, a significant fall off from the 2nd place. Looking at the data, China could soon overtake the US in terms of its Bitcoin holdings.
What May Happen If China’s Bitcoin Holdings Overtake The US?
China has become a major player in the last two decades. The country has also asserted substantial dominance in global trade and finance. If China overtakes the US in its Bitcoin agenda, there could be substantial concern among experts. BlackRock CEO Larry Fink had stated in a letter to shareholders that the US dollar may not remain the global standard forever. Fink said that digital currencies like Bitcoin (BTC) could take the dollar’s place in the future. If true, and if China overtakes the US in terms of its Bitcoin holdings, there could be serious consequences for the West. Despite placing a ban on cryptocurrencies, the Chinese government seems to be holding on dearly to its BTC holdings.
Also Read: US Dollar in Turbulence: Investors Reassess Trump’s Policies
Moreover, given the pro-crypto stance of the Trump administration, China overtaking the US in the Bitcoin (BTC) race could come as a major blow. However, the US has made cryptocurrency a top priority, especially after Trump took office. We could see a change in US Bitcoin adoption, and buying could pick up momentum over the coming years.
