The world's most prominent cryptocurrency, Bitcoin, soared to an unprecedented all-time high, surpassing $70,000. This milestone was primarily driven by major US financial institutions investing billions into Bitcoin.
Leading investment firms like BlackRock, Fidelity, and Grayscale began offering regulated financial products tied to Bitcoin's price after US authorities approved new regulations earlier this year. According to Carol Alexander, a Finance Professor at the University of Sussex, Bitcoin's price could climb even higher. However, she cautioned that cryptocurrencies remain "notoriously volatile."
This new record marks another dramatic moment in Bitcoin's turbulent history. The last time it reached a peak was in November 2021, before plummeting to around $16,500 months later. Over the past month alone, Bitcoin's value has surged by more than 50%, as reported by market data platform CoinMarketCap.
So far, 19.6 million Bitcoin have been created out of a maximum possible supply of 21 million. But who are the individuals and organizations holding these coins? While the figures below are estimates based on public data and research, they provide a clear picture of Bitcoin ownership as of late February.
Lost Bitcoin: 2.4 Million
Of the 19.6 million Bitcoin already mined, an estimated 2.4 million are lost. These losses occur when owners misplace private keys or storage devices. For instance, James Howells lost 8,000 Bitcoin stored on a hard drive he never recovered.
Some lost Bitcoin may also stem from abandoned criminal proceeds. Analytics firm Elliptic notes that 3.15 million Bitcoin have been inactive for over a decade, suggesting they are lost. Other analysts, like those at Chainalysis, argue that coins inactive for five years could also be considered lost, potentially adding millions more to this category.
Cryptocurrency Exchanges: 2.3 Million
Cryptocurrency exchanges function like banks for digital assets, allowing users to buy, sell, and store Bitcoin. Researchers at K33 estimate that exchanges hold approximately 2.3 million Bitcoin.
Binance leads with around 550,000 Bitcoin, followed by Bitfinex (403,000), Coinbase (386,000), Robinhood (146,000), and OKX (126,000). In total, exchanges hold about 11% of all Bitcoin. However, storing coins on exchanges carries risks, as demonstrated by the collapse of FTX, where users lost significant funds.
Unknown Whales: 1.6 Million
In Bitcoin terminology, a "whale" is an investor holding over 10,000 Bitcoin. Bitinfocharts, using public blockchain data, lists the top 100 richest wallets. Approximately 80 wallets hold at least 10,000 Bitcoin, with owners remaining anonymous. These large whales collectively possess around 1.6 million Bitcoin, representing about 8% of the total supply.
Unmined Bitcoin: 1.4 Million
Bitcoin mining involves powerful computers solving complex mathematical problems to release new coins. With a capped supply of 21 million, only 1.4 million Bitcoin remain to be mined, equating to roughly 7% of the total. Mining is expected to continue until around 2140 due to the increasing difficulty of the process.
Satoshi Nakamoto: 1.1 Million
The anonymous creator (or creators) of Bitcoin, known as Satoshi Nakamoto, holds about 1.1 million Bitcoin mined in 2009. These coins have remained untouched for years. If Satoshi is a single individual and still alive, they would rank among the world's wealthiest people, controlling about 5% of all Bitcoin.
Regulated Investment Funds: 933,000
In January, US regulators approved spot Bitcoin ETFs, enabling investment firms to offer new financial products. This move sparked significant market interest, driving Bitcoin's price upward. By the end of February, K33 Research reported that 933,000 Bitcoin had been traded through these new instruments.
Grayscale is estimated to hold the largest share with 450,000 Bitcoin, followed by BlackRock (150,000) and Fidelity (102,000). While many crypto enthusiasts celebrate this institutional adoption, critics worry about concentrating more power and wealth within traditional financial systems.
Law Enforcement Agencies: 335,000
Police forces worldwide regularly seize Bitcoin from cybercriminal operations. In the US, three major seizures have occurred since 2020. According to 21.co, these funds, totaling around 200,000 Bitcoin, remain inactive. Additional holdings include 61,000 Bitcoin seized in the UK and 50,000 in Germany.
MicroStrategy: 193,000
MicroStrategy, led by vocal Bitcoin advocate Michael Saylor, began accumulating Bitcoin in 2020. The company and its subsidiaries now hold approximately 193,000 Bitcoin, making it the largest corporate holder.
Block.one: 140,000
Block.one, a cryptographic software company, initially acquired 140,000 Bitcoin. The firm has continued purchasing since then, though the exact total remains undisclosed.
Mt. Gox: 82,000 Lost Bitcoin
The first major cryptocurrency exchange, Mt. Gox, lost about 850,000 Bitcoin in a 2011 hack. While most were likely resold, 80,000 Bitcoin remain in a known wallet, and 2,600 were irreversibly destroyed. Some affected users have started receiving reimbursements from recovered funds.
Winklevoss Twins: 70,000
Crypto entrepreneurs Cameron and Tyler Winklevoss revealed in 2017 that they held approximately 70,000 Bitcoin. Current holdings are unknown but likely higher due to continued investments.
Tether: 67,000
Tether Limited, issuer of the USDT stablecoin, holds an estimated 67,000 Bitcoin as part of its reserves, according to industry analysts.
Bitcoin Mining Companies: 40,000
Publicly traded mining firms, such as Marathon (16,000), Hut8 (9,000), and Riot (7,600), collectively hold about 40,000 Bitcoin. These companies operate large-scale mining operations, though they face criticism for environmental impacts.
Tim Draper: 30,000
Venture capitalist Tim Draper purchased 30,000 Bitcoin in a 2014 US government auction. He has stated that he has not sold any and continues to buy more.
Michael Saylor: 18,000
Beyond MicroStrategy's holdings, Saylor personally owns at least 17,700 Bitcoin and remains a staunch supporter of the cryptocurrency.
Tesla: 9,700
Elon Musk's Tesla holds just over 9,700 Bitcoin. The company bought over 40,000 in 2021 but sold most of its holdings in subsequent years.
Block: 8,000
Block, led by Twitter co-founder Jack Dorsey, holds approximately 8,038 Bitcoin for investment purposes, reaffirming its support for cryptocurrencies.
Peter Thiel: 3,600
Billionaire investor Peter Thiel's firm began buying Bitcoin in 2023, with an estimated investment of $100 million.
El Salvador: 2,800
Under President Nayib Bukele, El Salvador adopted Bitcoin as legal tender and has purchased an estimated 2,800 Bitcoin using public funds. This controversial decision has drawn criticism for investing national resources in a volatile asset.
Individual Holders
The exact number of Bitcoin held by individual investors remains unknown, as many owners maintain anonymity or use private wallets not captured in public data.
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Frequently Asked Questions
What happens when all 21 million Bitcoin are mined?
Once all Bitcoin are mined, no new coins will enter circulation. Miners will then earn income solely from transaction fees, which could impact network security and transaction costs.
Why is Bitcoin's supply limited to 21 million?
Bitcoin's creator, Satoshi Nakamoto, set this cap to create a deflationary asset. The limit ensures scarcity, similar to precious metals like gold, potentially increasing value over time.
How can I securely store Bitcoin?
Use hardware wallets for long-term storage, as they keep private keys offline. For active trading, reputable exchanges offer convenience, but always enable two-factor authentication and withdraw large sums to private wallets.
What drives Bitcoin's price volatility?
Factors include regulatory news, institutional adoption, macroeconomic trends, and market sentiment. Its relatively small market size compared to traditional assets also amplifies price swings.
Are Bitcoin transactions anonymous?
No, they are pseudonymous. All transactions are recorded on the public blockchain, allowing traceability. Privacy-focused techniques exist, but complete anonymity is difficult to achieve.
How do Bitcoin ETFs work?
Bitcoin ETFs track the price of Bitcoin and trade on traditional stock exchanges. They allow investors to gain exposure without directly holding the cryptocurrency, simplifying compliance and security concerns.