Top 10 Bitcoin Holding Rankings: Treemap visualizations by country and compelling Bitcoin stories

Hello, everyone! Bitcoin is a hot topic these days, and many of you may be wondering, "Which country has the most Bitcoin?" Today we're here to answer that question.

Globally Top 10 Bitcoin Holdings Set the country to Treemap In the form Python VisualizationWe're going to do just that, plus we're going to take a look at some fascinating Bitcoin stories from Bhutan, El Salvador, and Bulgaria. Check out this post to see where each country stands in terms of Bitcoin holdings and gain some interesting insights!

비트코인 보유 순위-top10

Top 10 countries by Bitcoin holdings

First, let's take a look at the top 10 countries that hold the most Bitcoin. The United States, China, and the United Kingdom are at the top of the list. These countries play an important role in the cryptocurrency market. It's actually a little different depending on the criteria, but let's code a Python visualization with the estimated data!

import matplotlib.pyplot as plt
import squarify # Library for generating treemaps

Top 10 countries with # Bitcoin holdings (estimated data)
data = {
    'United States': 207189,
    'China': 194000,
    'Ukraine': 46351,
    'El Salvador': 2381,
    'Finland': 1981,
    'Georgia': 66,
    'Bulgaria': 213519,
    'United Kingdom': 61000,
    'Germany': 50000,
    'Bhutan': 12574
}

Generate a treemap with # data - Visualize in Python
labels = [f'{country}\n{value} BTC' for country, value in data.items()]
sizes = list(data.values())

plt.figure(figsize=(12, 8))
squarify.plot(sizes=sizes, label=labels, alpha=0.7, color=plt.cm.Paired(range(len(data))))
plt.title('Top 10 Countries by Bitcoin Holdings', fontsize=16)
plt.axis('off')
plt.show()

Code commentary

1. import the library

import matplotlib.pyplot as plt
import squarify
  • matplotlib.pyplot: A basic library for data visualization.
  • squarify: A library for generating treemaps, which visualize data in the form of rectangles.

2. define your data

data = {
    'United States': 212847,
    ...
    'Bhutan': 12574
}
  • Define each country's Bitcoin holdings as a dictionary.

3. set the label and size

labels = [f'{country}\n{value} BTC' for country, value in data.items()]
sizes = list(data.values())
  • labels: A label that displays each country and its Bitcoin holdings.
  • sizes: A value that determines the size of each rectangle in the treemap.

4. Create and visualize a treemap

plt.figure(figsize=(12, 8))
squarify.plot(sizes=sizes, label=labels, alpha=0.7, color=plt.cm.Paired(range(len(data))))
plt.title('Top 10 Countries by Bitcoin Holdings', fontsize=16)
plt.axis('off')
plt.show()
  • plt.figure: Sets the graph size.
  • squarify.plot: Generates a treemap. alphacontrols the transparency, colorsets the color.
  • plt.title: Sets the graph title.
  • plt.axis('off'): Hides the axis.
  • plt.show(): Prints the graph to the screen.

Running this code will generate a treemap with squares of different sizes representing each country's Bitcoin holdings, as shown in the image at the beginning of this post. This gives you an intuitive idea of which countries hold more Bitcoin.

Hidden Treasures of the Himalayas: Bhutan's Bitcoin Story

비트코인 보유 순위 - 부탄 그림
(Top 10 Bitcoin Holding Countries - Bhutan)

This tiny kingdom in the Himalayan mountains harnesses the abundant hydroelectric resources of the Himalayas to generate electricity. With fewer tourists during the COVID-19 pandemic, Bhutan had a surplus of electricity, and the government decided to use it to mine Bitcoin. Surprisingly, they even created a state-owned company to mine Bitcoin.

A recent survey by ForbesBhutan now holds $750 million worth of Bitcoin, which is equivalent to 351 TP3T of Bhutan's GDP! Bhutan is now the 4th largest government Bitcoin holder on the Arkham platform.

Bhutan has been secretly expanding its Bitcoin mining facilities since 2020, with satellite imagery showing them hidden in dense forests and rugged terrain. The Bhutanese government plans to increase mining capacity sixfold by 2025.

This strategy is likely to help Bhutan address its declining tourism revenue and trade deficit. However, there are also risks associated with the volatile cryptocurrency market and energy-intensive mining activities. We can't wait to see what Bhutan's bold move will bring!

El Salvador: A pioneer in the Bitcoin economy

비트코인 보유 순위 - 엘사바도르 그림
(Top 10 Bitcoin Holding Countries - El Salvador)

As exciting as Bhutan's story is, we can't forget about El Salvador's Bitcoin journey. On September 7, 2021, El Salvador became the first country in the world to adopt Bitcoin as a legal tender. This bold decision sent ripples around the world.

El Salvador currently holds approximately 5,870 bitcoins, and has reportedly been steadily buying bitcoin throughout the month of August 2024. President Nave Bukele has even announced plans to build a "Bitcoin City," accelerating the country's transition to a crypto economy.

El Salvador's experiment hasn't been without its challenges: international financial institutions, including the IMF, have voiced concerns, and the country's population is divided on the issue. Nevertheless, the government believes that Bitcoin adoption can increase financial inclusion and reduce the cost of sending money abroad.

El Salvador's challenge is an important lesson for other countries. Will El Salvador's Bitcoin economy experiment succeed? We can't wait to see how it develops!

Bulgaria's Bitcoin story: a hidden treasure

비트코인 보유 순위 top10- 불가리아 그림
( Top 10 Bitcoin Holding Countries - Bulgaria )

Bulgaria rose to prominence as a bitcoin destination in 2017 with a massive smuggling ring bust called "Operation PRATKA." The operation was initiated by Bulgarian authorities investigating corruption among customs officials and was conducted in cooperation with the South East European Law Enforcement Center (SELEC). It resulted in the arrest of 23 customs officials and the seizure of approximately 213,519 BTC held by the criminal organization.

At the time of the seizure, these bitcoins were valued at around $2.5 billion, but are now estimated to be worth around $10 billion or more. This is one of the largest official holdings of bitcoin by the Bulgarian government, and the government has not been clear on what to do with it. Some speculate that it may have already been sold, but the government has not made any official confirmation of this.

The case has sparked a global discussion about cryptocurrency seizure and management, prompting many countries to formulate policies on how to handle cryptocurrency obtained as proceeds of crime, and Bulgaria's experience is an important lesson for other countries. Many are watching closely to see how Bulgaria's bitcoin story will unfold in the future.

Conclusion

Bitcoin is now more than just an investment vehicle, it's becoming an important component of economic strategies across countries. As you can see from the examples of Bhutan and El Salvador, countries are utilizing Bitcoin in ways that make sense for them.

We hope this article has given you a better understanding of the current state of Bitcoin holdings in each country, and has given you a sense of the global cryptocurrency market. It's worth keeping an eye on the strategies of countries surrounding Bitcoin and the results.

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