The United States has become a crucial player in the Bitcoin ecosystem, controlling a significant portion of circulating coins and impacting its distribution.
Bitcoin in the USA: Fact and Geography
The USA is one of the largest markets for Bitcoin and cryptocurrencies. Major exchanges such as Coinbase, Gemini, and Kraken are based in the U.S., playing a key role in Bitcoin trading. The U.S. dollar serves as a primary currency for Bitcoin quotations, emphasizing the country's influence on its price determination. States like Texas and Wyoming attract miners due to their favorable energy policies.
Bitcoin Distribution in the USA
The U.S. government directly influences Bitcoin's supply through confiscations of BTC during criminal investigations. For example, the U.S. Department of Justice seized 9,799.99 BTC from the Silk Road platform. The U.S. government holds a total of 196,784.59 BTC. However, asset manager BlackRock is the largest holder with 565,439.16 BTC, followed by Fidelity Custody and Grayscale.
Threats to Decentralization
The significant concentration of Bitcoin in the U.S. raises concerns over decentralization. However, experts suggest that Bitcoin's global node network and fixed rules act as 'safety measures' to mitigate centralization risks.
The USA plays a significant role in Bitcoin's ecosystem, contributing to its distribution and regulation. Despite potential centralization risks, experts remain confident in the network's resilience due to its global nature.
