New Depth Detections by San Francisco-based Bitcoin Services Company River says the U.S. has quietly become the challengeless Bitcoin hegemony on Earth, controlling 40% of the entire cycle supply. By USD, the report sets the combined stake in U.S. investors, companies and public entities as “$790 billion North”, which can surpass the market value of most Fortune 50 companies if the market value of most Fortune 50 companies is masked as a single asset on the balance sheet.
Bitcoin Empire
River analysts describe a multi-pronged dominance that goes far beyond the ownership of the original coin. The study notes that publicly listed U.S. companies worldwide hold 94.8% of all Bitcoins, while U.S. organizations account for 82% of global Bitcoin development funds, with approximately 70% of venture capital deployed into the ecosystem. Even the fledgling exchange-traded fund market is skewed towards domestic investors: The report calculates that the U.S. listed ETFS controls 79.2% of outstanding shares in the entire asset class.
Hashrate is often seen as the most practical measure of security and industrial commitments, and is also tilted towards the United States. River estimates that miners operating within the U.S. generate 36% of global computing power, a share that is enough to make the country the largest contributor to cybersecurity.
Since the beginning of 2021, these miners have dragged $42.6 billion worth of newly issued bitcoins from the agreement and have spent more than $30 billion on rigs, power contracts and infrastructure. The boom has spawned at least 40 industrial-scale clusters, more than 10 MW, and has driven heads of Bitcoin-focused companies nationwide, more than 150, collectively employed more than 20,000 Americans.
The report noted on its title banner: “The United States is a global Bitcoin superpower” and then maps the country’s land area on the country’s map with golden circles of company headquarters and triangles for the nuclear power corridor that extends from Washington state to Georgia.
Texas, Georgia, New York and Ohio emerge in the form of intensive constellations, highlighting the migration of energy-intensive calculations toward deregulated or energy-rich states.
Sovereignty holders provide another shot for Washington’s influence. The U.S. government controls about 198,000 coins, almost three times that attributed to the UK and more than ten times the total number associated with China, North Korea or Bhutan. El Salvador’s president Nayib Bukele turned bitcoin into a fiat currency and geopolitical phone card, and he owned 6,000 coins. Venezuela has hardly recorded 200.
Institutional ownership is no longer limited to hedge funds’ hot hands or encrypting local treasury. Donations from Yale, MIT, Brown and Harvard all establish exposure to direct positions or ETFs, while insurers such as Volkswagen, TIAA and Northwest Mutual add assets to long-term portfolios traditionally populated by treasury and investment-grade credit. Hedge Fund Heavyweight Castle, Millennium, de Shaw and Mariner marked River as a list of subtitle names for key holders.
At press time, BTC traded at $106,510.
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