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<a href="https://bitcoinworld.co.in/concerns-as-china-and-the-us-continue-to-stack-up-on-bitcoin-btc-what-does-this-mean-for-decentralization/" title="Concerns As China And The US Continue To Stack Up On Bitcoin (BTC): What Does This Mean For Decentralization?" rel="noopener noreferrer nofollow"></a>
<ul>
 <li style="font-weight: 400">The US government leads the race, holding over 200k Bitcoin (BTC) while China comes&nbsp; as a close second, with more than 190k BTC.</li>
 <li style="font-weight: 400">Despite rumors that the DOJ might be gearing up to sell, the crypto community is concerned about decentralization.</li>
</ul>
The promise of freedom from centralized entities like governments(China and the US), banks, and other financial institutions fuels the entire cryptocurrency world.&nbsp;
Bitcoin’s technology is undoubtedly sophisticated enough to take care of itself; however, the government’s increased stimulus plans have continued to raise issues.&nbsp;
In general, bitcoin maxis and the cryptocurrency community are increasingly becoming concerned about the continued uptake of Bitcoin by larger economies like China and the US.&nbsp;
Through the DOJ, the US government currently holds more than 200k Bitcoin, making it the leading country in BTC holdings despite needing clear backing for the course.&nbsp;
Unlike the US, the Chinese government has repeatedly shown clear intent to own BTC. The Chinese government is the only country rivaling the US in the number of BTC holdings.&nbsp;
See Also: <a class="row-title" href="https://bitcoinworld.co.in/monochrome-applies-for-australias-first-spot-bitcoin-etf-via-cboe-listing/" aria-label="“Monochrome Applies for Australia’s First Spot Bitcoin ETF Via Cboe Listing” (Edit)" rel="noopener noreferrer nofollow">Monochrome Applies for Australia’s First Spot Bitcoin ETF Via Cboe Listing</a>
With approximately 190k Bitcoins, the two countries are positioning themselves as custodians of Bitcoin, raising questions about true decentralization.&nbsp;
<h3 id="span-style-font-weight-400-potential-threats-china-and-the-us-pose-to-decentralization-span">Potential Threats China and the US pose to Decentralization.</h3>
Bitcoin thrives on decentralization and freedom for its users. When large economies like the US and China continue to amass Bitcoin, there is a potential threat to centralize holdings, undermining the decentralized nature of cryptocurrencies in general.&nbsp;
Additionally, the mass adoption of Bitcoin by authorities like China and the US can significantly impact regulation.&nbsp;
The regulatory influence of these governments can hinder the natural growth of these cryptocurrencies.&nbsp;
Continued adoption of Bitcoin by China and the US can create stricter regulations that can easily affect its use and distribution.&nbsp;
Additionally, government involvement can easily shape mass opinion and alter market dynamics that are seemingly happening organically at the moment.&nbsp;
Governance concerns can also become significant when different independent countries challenge the primary principles of decentralization.&nbsp;
According to an X <a href="https://twitter.com/Blockworks_/status/1775238954075193401" rel="noopener noreferrer nofollow">post</a> by Blockworks, the DOJ has a lot of Bitcoin and might be planning to sell a large chunk of it.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 The DOJ has a lot of bitcoin, but it might be gearing up to sell a large chunk of it<a href="https://t.co/r81VCBUIQ8" rel="noopener noreferrer nofollow">https://t.co/r81VCBUIQ8</a>
 — Blockworks (@Blockworks_) <a href="https://twitter.com/Blockworks_/status/1775238954075193401?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 2, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The tweet sparked a debate on Twitter, with many Americans expressing their discontent.&nbsp;
Some crypto enthusiasts mentioned that the DOJ did not receive the enormous Bitcoin holdings legally, while others noted that Americans should at least get a share of what the government currently holds in BTC.&nbsp;
Despite these sentiments, it is clear that Bitcoin still remains the pillar of cryptocurrencies and demonstrates the potential to revolutionize the financial scene.&nbsp;
See Also: <a class="row-title" href="https://bitcoinworld.co.in/solana-network-faces-high-failure-rate-in-transactions-amid-memecoin-mania/" aria-label="“Solana Network Faces High Failure Rate in Transactions Amid Memecoin Mania” (Edit)" rel="noopener noreferrer nofollow">Solana Network Faces High Failure Rate in Transactions Amid Memecoin Mania</a>
Looking at the maximum supply of Bitcoin (21 million), the current holdings by governments are negligible.&nbsp;
The Top ten countries holding Bitcoin are the USA, China, the UK, Germany, Ukraine, El Salvador, Finland and Georgia.&nbsp;
These countries hold&nbsp; 566,277 Bitcoin, with a current market value of $38,755,796,139.&nbsp;
Out of the 21 million Bitcoins, these ten countries hold 2.697% of the total supply as of March 2024.&nbsp;
These figures, however not threatening, should shed insight into the possible increase in BTC uptake by governments like China and the US, threatening decentralization.
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote>
&nbsp;
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The post <a href="https://bitcoinworld.co.in/concerns-as-china-and-the-us-continue-to-stack-up-on-bitcoin-btc-what-does-this-mean-for-decentralization/" rel="noopener noreferrer nofollow">Concerns As China And The US Continue To Stack Up On Bitcoin (BTC): What Does This Mean For Decentralization?</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

Concerns As China And The US Continue To Stack Up On Bitcoin (BTC): What Does This Mean For Decentralization?

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