In recent years, the whole planet has witnessed the power of Bitcoin. From small nations like Bhutan and El Salvador to the world superpower, the United States, all have directly or indirectly garnered their attention on Bitcoin, with the cryptocurrency hitting the humongous milestone of $100K in December 2024.
All these factors kickstarted a race for Bitcoin adoption, and now institutions and governments across the globe have accelerated their Bitcoin acquisition strategy.
In this Bitcoin adoption race, Strategy (MSTR) is in the top position. In its latest purchase, the company acquired an additional 4,020 Bitcoin—between 19 and 25 May—for nearly $427 million. Besides this Bitcoin giant, many new firms are also adopting a Bitcoin strategy to boost their portfolio and using it as a hedge against inflation.
Recently, a Paris-based digital asset company, Blockchain Group, announced that it will increase its Bitcoin acquisition via a 63.3 million euro (approximately $72 million) bond sale. With all these funds, they will add 590 BTC to their stack, which will surge their total holdings to 1,437 Bitcoin.
Not only corporations but also nations such as El Salvador, Bhutan, and the United States are also in the race to grab as much Bitcoin as they can. Now, crypto enthusiasts want to know who is dominating this race or who will become the global Bitcoin superpower. If you have the same question, you are at the right place because in this article, we explore Bitcoin adoption deeply. So, without wasting more time, let’s get started.
Why is the United States Dominating Bitcoin Adoption?
A recent report by River indicates a significant shift in the narrative surrounding Bitcoin in America, highlighting an increase in Bitcoin adoption across the nation. Some cryptocurrency experts are beginning to refer to the United States as a global Bitcoin superpower.
The report reveals that Americans collectively hold an estimated $790 billion in Bitcoin, which accounts for about 40% of the total Bitcoin ownership worldwide.
The United States is the global Bitcoin superpower.
Our new report breaks down how this advantage can fuel the next era of American prosperity. pic.twitter.com/v5BNgTGsKA
— River (@River) May 20, 2025
Several key statistics from the report emphasize America’s dominance in the Bitcoin landscape. Notably, over 150 major institutions in the US have some degree of Bitcoin exposure, while more than 40 states are either considering or have already implemented Bitcoin-friendly legislation.
Additionally, there are currently $132.98 billion in total net assets under management in the U.S. Bitcoin ETFs, alongside more than $30 billion in Bitcoin held by publicly traded companies in the country. Furthermore, the country boasts over 20,000 businesses related to Bitcoin, underscoring its robust and growing presence in the cryptocurrency space.
Who is Behind the United States in Bitcoin Adoption?
The U.S. has a strong lead, but a number of countries and companies also have a foray into Bitcoin, with each using different methods to boost their Bitcoin adoption.
El Salvador: The Pioneer of National Adoption
President Nayib Bukele led El Salvador in becoming the first nation to make Bitcoin legal tender in 2021. The nation keeps purchasing Bitcoin now and then, with it reporting over $357 million in profits, showing that their strategy has worked. The much-talked-about “Bitcoin City” project and Bitcoin-backed bonds have El Salvador making headlines for its one-of-a-kind moves and being a first-mover in doing so.
El Salvador uses remittances, which make up 24% of its GDP, and Bitcoin’s Lightning Network makes it easier and cheaper to send small amounts regularly. Although El Salvador is smaller compared to the United States, its early steps have encouraged other countries and placed it in the lead for adoption.
Bhutan: The Dark Horse
Bhutan entered the Bitcoin race quietly and got its hands on BTC through its state investment arm, Druk Holding and Investments. Leveraging its rich supply of hydroelectric power, the small Himalayan country has been able to mine Bitcoin in an eco-friendly way, which has helped its economy grow.
The country builds up its reserves over time, rather than using them for public spending, which helps explain its large holdings. While the U.S. makes its moves widely known, Bhutan’s method points towards how the adoption of new technologies could be molded in the most beneficial way.
Nigeria: Local Support Gaining Strength
Nigeria is one of the leading countries for Bitcoin adoption, as almost half of its population has worked with cryptocurrencies. Because of economic uncertainty, high inflation, and a large number of people without bank accounts in the country, Bitcoin has been adopted by many people who use it as a defense against inflation.
The government’s support for cryptocurrencies, as well as a new blockchain policy, has helped increase the adoption in Nigeria. Second only to India, Nigeria stands out in the 2024 Chainalysis Global Crypto Adoption Index because of its high P2P trading volume.
Other Countries in the Group: Argentina, UAE, and Russia
People in Argentina have turned to Bitcoin because of the country’s economic problems and high inflation. The United Arab Emirates, and Dubai in particular, is working to become a major center for cryptocurrencies by having clear laws and the VARA.
There are reports that Russia has also entered the scene, using Bitcoin and other cryptocurrencies for oil trades. If Russia continues to encourage Bitcoin mining and lower energy charges for miners, it could become a serious rival to the United States.
Corporate Contenders
MicroStrategy is not the only company making headlines in this space. As mentioned earlier in the article, the Paris-based Blockchain Group recently sold a bond worth €63.3 million ($72 million) to get 59 Bitcoin, bringing its total holdings to 1,437 Bitcoin.
The world’s largest asset manager, BlackRock—through its Bitcoin ETF and the addition of Coinbase Prime to its asset management software, Aladdin—is helping to unite traditional finance and crypto, which is speeding up Bitcoin adoption on a global scale.
Final Thoughts
The process of adopting Bitcoin is influenced by economic, political, and technological factors, and the US is currently ahead because of its strong economic position, favorable regulations, and a wide user base within the country. Moreover, a huge Bitcoin reserve, high trading activity, and institutions like MicroStrategy give the U.S. the potential to lead in Bitcoin adoption.
Besides, countries like El Salvador, Bhutan, and Nigeria are doing well, using different approaches such as leading laws, responsible mining, or encouraging adoption among the public to get ahead. The race is becoming more interesting as Argentina, the UAE, and Russia have also joined in, with corporations helping Bitcoin become more widely acceptable.
As Bitcoin keeps reaching new price milestones and gaining trust, the main issue isn’t who will lead, but how this decentralized asset will transform the world’s financial system. Right now, the U.S. is in the lead, but the position of global Bitcoin superpower could change as new players enter the race.
Also read: Michael Saylor vs. Peter Schiff: Clash of Bitcoin Maxi and Gold Lover
