Even if you are not familiar with the vast universe of cryptos, there is a good probability that you are aware of bitcoin (BTC), the first crypto and the biggest in terms of market capitalization.

Although it is renowned for its decentralization, there are still some “giant whales” — people or organizations — who have a significant holding in the huge crypto market.

Who are they, though? (PS: Read to the end for an interesting story about the world’s largest Bitcoin holder!)

Who are Whales, in General?

Whales, the largest creature on earth, have a unique analogization in the crypto world. However, in the crypto space, the term “crypto whale” is somewhat arbitrary and refers to people who own a significant portion of a crypto’s supply. Small-cap whales, for instance, might only hold $1 million of it, as opposed to $BTC or $ETH whales, who typically control at least a few billion dollars’ worth.

In general, a crypto whale is a person or business that owns a significant quantity of a particular crypto. A whale with sufficient crypto holdings has the power to control the value of a coin or token. There is no set amount of tokens or coins that an individual or organization must have to qualify as a whale. If you have 1000 Bitcoin, some people could think you’re a whale. The figure will be larger for altcoins, as it essentially correlates with market value.

The Largest Bitcoin Holders of the World

Winklevoss Twins

Cameron and Tyler Winklevoss, commonly referred to as the Winklevoss twins, co-established Gemini, a crypto exchange, in 2014. Tyler serves as Gemini’s CEO, while Cameron holds the position of president. The twins gained notoriety for their assertion that Mark Zuckerberg had appropriated their concept for a social networking platform.

They began accumulating Bitcoin using a portion of the $65 million settlement they received from their legal dispute with the Facebook CEO. In 2013, they publicly announced their ownership of 1% of the entire Bitcoin supply. However, the Winklevoss twins experienced a significant reduction in their Bitcoin holdings, losing over 60% of their wealth in Bitcoin following the FTX crypto exchange’s failure in November 2022.

Michael Saylor

The founder of the business analytics software firm MicroStrategy, Michael Saylor, served as its CEO until early August 2022, when he transitioned to the role of chairman. Saylor, a prominent figure from the dot-com bubble era, amassed substantial wealth in the late 1990s through his ownership of MicroStrategy. However, his company faced accounting allegations from the SEC, resulting in $11 million in fines. The company’s stock value plummeted after the accurate financial data was reissued, causing Saylor’s net worth to decrease by $6 billion.

Saylor is an ardent supporter of Bitcoin, describing it as “a digital bank, operated by incorruptible software, offering a global, cost-effective, user-friendly, and secure savings solution to the billions of individuals who lack the means or inclination to manage their own hedge funds.” Notably, he has recently joined the ranks of Bitcoin maximalists who openly embrace Ordinals. Both Saylor and MicroStrategy are significant investors in Bitcoin.

Satoshi Nakamoto

Satoshi Nakamoto is the pseudonymous figure or entity attributed to the creation of Bitcoin. The complete background of the creator remains shrouded in mystery, as its true identity has never been publicly disclosed. However, details found on a profile associated with The P2P Foundation suggest that Satoshi Nakamoto celebrated their 48th birthday on April 5.

Before the launch of Bitcoin, Satoshi Nakamoto published a white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” within a cryptography mailing list. This document, released on October 31, 2008, outlined a decentralized peer-to-peer protocol secured through cryptography. Satoshi Nakamoto described Bitcoin as a “purely peer-to-peer form of electronic cash” designed to facilitate online payments directly between parties, eliminating the need for intermediaries or financial institutions. Nakamoto is widely believed to be the largest Bitcoin holder and purportedly the first individual to mine the crypto.

Tim Draper

Timothy Cook Draper, an American venture capitalist and the creator of various firms that bear his name, strongly supports Bitcoin. He has made some of the most well-known investments in FinTech companies, including Twitter, Coinbase, Robinhood, Tesla, and Skype. In 2014, he bought 29,656 Bitcoins that U.S. Marshals had taken from the defunct Silk Road criminal market for $18.7 million, or around $632 each coin. Draper opposes centralized government and favors decentralization.

Now, let’s see how Satoshi Nakamoto became the largest Bitcoin holder in history.

Story About the Largest Bitcoin Holder

Satoshi Nakamoto, the individual who is credited with inventing and launching Bitcoin by pioneering the mining of initial transaction blocks, holds a unique position in crypto history. It is widely believed that on January 3, 2009, Satoshi mined more than 22,000 blocks, amassing a remarkable sum of over one million Bitcoin as block rewards. Consequently, Satoshi Nakamoto is presumed to be the possessor of the largest Bitcoin stash, currently valued at nearly $23 billion. Remarkably, this immense Bitcoin wealth is not concentrated in a single address; instead, it is spread across approximately 22,000 addresses. Surprisingly, aside from a few experimental transactions, none of these holdings have ever been spent. Satoshi Nakamoto vanished from the project’s development in 2010 and has since remained silent.

In a recent development, over 100 BTCs were transferred from two dormant Bitcoin wallets, originating from the era when Satoshi was actively involved. This event stirred significant controversy within the crypto community due to the wallets’ prolonged inactivity. Both addresses earned 50 BTC each for their role in mining blocks in June 2010, after which they lay dormant for several years. In the six months leading up to the transfer, there were two minuscule transactions totaling 0.00000547 BTC. The confluence of these two mining addresses suggests that the moved coins likely belonged to the same owner, leading to speculations that Satoshi Nakamoto may have been involved in this transaction.

Bottomline Thoughts

The ownership landscape of Bitcoin is broad, including institutional investors, well-known celebrities, and even countries that have accepted it as legal tender. Top Bitcoin holders frequently have an impact on the market and increase liquidity. The wide range of ownership ecosystems, institutional support, and celebrity endorsements contribute to the development and adoption of cryptos.

The ownership patterns of Bitcoin will be crucial in determining its future trajectory as it continues to develop, impacting the crypto market and its incorporation into the global economy.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.