India has jumped to become the second largest Bitcoin holding country in the world, with a holding of 1 million coins.

[Block Rhythm] On August 4th, it was reported that industry data shows India has jumped to become the second largest Bitcoin holder in the world, second only to the United States. Analysts estimate that India currently holds approximately 1 million BTC, accounting for 5.1% of the total circulating Bitcoin.

Currently, the United States remains at the top with a holding of approximately 7.8 million BTC (accounting for 40% of the total supply). These assets include institutional investors, publicly listed companies (such as MicroStrategy), and Bitcoin seized by law enforcement agencies. Meanwhile, the total value of Bitcoin held in India is around $115 billion to $120 billion, achieved in a harsh policy environment—India imposes a 30% capital gains tax on crypto earnings and a 1% Tax Deducted at Source (TDS) on each transaction. These measures were supposed to suppress high-frequency large transactions, but local investors' enthusiasm for Bitcoin remains strong.

This estimate is not based on government disclosures, but rather derived from on-chain analysis, exchange data, and industry assessments. Sumit Gupta, co-founder of a trading platform, pointed out that the surge in holdings mainly comes from India's large community of tech-savvy retail investors: "Even under policy restrictions, Indian users are still buying and holding Bitcoin in large quantities. If the regulatory environment improves, the potential for growth will be limitless."