Bitcoin recently reached a historic milestone, climbing to an all-time high of $81,672.94 on November 11, 2024. This record-breaking price has reignited discussions about Bitcoin’s impact on the global financial landscape, as well as on individual investors, corporations, and even governments who once took bold risks to integrate Bitcoin into their portfolios. From national policies to corporate reserves, these investments have driven both attention and legitimacy to the digital currency market. We have also seen the crypto gambling market, slowly become more accepted and used among retail users, with crypto casinos and betting as the main driver. Each of these large-scale commitments represents a high-stakes belief in the long-term viability of Bitcoin, with returns now surfacing as the cryptocurrency hits new peaks.
10 of the most famous Bitcoin bets
1. MicroStrategy's Strategic Accumulation
MicroStrategy, a business intelligence company led by CEO Michael Saylor, stands out as a major corporate player in Bitcoin investment. Starting in August 2020, MicroStrategy began a bold accumulation of Bitcoin, a move seen as both pioneering and high-risk at the time. By September 2024, the company held around 244,800 bitcoins, with an average acquisition cost of $38,585 per bitcoin, totaling approximately $9.45 billion. This commitment from a publicly traded company played a critical role in pushing Bitcoin into mainstream financial discourse.
2. El Salvador's National Adoption of Bitcoin
El Salvador made history in 2021 as the first country to adopt Bitcoin as legal tender. Under the leadership of President Nayib Bukele, El Salvador aimed to leverage Bitcoin to increase financial inclusion and reduce dependency on the U.S. dollar. The country’s treasury holds 722 bitcoins, which have seen an impressive 81% gain. Although the move was controversial, El Salvador’s early adoption exemplified a high-risk approach to incorporating Bitcoin within a national economic framework, sparking both admiration and criticism worldwide.
3. Tesla's Corporate Investment
Tesla, the electric vehicle giant led by Elon Musk, made headlines in February 2021 with its $1.5 billion Bitcoin purchase. This investment positioned Tesla as one of the first major companies to embrace Bitcoin as a reserve asset. Tesla’s move added fuel to the cryptocurrency market, encouraging more corporations to consider Bitcoin as a viable asset. Although Tesla later sold part of its holdings, the initial investment marked a watershed moment for Bitcoin’s perception within corporate finance.
4. Grayscale Bitcoin Trust's Expanding Holdings
Grayscale Bitcoin Trust (GBTC) has emerged as one of the largest institutional players in Bitcoin. By May 2024, GBTC managed approximately $19.65 billion in Bitcoin assets, providing a regulated way for institutional investors to gain Bitcoin exposure. Grayscale’s approach has allowed traditional investors to access Bitcoin without the complexities of managing a wallet, significantly enhancing the cryptocurrency’s visibility among institutional circles.
5. Block, Inc.'s Focus on Bitcoin
Block Inc., formerly known as Square, began investing in Bitcoin in 2020. Led by co-founder Jack Dorsey, the company initially invested $50 million, followed by an additional $170 million in early 2021. Block’s early investments demonstrated a solid commitment to Bitcoin, highlighting its belief in the potential of decentralized finance. This bet also reflected Dorsey’s advocacy for Bitcoin as a global financial equalizer, aiming to increase adoption among consumers and small businesses.
6. Marathon Digital Holdings' Mining Investments
Marathon Digital Holdings, a major player in the Bitcoin mining industry, has invested heavily in Bitcoin mining infrastructure. By May 2024, it held around 17,631 bitcoins, representing a substantial investment in both the mining process and the cryptocurrency itself. Marathon’s commitment is not only financial but also operational, as it exemplifies the risks and rewards associated with mining, where profitability is closely tied to Bitcoin’s market value.
7. Galaxy Digital's Asset Management
Galaxy Digital, founded by former hedge fund manager Mike Novogratz, has been a significant force in cryptocurrency asset management. As of early 2024, Galaxy Digital managed billions in Bitcoin assets, marking it as one of the leading asset managers in the crypto space. The firm’s investment strategy is a blend of financial services with a dedicated focus on digital assets, contributing to the cryptocurrency’s growing legitimacy within traditional finance.
8. Fidelity Investments' Bitcoin Fund
Fidelity Investments, one of the largest asset managers globally, launched a Bitcoin fund aimed at institutional investors. By mid-2024, the fund had accumulated approximately $11.1 billion in assets. Fidelity’s venture into Bitcoin investment opened the doors for other established financial institutions to consider similar funds, underlining Bitcoin’s acceptance among mainstream financial service providers.
9. BlackRock’s iShares Bitcoin Trust
BlackRock, the world’s largest asset manager, introduced the iShares Bitcoin Trust in early 2024, which quickly amassed significant Bitcoin assets. By May 2024, the trust held around $19.68 billion in Bitcoin, establishing itself as the largest Bitcoin fund globally. BlackRock’s involvement marked a critical turning point, as it validated Bitcoin as a mainstream investment vehicle within the world’s largest financial ecosystem.
10. The Winklevoss Twins’ Billion-Dollar Bitcoin Bet
Cameron and Tyler Winklevoss, known for their early involvement with Facebook, became some of the earliest large-scale Bitcoin investors. In 2013, the twins purchased roughly 1% of the total Bitcoin supply, amassing around 120,000 BTC. Their investment, initially viewed as highly speculative, has paid off tremendously as Bitcoin’s price surged over the years. Today, the Winklevoss twins are often regarded as Bitcoin billionaires, and they continue to advocate for cryptocurrency through their digital asset exchange, Gemini, and other investments in the crypto space. This high-stakes bet highlighted their early confidence in Bitcoin’s potential and has served as a model for other high-net-worth investors considering entry into the digital asset market.
Value of Holdings Then and Now
| Investor/Entity | Year of Investment | Amount Invested (USD) | Bitcoin Acquired | Value Today* (USD) |
|---|---|---|---|---|
| MicroStrategy | 2020–2024 | $9.45 billion | 244,800 BTC | $19.99 billion |
| El Salvador | 2021–2024 | $220-250 million | 5,390 BTC | $470.0 million |
| Tesla | 2021 | $1.5 billion | ~43,000 BTC | $3.51 billion |
| Grayscale Bitcoin Trust | 2013–2024 | $19.65 billion | ~240,000 BTC | $19.65 billion |
| Block, Inc. | 2020–2021 | $220 million | ~4,709 BTC | $384.5 million |
| Marathon Digital Holdings | 2020–2024 | Varies | ~17,631 BTC | $1.44 billion |
| Galaxy Digital | 2018–2024 | Varies | ~16,402 BTC | $1.34 billion |
| Fidelity Investments | 2020–2024 | $11.1 billion | ~136,000 BTC | $11.1 billion |
| BlackRock’s iShares Trust | 2024 | $19.68 billion | ~240,000 BTC | $19.68 billion |
| Winklevoss Twins | 2013 | $11 million | ~120,000 BTC | $9.80 billion |
* The “Value Today” is calculated based on the Bitcoin price of $81,672.94 as of November 11, 2024. Some values are approximate due to variations in acquisition prices and dates.
These substantial investments and holdings have not only influenced Bitcoin’s market dynamics but also reflect the growing institutional and governmental interest in the cryptocurrency. While these bets have yielded significant returns amid Bitcoin’s recent surge, they also underscore the inherent risks associated with the volatile nature of digital assets.
These high-profile investments and holdings have collectively propelled Bitcoin’s growth, legitimizing it as an asset class and shaping the global financial landscape.
