Is bitcoin the money of the rich? Will virtual money further widen the gap between the rich and the poor?
Even the young bitcoin world is divided into the rich and the poor. More than 40% of bitcoin is owned by multimillionaires.
Bitcoin is not just any digital currency. In the eyes of followers, the world's first and most important cryptocurrency is nothing more than a tool to break the power of traditional banks and financial industry.
Ten years after its establishment, it is now clear that the real social conditions are also reflected in the so-called anarchic grassroots cryptocurrency world. This is obvious, for example, when looking at the distribution of bitcoin wealth.
As a new study by kryptoszene.de, an industry portal based on bitinfocharts, a blockchain Analysis page, shows, inequality in the encryption world is particularly evident. Most important results:
There are 13.5 million bitcoin accounts (addresses). According to the survey, less than 42% of them are 1000 bitcoin or more - equivalent to one million or even billions of dollars._DJMINER
Only three account holders own 2.5% of almost all issued coins. 12.5% of the coins are in 106 accounts: their owners constitute the super rich of cryptocurrency world, with 10000 to 100000 virtual coins, equivalent to the current value of about 20.8 billion US dollars.
On the other hand, almost all bitcoin holders only account for 0.02% of their total assets. In most accounts, bitcoin is worth less than $10.
Kryptoszene. De concluded: "this imbalance is huge." Most importantly, the findings are surprising: "the decentralized nature of blockchain suggests that the gap between the rich and the poor in encrypted space will narrow."
One thing is clear: there are methodological flaws in the investigation. Blockchain analysis cannot conclude whether the bitcoin account of an individual belongs to an encryption company or a large asset management company. In this regard, caution should be taken with the conclusion that the richest accounts are in the hands of individual millionaires and billionaires. It is not clear which country and region the holder is from.
But, observers say, the gap between scissors and hands is particularly large in the reclusive world. Philipp sandner, director of the blockchain center at the Frankfurt School of Finance and management, explained that this was also due to the rapid development of the market. "Very few people keep a lot of bitcoin," he said
As long as the currency is in a niche market, it will no longer be a problem. However, bitcoin's wealth has increased dramatically as its price has risen rapidly from less than a cent a decade ago to about $9300 today. "It can cause problems, especially if you don't even know who those people are," sander warned
As the debate in Germany over the reintroduction of the wealth tax shows, even in a simulated world, the distribution of wealth is very uneven. For the cryptocurrency world, this discussion is relatively new.
The evil power of kryto super rich
As wealthy retail investors flood the market, the share and power of cryptocurrency millionaires and billionaires may continue to grow. Despite the price volatility, more and more wealthy bitcoin and companies are buying - using a fraction of their analog assets, but definitely a significant amount. US asset managers such as fidelity, for example, now offer bitcoin custody; German start-ups such as ionic funds want to trade on classic stock exchanges.
It's not clear what keeps arm Reich Schere in touch with the encryption world for a long time. But American scientists John Griffin and Amin shams, from Texas and Ohio State Universities, have shown how the influence of the super rich can play a role. They attributed the strong rise in bitcoin prices to $20000 in 2017 to a single address, which is said to have triggered a chain reaction.
According to the report, Griffin said: "our results show that not thousands of investors are driving the price of bitcoin up, but only one big investor." "In a few years, people will be surprised that cryptocurrency investors have handed billions of dollars into the hands of people they don't know, who are almost unregulated."
Bitcoin has been debating a construction site that threatens the original vision of a better world: the high power consumption of blockchain networks and their impact on the climate. Now, a new debate may follow: about the impact of cryptocurrency millionaires on the market as a whole._DJMINER
Bitcoin is not just any digital currency. In the eyes of followers, the world's first and most important cryptocurrency is nothing more than a tool to break the power of traditional banks and financial industry.
Ten years after its establishment, it is now clear that the real social conditions are also reflected in the so-called anarchic grassroots cryptocurrency world. This is obvious, for example, when looking at the distribution of bitcoin wealth.
As a new study by kryptoszene.de, an industry portal based on bitinfocharts, a blockchain Analysis page, shows, inequality in the encryption world is particularly evident. Most important results:
There are 13.5 million bitcoin accounts (addresses). According to the survey, less than 42% of them are 1000 bitcoin or more - equivalent to one million or even billions of dollars._DJMINER
Only three account holders own 2.5% of almost all issued coins. 12.5% of the coins are in 106 accounts: their owners constitute the super rich of cryptocurrency world, with 10000 to 100000 virtual coins, equivalent to the current value of about 20.8 billion US dollars.
On the other hand, almost all bitcoin holders only account for 0.02% of their total assets. In most accounts, bitcoin is worth less than $10.
Kryptoszene. De concluded: "this imbalance is huge." Most importantly, the findings are surprising: "the decentralized nature of blockchain suggests that the gap between the rich and the poor in encrypted space will narrow."
One thing is clear: there are methodological flaws in the investigation. Blockchain analysis cannot conclude whether the bitcoin account of an individual belongs to an encryption company or a large asset management company. In this regard, caution should be taken with the conclusion that the richest accounts are in the hands of individual millionaires and billionaires. It is not clear which country and region the holder is from.
But, observers say, the gap between scissors and hands is particularly large in the reclusive world. Philipp sandner, director of the blockchain center at the Frankfurt School of Finance and management, explained that this was also due to the rapid development of the market. "Very few people keep a lot of bitcoin," he said
As long as the currency is in a niche market, it will no longer be a problem. However, bitcoin's wealth has increased dramatically as its price has risen rapidly from less than a cent a decade ago to about $9300 today. "It can cause problems, especially if you don't even know who those people are," sander warned
As the debate in Germany over the reintroduction of the wealth tax shows, even in a simulated world, the distribution of wealth is very uneven. For the cryptocurrency world, this discussion is relatively new.
The evil power of kryto super rich
As wealthy retail investors flood the market, the share and power of cryptocurrency millionaires and billionaires may continue to grow. Despite the price volatility, more and more wealthy bitcoin and companies are buying - using a fraction of their analog assets, but definitely a significant amount. US asset managers such as fidelity, for example, now offer bitcoin custody; German start-ups such as ionic funds want to trade on classic stock exchanges.
It's not clear what keeps arm Reich Schere in touch with the encryption world for a long time. But American scientists John Griffin and Amin shams, from Texas and Ohio State Universities, have shown how the influence of the super rich can play a role. They attributed the strong rise in bitcoin prices to $20000 in 2017 to a single address, which is said to have triggered a chain reaction.
According to the report, Griffin said: "our results show that not thousands of investors are driving the price of bitcoin up, but only one big investor." "In a few years, people will be surprised that cryptocurrency investors have handed billions of dollars into the hands of people they don't know, who are almost unregulated."
Bitcoin has been debating a construction site that threatens the original vision of a better world: the high power consumption of blockchain networks and their impact on the climate. Now, a new debate may follow: about the impact of cryptocurrency millionaires on the market as a whole._DJMINER
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