Skip to main content

0.01 percent of Bitcoin owners hold 27 percent of the circulating supply



 Bitcoin “one percent” controls a larger share of BTC than the richest US households in US dollars.


Less than 1 percent of the largest Bitcoin ( BTC ) owners are believed to control over a quarter of all BTC in circulation, according to a new study.


The National Bureau of Economic Research, an American private, not-for-profit research institute, published a study that found that 10,000 Bitcoin investors, or 0.01 percent of all BTC holders, had 5 million BTC, or 27 percent of all 18.9 million in circulation Own coins .


The amount of BTC owned by the "one percent" is roughly equivalent to $ 232 billion, the Wall Street Journal reported on Monday .


The study, which was carried out by finance professors Antoinette Schoar at the MIT Sloan School of Management and Igor Makarov at the London School of Economics, aims to show that Bitcoin is not as decentralized as one would like to believe.


"Although it has been around for 14 years and despite the hype it triggered, it is still a very concentrated ecosystem," said Schoar.


According to the WSJ report, top hodlers control a larger percentage of BTC than the richest American households in US dollars. The report relies on data from the Federal Reserve and claims the top 1 percent of US households own about a third of all the money in circulation.


The new report could excite the crypto community as big Bitcoin proponents cite decentralization as one of the most important aspects of the Bitcoin network.


According to Quantum Economics founder Mati Greenspan , much of the circulating BTC supply is controlled by Satoshi Nakamoto, the unknown creator of Bitcoin. "Satoshi's coins alone account for more than 5 percent," Greenspan told Cointelegraph. He added:


"Over time, Bitcoin should be distributed more and more. With Fiat, the opposite is more the case.

However, a large part of the BTC supply in circulation is likely to be lost forever. According to the crypto insurance company Coincover, around 4 million BTC are no longer in circulation due to forgotten passwords or other reasons why access is not possible .

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
Upland - Collect Digital Properties & Test Your Skills
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin
Post a Comment
Read more

MSP Recovery and Tokenology aim to optimize healthcare with the help of Polygon

  MSP Recovery LLC, a Miami, US-based healthcare provider with an estimated enterprise value of $32.6 billion, is partnering with Web3 company Tokenology to jointly launch a new blockchain platform called Lifechain. Lifechain wants to leverage the verifiable and transparent nature of blockchain technology to aggregate medical care claims, medical expense reports and patient data and streamline their processing. For this purpose, MSP Recovery launched its own LifeWallet in January, which already has 1 million users. In addition to the wallet and blockchain platform, an associated crypto token called LifeCoin is also used. The press release explains that the primary purpose of the system is to enable secondary healthcare providers to more effectively bill health insurance companies for their costs. “The number of medical claims tokenized going forward will surpass $50 million per day by 2024. For this we need scalability, security and sustainability, which we have only found with Polygon
Post a Comment
Read more

British financial regulator criticizes cooperation between Binance and Paysafe

  The British financial regulator FCA has expressed concerns about the partnership between market-leading crypto exchange Binance and payment service provider Paysafe. As the British regulator complains, the partnership gives Binance access to the influential British payment network Faster Payments Service (FPS), from which the crypto exchange was previously cut off. Last June, the FCA ordered Binance to stop all business activities in Great Britain. As a result, prominent banks such as Barclays have terminated their cooperation with the leading crypto trading platform . Through the cooperation with Paysafe, Binance can now again offer deposits in British pounds sterling and transactions within the European Payments Area (SEPA). However, this fact is a thorn in the side of the FCA, as it classifies the crypto exchange as a “considerable risk factor”. However, the financial regulator sees little room for maneuver to counteract this, as the Financial Times reports . “ Paysafe understands
Post a Comment
Read more