As of September 2019, it is estimated that there are approximately 18.1 million Bitcoin in circulation.
Of this, it is believed that approximately 4 million Bitcoin are held in wallets that belong to the top 1% of Bitcoin holders. This means that the top 1% of Bitcoin holders control approximately 22% of all Bitcoin that is in circulation.
While the exact amount of Bitcoin held by the top 1% is not known, it is clear that they hold a significant amount of cryptocurrency. This concentration of wealth among a small group of people could have a number of implications for the future of Bitcoin.
NOTE: This question should not be taken lightly. Bitcoin is a highly volatile and speculative asset, and the amount of Bitcoin held in the top 1 can vary greatly depending on the current market conditions. Investing in Bitcoin carries a high risk of loss, and it is important to understand the risks associated with investing in this asset before proceeding. Additionally, the amount of Bitcoin in the top 1 may not necessarily reflect all of the holdings held by those individuals or entities. As such, it is recommended that you seek professional advice prior to making any investments.
Some people believe that the concentration of wealth among the top 1% could lead to increased price volatility. If the top 1% sell even a small portion of their Bitcoin, it could cause the price to drop significantly.
On the other hand, if the top 1% continue to accumulate Bitcoin, it could lead to even higher prices.
Others believe that the concentration of wealth among the top 1% could actually make Bitcoin more stable in the long run. If the top 1% hold onto their Bitcoin and don’t sell it, it will create a more stable demand for Bitcoin and could help to avoid large price swings.
Regardless of how you feel about the concentration of wealth among the top 1%, it’s important to remember that they control a significant portion of all Bitcoin in circulation. This could have major implications for the future price movements of this cryptocurrency.
5 Related Question Answers Found
Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented in 2008 by an anonymous person or group of people using the name Satoshi Nakamoto, and started in 2009 when its source code was released as open-source software.
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