This latest buy from MicroStrategy (Michael Saylor’s Company) of Bitcoin has made this inequality very apparent to me- the big becomes bigger and the small becomes smaller. (proportionately speaking)
The most shocking figure for me was that the majority of people- close to 85% of the total wallet address who holds BTC- holds less than 1BTC in their account while only 0.04% of the total wallet addresses holds more than 100 BTC each accounting to the collective ownership of close to 63% circulating bitcoin.
I always thought that Bitcoin was a means to erase this rampant and corrupt inequality, alas, as reference to the real world- the rich will grow richer and richer by each passing day. The freedom to invest a huge sum and let that sum grow is a luxury not all of us can have.
Edit 1- I love Bitcoin, i love the technology, what i don’t love is this inequality in the ownership.
Edit 2- Central exchanges holding Bitcoin: Can we approximate the number of Bitcoin held by central exchange and then assume that a large chunk of it is held by small retail players because players with significant numbers of Bitcoin would migrate to their personal wallet.
Maximum amount held by exchange should not be more than 10-12% (according to a dated article published this year) so if we reduce that from the current number 63%, 50% is still held by 0.04% and that still is a significant amount? Does this argument hold?