Satoshis Bitcoin address, now worth $1.36million, is bringing back the question of who holds the majority of the currency. Experts claim that these addresses don’t necessarily control large amounts cash. Instead, they hold digital assets like tokens and cryptocurrency. They can be traded on exchanges of fiat currencies such as Euros or USD to allow them to be used through traditional financial institutions.
It is important to be aware that only 1% of Bitcoin addresses control 27%. Your coins may be worth more if you have less Bitcoin. Learn more here. bitcoin one percent all circulating coins.
The total supply of Bitcoin, the most widely used crypto-asset is currently around 19 million. While many extol the asset’s decentralized character, a new research found that the coin may be more centralized than we assume, with just a small percentage of all wallet addresses holding roughly one-third of the currency’s entire circulation.
5.9 million BTC are owned by 0.01 per cent of wallets.
Wall Street Journal published results of a recent National Bureau of Economic Research research on Bitcoin. According to the research, 0.01 per cent of BTC addresses hold 27 percent coins in circulation.
“About 0.01 percent of bitcoin owners own 27% of the 19 million bitcoin in circulation.”
This means that out of 19 million Bitcoins currently in circulation, 27 per cent, or 5,000,000 Bitcoin units (worth $232 Billion), are owned by 0.01 percent wallet addresses (equivalent of 10,000 crypto addresses). The latest statistics show that 114 million wallets currently own the 19 billion Bitcoin units.
Professors from MIG’s Sloan School of Management and the London School of Economics studied all Bitcoin transactions to date in a separate research.
They believe that the over-concentration makes Bitcoin extremely centralized since only a few wallet addresses control the vast majority of Bitcoin in circulation. They feel that this setup exposes Bitcoin to systemic risk since smaller groups (whales) may influence the asset’s performance.
Recently, bitcoin’s prices fluctuated.
In recent weeks, the crypto market has been volatile, especially after Bitcoin hit a record-breaking $68k in November 10.
Although the asset price rose by more than 6% over the past 24 hours to $48,836, as well as by more than 5% over the last 7 days; accessible data shows that it has lost approximately 20% of its value over the last 30 days.
Posted in Analysis, Bitcoin
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The “bitcoin percent controls all coins study” is a study that shows that less than 1% of Bitcoin addresses control 27% of its total supply. This means that more than 80% are owned by the top 100 Bitcoin addresses.
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