0.01% of holders control 27% of the total circulating supply of Bitcoin
after a research A recent report by the National Bureau of Economic Research, a private American not-for-profit research organization, shows that 0.01% of holders currently control 27% of all BTC in circulation.
Total supply of bitcoins in circulation | Source: Blockchain.com
The study says 10,000 owners hold 5 million BTC out of the 18.9 million BTC in circulation, which equates to about $ 232 billion. There are an estimated 114 million owners worldwide. That number is far more concentrated than the percentage of the richest 1% of Americans who currently control a third of a dollar, citing data from the Federal Reserve (Fed).
The study, conducted by finance professors: Antoinette Schoar of the MIT Sloan School of Management and Igor Makarov of the London School of Economics, aims to show that Bitcoin is not as decentralized as one might think.
“Even though it has been around for 14 years and its hype has increased, there are still cases where it is a centralized ecosystem.”
The new report looks alarming to the crypto community as major Bitcoin advocates have promoted decentralization as one of the greatest principles of the Bitcoin network.
According to Mati Greenspan, founder of Quantum Economics, most of the circulating BTC supply is controlled by Satoshi Nakamoto, the creator of Bitcoin.
“Satoshi’s coins alone account for more than 5%,” Greenspan clarified, adding:
“Over time, the ownership of Bitcoin should be more distributed. The opposite happens at Fiat. ”
It is worth noting that much of Bitcoin’s circulating supply does not appear to be controlled by anyone and is likely to be lost forever. According to the crypto insurance company Coincover, around 4 million BTC have been withdrawn from circulation due to loss of access.
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