Revealed! Here's a Bitcoin Dealer, Can You Play Crypto Prices?The Bereau National Study of Economic Research compiled by Igor Makarov and Antoinette Schoar found that fewer than 10,000 investors own 5.5 million Bitcoins.
This is a third of the total 18.77 million Bitcoins that have been mined. Currently, Bitcoin's market capitalization is close to US$1.2 trillion, as quoted from the New York Post, Friday (10/29/2021)
A total of less than 1,000 people own 15% of Bittcoins in circulation for a total value of US$180 billion. The researchers noted the large number of Bitcoin owners could be even less"Our results show that despite the attention paid to Bitcoin in recent years, the Bitcoin ecosystem is still dominated by large and concentrated players, such as large miners, Bitcoin holders or exchanges," said Igor Makarov and Antoinette Schoar.
"This calculation is most likely an understatement because we cannot rule out the largest address being controlled by the same entity".
The two also looked further into Bitcoin mining. It turns out that only 10% of miners are responsible for 90% of Bitcoin mining, while 0.1% of miners are responsible for 50% of mining.
Both authors say the concentration of holdings makes Bitcoin vulnerable to systemic risk and moves prices. "And implying that most of the gains from further adoption are likely to be disproportionate to the small group of participants," they added...