Crypto’s Richest 1% Fail to Hoard a Whole Lot of Bitcoin

When contemplating crypto whales, the knee jerk reaction is to automatically think, “lotsa bitcoin;” However, according to statistics from Intotheblock—a crypto intelligence company—BTC ownership may actually be less concentrated than most altcoins.

Tracking numerous cryptocurrency addresses holding more than 1% of the supply of Bitcoin; Ethereum; Bitcoin Cash; Litecoin; BitcoinSV; Cardano and Tether, the analytics firm discovered that bitcoin distribution is actually fairer than many altcoins.

39 bitcoin addresses boast, holding a relatively meager 11% of the total supply of BTC. By sheer contrast, 154 addresses own 40% of all ETH, and 128 addresses own 47% of Litecoin’s total supply. Further, a mere 140 addresses allegedly hold well over half of all USDT—a whopping concentration of 58%.

Thes statistics are most concerning among those cryptocurrencies employing a proof of stake algorithm, whereby block validation is determined via holdings. The higher the stake, the more mining power is granted.

Reference: https://www.ccn.com/cryptos-richest-1-fail-to-hoard-a-whole-lot-of-bitcoin/

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