What happens when 1% of Bitcoin holders control 99% of BTC supply?
Whales have amassed a large portion of the Bitcoin in circulation, with around 1.86% of addresses holding most of the supply.
Bitcoin first came into existence on Jan. 3, 2009 when Satoshi Nakamoto mined the genesis block, minting the first cryptocurrency. In the years since, some wallet addresses have amassed a large portion of the supply.
According to the Blockchain Council, more than 19.71 million Bitcoin (BTC) have been awarded to miners in block rewards. Nakamoto’s white paper dictates only 21 million are available, meaning most Bitcoin is already in circulation.
BitInfoCharts data shows that around 1.86% of wallet addresses — over one million — hold more than 90% of all total BTC currently in circulation. Known as whales, some of these individuals or entities hold large amounts of crypto.
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Author: Stephen Katte
