RATE Group | This Research Proves the New Boss Is Same as the Old Boss
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This Research Proves the New Boss Is Same as the Old Boss

17 Aug This Research Proves the New Boss Is Same as the Old Boss

Posted at 22:24h in Bitcoin News by

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bitcoin wealth concentration

If just 0.023% of Bitcoin addresses hold 50% of the total wealth, isn’t the new boss turning out to be a lot like the old one? | Source: Shutterstock

By CCN Markets: Research released by blockchain analysis group PARSIQ this week did much to weaken Bitcoin’s image as a global freedom currency.

The findings detail the massive accumulation of wealth in the hands of a minuscule few, resulting in inequality greater than what can be found in the established “old money” institutions.

Just 0.023% of the top Bitcoin addresses hold 50% of the total funds. None of the major cryptocurrencies come out of this research looking good. Ripple (XRP) has its wealth concentrated to the greatest extent, with 50% of its total wealth found in just 14 addresses.

Bitcoin Accumulation Stats
A tiny number of addresses contain the majority of the world’s cryptocurrency | Source: PARSIQ

“Exchanges are a minority stakeholder…”

In the hours since the findings were revealed, crypto enthusiasts leaped to the defense of their favorite…

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