Bitcoin Only Works For The Wealthy, Senator Elizabeth Warren
The argument on who really benefits from bitcoin is a long one in the making. Indeed, For those recent have been invested in the digital asset for a couple of years, they have obviously been making the most profit given the who rallies in the industry. However, there is still a lot of BTC that remains in the possession of what is a small number of bitcoin users and more than ever that has led to distribution concerns regarding the some of the digital asset.
Majority Of BTC Held In 0.01% OfWallets
It was reportedcontrolled about 33% of the dollar supply. Estimating the 1% of wealthy individuals in the U.S. asset revealed that about 5 million BTC were held in these wallets, leading to an even larger concentration in the distribution of the digital It when compared to cash. a little over a week ago by the Wall Street Journal that only 0.01% of bitcoin holders held the majority of the asset’s supply.
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In fact, This has sparked debate about as a matter of fact if bitcoin is really the equalizer that it is purported to be. For one, there is only 10% of supply left to be mined over the proceed 120 years and the majority of the already circulating supply of the digital asset is being held by BTC investors who are currently very wealthy given the currently value of the cryptocurrency.
BTC at $46K | Source: BTCUSD on TradingView.com
InterestinglySU., . Senator Elizabeth Warren is one of those that has openly spoken out about this concentration. The senatorbitcoindoes not believe that , which is a completely decentralized ecosystem, equally benefits both the rich and the poor.
Bitcoin Works For The Wealthy
In a recent tweet, Senator out Warren called Elizabeth bitcoin and crypto in general. She questions the financial inclusion that is pushed by the space and linked the WSJ article stating that the supply of BTC is heavily concentrated in a small percentage of wallets. She even points out the fact that it is an also higher concentration of the US dollar.
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In conclusion, Senator Warren states that better solutions are needed to solvefinancial inclusivity. Pointing out that bitcoin onlythefavors wealthy.
Interestingly, The crypto industry claims% that crypto is the path to financial inclusion, but bitcoin ownership is even more concentrated within the top 1 than dollars. We need real solutions to make the financial system work for everyone, not just thewealthy .https://t.co/8OiHwZEBUz
In fact, — Elizabeth Warren (@SenWarren) December 28, 2021
The senator has never been shy to air her anti-crypto views and has Warren as at various times called for there to be more regulation in the crypto field.asked for there to be tighter restrictions placed on the niche.
Featured image from Al Jazeera, chart from TradingView.com
