(MENAFN- B2Press) According to the market value, the ownership structure of Bitcoin, the world's largest cryptocurrency, is also closely monitored. Current data shows that 74% of bitcoin holders are small investors, with approximately 3 out of 4 people having less than 0.01 Bitcoin.
TURKEY - Ownership data regarding Bitcoin, which remains in the spotlight due to its ups and downs, the interest shown by traditional financial institutions, and its status as the starting point for crypto assets, has been closely monitored amidst discussions of income distribution justice in recent days. In a study titled "Unraveling the Mystery of the Bitcoin Ownership Landscape”, published by Grayscale, it was found that the world's most valuable cryptocurrency is distributed among a wide range of groups, with approximately 74% of Bitcoin holders being small investors.
GateTR CEO Kafkas Sönmez, sharing his evaluations on the subject, said,“Bitcoin, distributed among various market players from individual investors to crypto miners, governments to publicly traded companies, private companies to exchanges, also reflects the decentralization of cryptocurrencies.”
Three out of four people have less than 0.01 Bitcoin in their account The aforementioned study observed that Bitcoin ownership is widely distributed among various groups, with approximately 74% of Bitcoin holders having less than about 0.01 Bitcoin. Looking at the mid-February prices, the equivalent amount, nearing $ 450, was calculated at over 13,700 Turkish Lira. Investors holding 10 BTC or more, equivalent to approximately $450,000 or nearly 13 million Turkish Lira, formed a minority of 0.05%.
Kafkas Sönmez highlighted a notable misconception regarding Bitcoin ownership, stating, "There is a common belief in the cryptocurrency and investment ecosystem that a small number of individuals, referred to as 'whales', predominantly hold large amounts of Bitcoin. However, real data suggests that this may be a misconception. Bitcoin's transparent structure allows for tracking information about Bitcoin, including ownership. When we look at the wallets holding the most Bitcoin, we see that the top five are cryptocurrency exchanges or governments. It's important to remember that exchanges represent millions of individual investors."
In 2023, Bitcoin millionaires increased by 70,000 Sharing evaluations on the gains of individuals who owned Bitcoin, experiencing a period marked by strong performance in 2023, and bolstered bullish expectations in the markets following the approval of the Bitcoin ETF, Kafkas Sönmez stated, "Data examined at the end of December 2023 shows that over 97,000 individuals held Bitcoin equivalent to 1 million dollars in their wallets. On January 5, 2023, this number was around 28,000. In other words, there was an increase of approximately 70,000 Bitcoin millionaires in 2023. Proportionally, this growth indicates a 250% increase. We can say that a year of strong performance for Bitcoin brought positive trends for all players in ownership distribution."
“Bitcoin ownership will continue to be an important indicator” GateTR CEO Kafkas Sönmez, also reminding that the halving event, where Bitcoin miners' rewards for BTC production will be halved, is approaching, concluded his evaluations with the following statements,“Considering the increasing interest from traditional finance, the possibility of Bitcoin being listed on exchanges through investment funds, and regulatory efforts by governments shaped around Bitcoin, we anticipate that the demand for Bitcoin could be significantly affected in the coming period. However, as we approach the halving event, which is also nearing, with the short-term supply decreasing in Bitcoin, we predict that ownership and possession dynamics will become more decisive and important indicators. As we evaluate that a significant portion of the supply accumulates in institutions that do not intend to dispose of their Bitcoin holdings in the long term, and approximately 14% of the supply has remained inactive for 10 years, ownership dynamics are gaining increasing importance. As GateTR, which allows trading of more than 150 cryptocurrencies in TRY, we closely monitor all developments in the cryptocurrency market and strive to convey them to our users. Signals in these balances are among the metrics closely monitored by the GateTR team."
Contact: Tülay Genç | [email protected] | +31 30 799 6022
MENAFN26022024007075015205ID1107898610
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.