Bitcoin, the world’s first decentralized digital currency, has taken the financial world by storm since its inception in 2009. Its popularity has surged in recent years, with many individuals and institutions investing in it as a means of diversifying their portfolios. But just how many people own more than one Bitcoin?
To answer this question, we need to look at the current state of the Bitcoin market. As of August 2021, there are approximately 18.8 million Bitcoins in circulation, with a market capitalization of over $800 billion. This means that the average Bitcoin holder owns less than one Bitcoin.
However, the distribution of Bitcoin ownership is not equal. According to data from Glassnode, a blockchain analytics firm, approximately 2.3 million Bitcoin addresses hold more than one Bitcoin. This represents roughly 12% of all active Bitcoin addresses.
It’s worth noting that a single Bitcoin address can represent multiple individuals, such as an exchange or a custodial wallet service. Therefore, the number of individuals who own more than one Bitcoin is likely lower than the number of addresses that hold multiple Bitcoins.
Furthermore, the distribution of Bitcoin wealth is heavily skewed towards a small number of wealthy individuals. According to a report by Chainalysis, a blockchain data firm, just over 2,000 addresses hold more than 1,000 Bitcoins each. This represents less than 0.01% of all Bitcoin addresses but accounts for approximately 35% of all Bitcoins in circulation.
The concentration of Bitcoin wealth has led to concerns about the potential for market manipulation and the impact on the wider economy. However, proponents argue that the open and transparent nature of the blockchain, coupled with the decentralized nature of Bitcoin, makes it less susceptible to manipulation than traditional financial markets.
In recent years, there has been a growing trend of institutional investors and corporations investing in Bitcoin. This includes companies such as Square and Tesla, as well as high-profile investors like Paul Tudor Jones and Stanley Druckenmiller. These large-scale investments have contributed to the concentration of Bitcoin wealth, but they have also helped to legitimize Bitcoin as an asset class.
In conclusion, while the majority of Bitcoin holders own less than one Bitcoin, there is a significant number of individuals who own multiple Bitcoins. The concentration of Bitcoin wealth among a small number of individuals and institutions has led to concerns about market manipulation, but it has also helped to legitimize Bitcoin as a viable asset class. As the Bitcoin market continues to evolve, it will be interesting to see how the distribution of Bitcoin ownership changes over time.