ZURICH, Switzerland—Ninety-seven percent of all Bitcoin are held by 4% of all Bitcoin addresses, a new report reveals.
By way of comparison, the wealthiest 1% own just about half of the world's wealth, according to analysis by Credit Suisse.
The bank said the wealth concentration points to Bitcoin's use-case as a store of value, akin to gold, stated Business Insider, which noted that in 2017 Bitcoin soared to an all-time high near $20,000 in December. It ended the year up 1,300%.
"The concentration of wealth at a small group of addresses – be it individuals or exchanges – means that a few key players in the game can have a massive influence on the Bitcoin market," Credit Suisse said.
“Those ‘holders,’ as they're referred to in the crypto world, are holding onto their Bitcoin for dear life. As such, wealth in the ecosystem has become very concentrated,” said Business Insider