Because 40 percent of the available bitcoins should be in the hands of only about 1,000 people, these so-called whales have a major impact on the development of the Bitcoin course. The estimate quotes the business news agency Bloomberg from the investment company AQR Capital Management.
It is probably based on the data of the publicly available Bitcoin blockchain. From these, however, only shows how many wallets own as many Bitcoin. In this case, a person can have several wallets and in rare cases, several people have access to a wallet. According to the report, most of the major Bitcoin owners know each other and could theoretically agree to move the course to their liking.
“They can call each other, and they probably did,” says industry observer Kyle Samani, managing partner at investment firm Multicoin, in an interview with Bloomberg. Because Bitcoin – like the other cryptocurrencies – is not regulated, the exchange of at least some information between the investors is legal.
According to lawyer Gary Ross of Ross & Shulga, it is not forbidden for a group to come together to buy large quantities of Bitcoin to drive up the price – and then get back out of profit in a short amount of time. However, if they had additionally scattered rumors, that could be illegal.
Either way, the weighty Bitcoin owners can cause price shaking just because of the size of their shares. For smaller investors, this makes trading in the cryptocurrency more difficult to assess. At the current high prices, the big investors could sell off a large portion of their holdings in order to cash out. This could cause an intermediate rash in the Bitcoin downside.
Even worse, however, are small investors in other cryptocurrencies there. While about 100 top bitcoin addresses control around 17.3 percent of available bitcoins, Ethereum already accounts for 40 percent. For coins like Gnosis, Qtum or Storj, the 100 largest owners even have more than 90 percent of the available shares of the cryptocurrency.
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