Source: Cointelegraph.com NewsKey Takeaways<\/p>\n
Bitcoin Standard author Saifedean Ammous says that even if one entity owned a huge amount of Bitcoin, it wouldn\u2019t hurt the protocol
\nAmmous reiterated major companies like BlackRock and Strategy don\u2019t own the Bitcoin they hold since it belongs to the investors
\nAmmous said if these companies ever abused their position, people would likely pull their money and invest somewhere else. <\/p>\n
Michael Saylor\u2019s Strategy hypothetically hoarding nearly 48% of Bitcoin\u2019s total supply wouldn\u2019t pose any risk to the Bitcoin protocol or its price, says Bitcoin Standard author Saifedean Ammous. Source: Cointelegraph.com NewsKey Takeaways Bitcoin Standard author Saifedean Ammous says that even if one entity owned a huge amount of Bitcoin, it wouldn\u2019t hurt the protocol Ammous reiterated major companies… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127937"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=127937"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127937\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=127937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=127937"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=127937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n\u201cIf Michael Saylor ends up with 10 million Bitcoin, what is he going to do? He\u2019s likely just going to leverage them to buy more Bitcoin,\u201d Ammous said during an April 25 interview with crypto entrepreneur Anthony Pompliano.
\nAmmous dismisses Bitcoin hoarders posing risks
\n\u201cUltimately, I don\u2019t see how it would threaten the protocol in the serious sense,\u201d Ammous said.
\nAmmous said if Saylor managed to accumulate 10 million Bitcoin (BTC), he would be unlikely to \u201cwake up one day and say let\u2019s try and hard fork this so we can make another 5 million Bitcoin supply so that I can have 15.\u201d He reiterated it would diminish the value of his existing 10 million Bitcoin.
\nBitcoin is trading at $93,250 at the time of publication. Source: CoinMarketCapSeveral crypto market participants have previously raised concerns about Bitcoin whales and at what point their holdings could lead to risks like market manipulation, centralization, or liquidity issues.
\nAt the time of publication, Saylor\u2019s firm Strategy holds 538,200 Bitcoin, worth approximately $50.18 billion, according to Saylor Tracker. Meanwhile, the BlackRock iShares spot Bitcoin ETF has net assets worth $54.48 billion, which equates to roughly 585,000 Bitcoin, according to BlackRock data.
\nStrategy paid an average of $67,793 per Bitcoin. Source: Saylor TrackerCollectively, the two firms hold approximately 5.3% of the total Bitcoin supply. However, Ammous said this is not a cause for concern.
\n\u201cIt\u2019s not like Michael Saylor or Larry Fink owns all those Bitcoins. They have shareholders who own all those Bitcoins, or ETF holders that own those Bitcoins.\u201d
\n\u201cTo the extent that BlackRock and Strategy hold those, they hold those because they are doing their fiduciary share of duties to their shareholders and the ETF holders in a satisfactory way,\u201d Ammous added.
\nRelated: ARK Invest ups its 2030 Bitcoin bull case prediction to $2.4M
\nAmmous explained that if BlackRock or Strategy ever started to manage their holdings in a way that\u2019s harmful to shareholders or ETF holders, or starts abusing their position, that\u2019s when investors would sell and look for other ways to gain exposure to Bitcoin.
\nOn April 24, Cointelegraph reported that Twenty One Capital, a new Bitcoin treasury company led by Strike founder Jack Mallers with the support of Tether, SoftBank and Cantor Fitzgerald, is looking to supplant Strategy to become the \u201csuperior vehicle for investors seeking capital-efficient Bitcoin exposure.\u201d
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\nThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"