Bitcoin has its own 1% who control outsized share of wealth
CBSN
Cryptocurrency has been touted as a new form of digital money not tied to government or a central bank and is therefore inherently free from bias and unequal distribution. However, a recent study by the National Bureau of Economic Research suggests that bitcoin has developed its own group of one-percenters who will likely reap most of the gains in coming years.
The NBER study found that the top 10,000 bitcoin investors own a combined 5 million bitcoins, or roughly $230 billion's worth at recent prices. Those figures mean that, even though bitcoin launched in 2009, "participation in bitcoin is still very skewed toward a few top players even at the end of 2020," said finance experts Igor Makarov and Antoinette Schoar, who wrote the study.
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