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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Bitcoin Only Works For The Wealthy, Senator Elizabeth Warren

Best Owie
Best Owie
3 years ago
2 mins read
Senator Elizabeth Warren

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The argument on who really benefits from bitcoin is a long one in the making. For those who have been invested in the digital asset for a couple of years, they have obviously been making the most profit given the recent rallies in the market. However, there is still a lot of BTC that remains in the possession of what is a small number of bitcoin users and that has led to some concerns regarding the distribution of the digital asset.

Majority Of BTC Held In 0.01% Of Wallets

It was reported a little over a week ago by the Wall Street Journal that only 0.01% of bitcoin holders held the majority of the asset’s supply. It revealed that about 5 million BTC were held in these wallets, leading to an even larger concentration in the distribution of the digital asset when compared to cash. Estimating the 1% of wealthy individuals in the U.S. controlled about 33% of the dollar supply.

Related Reading | Bitcoin Should Not Be Measured In Dollar Terms, Says Pompliano

This has sparked debate about if bitcoin is really the equalizer that it is purported to be. For one, there is only 10% of supply left to be mined over the next 120 years and the majority of the already circulating supply of the digital asset is being held by BTC investors who are currently very wealthy given the currently value of the cryptocurrency.

Bitcoin price chart from TradingView.com

BTC at $46K | Source: BTCUSD on TradingView.com

U.S. Senator Elizabeth Warren is one of those that has openly spoken out about this concentration. The senator does not believe that bitcoin, which is a completely decentralized ecosystem, equally benefits both the rich and the poor.

Bitcoin Works For The Wealthy

In a recent tweet, Senator Elizabeth Warren called out bitcoin and crypto in general. She questions the financial inclusion that is pushed by the space and linked the WSJ article stating that the supply of BTC is heavily concentrated in a small percentage of wallets. She also points out the fact that it is an even higher concentration of the US dollar.

Related Reading | The Year In Review: An Emotional Rollercoaster For Crypto Investors

In conclusion, Senator Warren states that better solutions are needed to solve financial inclusivity. Pointing out that bitcoin only favors the wealthy.

The crypto industry claims that crypto is the path to financial inclusion, but bitcoin ownership is even more concentrated within the top 1% than dollars. We need real solutions to make the financial system work for everyone, not just the wealthy.https://t.co/8OiHwZEBUz

— Elizabeth Warren (@SenWarren) December 28, 2021

Warren as at various times called for there to be more regulation in the crypto market. The senator has never been shy to air her anti-crypto views and has asked for there to be tighter restrictions placed on the market.

Featured image from Al Jazeera, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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