I'm familiar with the saying that If you have 1 Bitcoin then you are 1 in 21 million because there can never be more than 21 million bitcoins so no more than 21 million people can own more than 1.But that's on the premise that each person will only own 1 BTC.I was looking at the Bitcoin Distribution and there are currently only 820,000 Bitcoin addresses with more than 1 BTC and those addresses hold about 17.5 Million BTC which is about 95% of the circulating supply.If you currently hold more than 1 BTC than your address is 1 out of circa 1 million if we want to consider those with more than 1 BTC on exchanges.I'm also not counting the 4 Million lost BTC and how many addresses they are in total but i would assume that the actual number of how many people currently own more than 1 BTC is not much more than 1 Million.With the institutions buying in and countries like Iran buying their miners supply then imagine if 500 new institutions/countries want to buy in thousands of BTC. Who will they buy it from? The supply is definitely not enough, which will cause price to massively appreciate which will then cause retail (people with 1-10 BTC around 670,000 addresses) to laugh about dumping on institutions. But the institutions will get the last laugh since this will shrink the number of those addresses with more than 1 BTC more and more while still holding the majority of the supply and owning 1 BTC is something of the past.
Submitted November 09, 2020 at 10:45AM
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