What if one party would get almost half of all Bitcoin (BTC) in their hands? According to economist and author Saifedean Ammous, that is no reason to panic. In fact, even if Michael Saylor ever owns 10 million bitcoin, that would not change the core of Bitcoin, according to Ammous.
The power of the protocol remains intact
In a conversation with Anthony Pompliano, Ammous was expressed about the concerns that live within the crypto world. He does not believe that large -scale possession of Bitcoin, not even to an extreme degree, can fundamentally harm the protocol. According to him, Bitcoin is designed so that the rules cannot be adjusted just like that, not even by large players.
“What would Saylor do with 10 million BTC?” asked ammous rhetorically. “Probably just buy more.” An attempt to create extra coins through a hard fork would undermine its own property, because the trust in the network and thus the value of his coins would plummet.
Saylor’s company Strategy (previously known as MicroStrategy) currently has 538,200 Bitcoin. Against the current Bitcoin course, this stack is worth nearly $ 51 billion. Blackrock, through his Ishares Spot Exchange-Traded Fund (ETF), manages a little more: around 585,000 Bitcoin. Together they represent around 5.3% of the total Bitcoin stock.
According to Ammous, it is crucial to distinguish between actually ownership and management. “It is not as if Saylor or Larry Fink owns Bitcoin personally,” he says. “They manage it on behalf of shareholders or ETF investors.”
The real risk lies with the market
If a party like Strategy or BlackRock ever try to abuse their position, then investors will simply accommodate their bitcoin elsewhere. According to Ammous, the open character of Bitcoin makes it impossible to centralize power sustainably.
In response to the growing power of great managers, the competition also wakes up. For example, this week Twenty One Capital was launched, a new initiative led by Strike founder Jack Mallers, with support from, among others, USDT publisher Tether and Softbank.
The company wants to offer a more attractive alternative to investors looking for Bitcoin exposure, without having to go through the established giants. With the launch, the company expects to hold more than 42,000 BTC, making it immediately the third largest Bitcoin treasury in the world.
Source: https://newsbit.nl/saylor-met-10-miljoen-btc-bitcoin-blijft-veilig-zegt-bekende-auteur/
