- In a wide-ranging note on cryptocurrencies and blockchain, Credit Suisse explored the concentration of wealth in bitcoin.
- ‘97% of all bitcoins are held by 4% of addresses,’ according to the bank.
Is bitcoin just another toy for the 1%?
It’s a question analysts at Switzerland-based bank Credit Suisse explored in a big note on cryptocurrencies and blockchain sent out to clients on Thursday.
“The concentration of wealth at a small group of addresses – be it individuals or exchanges -means that a few key players in the game can have a massive influence on the bitcoin market,” the bank said.