Bitcoin could be ‘wiped out’ if this happens – Ryan Giannotto


(Kitco News) – Bitcoin is one of the most unevenly distributed assets in the world. Almost half a percent of all Bitcoin investors own more than 80% of all Bitcoins. Should a liquidation occur, the market could see a significant sale. Off, said Ryan Giannotto, director of research at GraniteShares ETFs.

“It’s a big challenge for the asset class: it’s supposed to be a financially democratizing force, but it’s so unevenly distributed. It’s really unlike anything we’ve ever seen. This is one of the dangers of Bitcoin investing that is not reported or discussed, ”Giannotto said. “It’s a seriously cornered asset class.”

Five hundredths of a percent of Bitcoin investors control 40% of all Bitcoin investors, and just under half a percent of all Bitcoin investors control 5/6 or 83% of all Bitcoin investors.

Most of these larger interest groups, or “whales” as they are called in the crypto community, are early adopters of Bitcoin.

If these early adopters of Bitcoin were to sell all of their holdings, it would exceed the daily trading volume and effectively “wipe out” the asset, Giannotto said.

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