5.5 C
December 5, 2022
Image default

Could Jeff Bezos buy all the bitcoin in circulation?

Could Amazon CEO Jeff Bezos buy all the bitcoins that are in circulation in the market?

One of the mantras that drive the Bitcoin blockchain (BTC) is that it is decentralized and cannot be controlled in any way. This is due to the fact that it requires a lot of computational and economic power.

It is extremely difficult, if not impossible, to master this asset, especially since it is resistant to censorship.

On the other hand, it is also true that there are indirect ways of controlling it, that is, having enough bitcoins to monopolize the market.

But how much would it take to buy all the bitcoin in circulation?

Before answering that question, we have to consider that, as demand increases, the price increases, so the assumption that we will make implies that the price will not change, so it is a plausible, but unlikely assumption.

By doing some calculations and considering that the blockchain is public, we can cross-reference the data we have and extract the sums to see how much is really needed to buy all the bitcoin in circulation.

The first number we have is the total bitcoin supply, which is 21 million, although we currently know that around 18 million have been extracted, so there are still 3 million to be exploited in the coming years, while the current price of the asset is about $ 9200.

Therefore, with these data available, it is enough to multiply the price per single BTC with the current offer, which is the current one and we know that the final result is just under 170 billion dollars.

Is there anyone on Earth who has that kind of money?

Well, to answer that question, the Bloomberg estimated and reported that Jeff Bezos’ assets from Amazon reached $ 171.6 billion, so in theory Bezos could buy all the bitcoin in circulation.

How much would it take to monopolize the bitcoin market?

It is interesting to note that, over time, during these 11 years of the asset’s life, there were numerous episodes in which users lost, for various reasons, access to their bitcoins, and it is estimated that in total they may be about 4 millions of bitcoins.

This means that if we subtract 4 million from the total supply, only 14 million will actually be available and negotiable, therefore, just under 130 billion dollars at the current price.

If we want to have the majority of all liquid bitcoins in circulation, it is enough to have 9 million bitcoins and therefore 82 billion dollars.

That amount would be accessible to several other billionaires, for example, Bill Gates and, with some effort, even Bernard Arnault and Warren Buffett.

Source: cryptonomist

Related posts

Meitu is the first company in the region to invest in BTC and ETH –

Aparnna Hajirnis

Bitcoin half-life, possibility of significant reduction in execution timing

Aparnna Hajirnis

– Bitcoin, cryptocurrencies and blockchain technology.

Aparnna Hajirnis

Leave a Comment