If Musk and Bezos pooled their fortunes, they could buy all the bitcoins right now.
Funds like BlackRock could buy the supply of bitcoin up to 20 times.
“Bitcoin is on an ambitious mission to space that just cleared the launch pad.” This is how analyst Scott Melker describes how early bitcoin is still in the financial world, a case he illustrated using Elon Musk, Jeff Bezos, Warren Buffet and billionaire firms as examples.
Melker, known for establishing analogies and a narrative way of analyzing the cryptocurrency market, presented this vision on the phase in which bitcoin (BTC) is currently. She made it through your most recent newsletterthis Wednesday, July 20, entitled “how early are we”?
The specialist referred to the total market capitalization of BTC (just over 450,000 million with its price per unit over $23,000) and how some millionaires could buy all the bitcoins in circulation.
Those are the cases of Musk and Bezos if they pooled their fortunes, while Buffet would be able to acquire 25% of the cryptocurrency supply. Furthermore, there are a handful of people in the world who could combine for the same purpose without putting much of their respective wealth at risk, Melker alleges.
Some 2,750 billionaires control 3.5% of the world’s wealth. Any combination of them could dominate the entire market without realizing that the money is gone.
Scott Melker, market analyst.
And if this logic is extended to the institutional world, the picture is even clearer. Melker mentioned as an example black rock, with some 10 billion dollars under its management. “BlackRock has enough capital to buy the supply of Bitcoin 20 times,” commented the analyst about it.
“Bitcoin is very small”
“Bitcoin is very small,” said Melker, who believes the cryptocurrency still has a long way to go. if you take into account the largest companies in the worldthe stock market, gold and the monetary mass that circulates on the planet.
I don’t think Bitcoin is designed to completely replace these sectors or be the world’s global currency anytime soon, but it is absolutely stealing value as it carves out its own niche. The best part is that you can probably read this same newsletter next year, and three years from now, and it will still be early..
Scott Melker, analyst focused on cryptocurrencies.
At its all-time price high, the total capitalization of bitcoin did not arrive even at 1.3 trillion dollars. By that time, each BTC briefly hit $69,000, while in calculations by “the first bitcoiner,” Hal Finney, bitcoin would have to reach 10 million dollars in a world where it becomes “the dominant payment system in use worldwide.”
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