Bitcoin Only Works For The Wealthy, Senator Elizabeth Warren

There is no clear winner in bitcoin’s favor. This argument has been going on for a while. The recent market rallies have made it clear that those who have invested for several years in bitcoin have seen the greatest profit. However, bitcoins are still in the hands of very few users. This has caused some concern about how the asset will be distributed.

Majority of BTC is held in 0.01% Of Bitcoin Wallets

It was reported a little over a week ago by the Wall Street Journal that only 0.01% of bitcoin holders held the majority of the asset’s supply. The Wall Street Journal revealed that approximately 5,000,000 bitcoins were stored in these wallets. This led to even greater distribution of digital assets than the cash. It was estimated that 33% of dollar supply in America is controlled by the 1 percent of wealthiest Americans.

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There has been much debate over whether bitcoin really is the equalizer it claims to be. One, only 10% of bitcoin’s supply is left over the next 120 year. The majority of Bitcoin investors are very rich considering the current value of this digital asset.

Bitcoin price chart from

BTC now at $46K | Source: BTCUSD on

U.S. American Senator Elizabeth Warren was one of the first to openly discuss this concentration. He doesn’t believe bitcoin, which has a decentralized network, is equally beneficial to the rich as it does the poor.

Bitcoin is a Wealthy Investment

Elizabeth Warren, Senator of Massachusetts, recently criticized crypto and bitcoin in general. The space promotes financial inclusion. She linked to the WSJ article stating the BTC supply is concentrated in a very small number of wallets. The US dollar is even more concentrated in this area, as she points out.

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Ending, Senator Warren stated that financial inclusion requires better solutions. The wealthy are the only ones who benefit from bitcoin, Warren says.

Warren has called at different times for more regulation of the cryptocurrency market. Senator Warren has repeatedly called for tighter regulations on crypto markets and voiced her opposition to it.

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