The wealth transfer effect of bitcoins
What really caused the value of bitcoin to skyrocket back in April, when the price per BTC shot up to a record high of $266? Was it really because of Cypriot banking controls, where a number of uninsured accounts were lost? Or was it simply the idea that the banking industry could wield so much control over the finances of people that caused bitcoin to go up? Could it be that a wealth transfer effect, where people move from a fiat currency into bitcoin was happening, and continues to do so? A historical look at prices. The high price of a Bitcoin in the beginning of March was $34.63.....
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It is a thin line between the adequate security of personal wealth within the crypto world and an eventual inability to transfer such wealth to heirs or other beneficiaries when the need arises. The transfer of ownership of Bitcoins or other cryptocurrencies from its original owner to heirs in the case of eventuality is a matter that hasn't been properly defined within the crypto environment. Who really owns the Bitcoins? For security reasons, access to individual wallets have been designed in such a way that only one individual is legally allowed access to specific wallets. Any person who....
Everyone knows that global wealth is unevenly distributed. The top 1% has control over almost 50% of the global economy. But how does bitcoin wealth distribution compare to the global distribution of fiat and fixed assets? This gorgeous infographic explains: It turns out that the distribution of bitcoins among users is even more skewed than the distribution of traditional wealth across the globe. This is understandable, since bitcoin favours early adopters who either mined or purchased their coins a few years ago. Furthermore, the amount of bitcoins in circulation is capped at 21 million,....
As bitcoin eats into capital held in other stores of value, how much wealth will eventually transfer to BTC from equities?
"[Bitcoin] produces a market that's international, that everyone has access to, regardless of race, religion, creed..." - Amir Taaki. There is a lot of talk recently of the power Bitcoin has in changing the remittance market. A remittance is a transfer of wealth from one person to another, mostly amongst the world's poor. Zach Ramsay of Canadian-based CoinCulture calls remittances "peer2peer for the poor2poor." It's an astute observation. It should be stated that this wealth transfer - remittance market - is cited as vital, critical, and an economic lifelinefor those receiving the money.....
The broader cryptocurrency market appears to have turned bullish again, with leading assets such as Bitcoin bouncing back strongly. While the market is showing strength, it could be preparing for one of its most significant moments in history with a major wealth redistribution on the horizon. Massive Wealth Shift Expected Across the Crypto Market Following […]