Too Many Bitcoins: Making Sense of Exaggerated Inventory Claims

Too Many Bitcoins: Making Sense of Exaggerated Inventory Claims

A year ago, Finnish bitcoin entrepreneur Risto Pietilä attempted to compile a list of the top publicly known bitcoin holders. Assuming his list is accurate (which it probably isn't), if you add up the alleged top-20 largest holders of bitcoin, these individuals control roughly 4.44m BTC. Yet when coupled with self-identification of organizational wallets (like Bitstamp did last year), plus anecdotal talks at meetups, conferences and parties, it becomes clear that the sum total of bitcoins people and companies claim to own is greater than 21 million - even though only 13.5 million have been....


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