Bitcoin is considered king of digital currencies by many for many obvious reasons like it’s the earliest successful implementation of blockchain technology, has first mover advantage, has been most time tested and have biggest support network.
So why I am afraid of this well recognized king?
Well it’s because ‘Kingdom’ is being ruled by a few 'Richies' and King seems to favor them most.
Reports show that ~1,000 people own about 40% of Bitcoin, Or about 4% of addresses own about 96% of the Bitcoin. And there is little Bitcoin being circulated, daily trading volume is only around 200k Bitcoins out of almost 17 Million Bitcoins. All of this think makes me fear that what if big players decide to sell out Or collude together to violate the digital currency just like in real world banks and powerful corporations hold control over world’s economy.
Digital currencies should be more saturated and community as a whole should hold the power rather than few individuals.
But is bitcoin still a good investment?
We have very limited options. There are only a few key players in the game where we can park our investment. And if we do make that purchase, understand that it is highly speculative and unregulated, so prepare for a bumpy ride.