Bitcoin Horders, China’s Unbanning, and Dino Megazord
Welcome to Crypto Daily. My name is Dustin Knouse, and be sure to follow our show wherever you listen to podcasts – and please leave a review on Apple Podcasts.
The demand for Bitcoin is once again surging, but as it turns out there are only a few who own the majority of crypto still.
The National Bureau of Economic Research did a study on addresses and found that about 5.5 million bitcoin were held by holding companies, while 8.5 million were held by individuals.
Of the individual accounts, 3 million bitcoin belonged to only 1,000 addresses. Now it’s important to note that there is very likely overlap in these addresses, and likely does not mean 1,000 individuals.
For example, I personally have 3 bitcoin addresses and 4 or 5 Ethereum on different exchanges and for different uses. And in the early days of Bitcoin about 20,000 addresses belonged to Satoshi Nakamoto.
They also found similar control over mining. The top 10% of miners own 90% of the mining industry, and .1% -which is about 50 miners – actually own 50% of the mining industry.
But there might be a way to mix up the amount of Bitcoin owners as more adoption comes into play.
I’m sure by now everyone is aware of El Salvador making Bitcoin a national currency – with more countries and places accepting it as a form of currency it’ll be hard for banking institutes not to accept it.
Even in China, where there was a recent ban. It’s been theorized by multiple news sources that the ban may be coming to an end in the near future.
Not only does the ban possibly limit trade, but it was believed that China may have been purposefully lowering the price of Bitcoin through the ban so they could buy cheap Bitcoin before allowing it again.
Allowing Bitcoin again would cause prices to skyrocket as Chinese investors try to buy back what they were forced to sell and could end up being a state-backed pump and dump scheme.
However, there is some sign that may not happen very soon. Two big Chinese brokers Futu and Tiger Securities stopped offering Bitcoin ETFs and stopped using the term NFTs, instead, they are using Digital Collectibles.
It’s important to note that at one point, Bitcoin ETFs were Tiger Securities’ most popular stocks.
Speaking of crypto adoption – Nigeria has become the first company to adopt digital currency.
They rolled out Enaira, a platform that they are hoping will help with international trade and economic growth in the country.
Now it’s time to shift our focus to the world of NFTs.
Were you a fan of Power Rangers as a kid? Well, Hasbro has teamed up with the WAX platform to create unique NFTs.
The NFTs are also redeemable for a special edition Dino Megazord action figure.
The NFT collection is available right now on the HasbroPulse website.
Speaking of things from your childhood, Gamestop reached new popularity not long ago thanks to a Reddit Group – which also got the trading platform Robinhood in some big trouble. But that situation may have saved the company, and they are doing their best to make a come back.
Gamestop recently teased an NFT Platform for video games, and they have posted a job position for an Ethereum Developer to build a Web3 Platform.
Although not much is still known about it, I’m curious to see what they do and I will keep you up to date.
We are seeing more and more companies support NFT creation, and one of the most important for digital artists is showing its approval. Adobe Photoshop will be adding a new button labeled “Prepare for NFT”.
This will allow users to attach their AdobeID to their project – which will help verify the authenticity and help prevent forgery in the digital art space.
And if you are a collector of NFTs, you’ll soon be able to show off your collection on social media.
Twitter, which has seen success by adding a bitcoin tip feature, is now working on a blockchain feature that allows users to make their profile and NFT and will allow a collections tab where all of the digital art you own can be displayed.
If you are interested in signing up for our upcoming newsletter, please go to CryptoDailyShow.com. There you can also find links to where you can follow me on social media.
Please follow our show wherever you listen to podcasts – and please leave a review on Apple Podcasts. If you get your podcasts on Youtube, be sure to subscribe and leave a comment there.
Resources:
Bitcoin Is Still Concentrated in a Few Hands, Study Finds
Could China be about to unban bitcoin?
Nigeria becomes first African nation to roll out digital currency
Hasbro Officially Launches Power Rangers NFT Collection on WAX Blockchain
GameStop Enters the Metaverse With ‘Web3 Gaming’ Job Post
A Twitter Blockchain Feature That Shows What NFTs Users Own Is Currently in the Works
