Something similar happens with Bitcoin. As tulips are a scarce resource (deliberately scarce, only 21 million can be mined) and exotic. It is also available for nothing: they have no legal tender and the contacts that accept the largest advertising because its volatility does not allow to fix the quantifiable sea price in currencies of current use. And most importantly, its value is based on trust, as economists say, but on the ambition of its users. Like tulips, bitcoins (and the rest of the cryptocurrencies) base their "value" on the simple fact and up to the moment when there are people who want to buy them. This attracts idle speculative capital but also opportunities fishermen, who take the lead and invest in them not because they are interested in themselves, but also know that there are many others who will be interested in the same reasons and then sell more. expensive And those others to many others ..., as in all bubbles. That is why I have been raising your quotation as we have seen: the arrival of new capital and "users" is greater than the rate of mining. But not by mistake or design flaw: it is designed to be that way. It is for this reason that currently it is estimated that more than 80% of bitcoin has no commercial use as currency (that is, it is not used to buy other goods or services) but hoarding. But not in the sense as rich, Mac had his enormous reserves of gold in which he swam, but rather as the bachaqueros and speculators who fatten up property and other goods, hoping to raise prices and then sell them.
And it is for this reason also that contrary to the libertarian and egalitarian dreams of its propagandists, the concentration of them is so great. In the middle it is usually called "whales" to the big holders of bitcoins. In a still small sea (currently there are around 17 million), but also limited (with a possible maximum of 21 million), it is said that less than a thousand people and funds own 40% of the market and less than 50 are owners of the market. 30% It is said that Satoshi Nakamoto (unknown character creator of bitcoin) is the largest whale. But it is also known that the other great holder is none other than the FBI (or as Time Magazine: Uncle Sam himself sarcastically says), with an equivalent of 100 million dollars. And characters like the Winklevoss twins, who in 2013, used 11 million dollars to buy approximately 1% of the world total of bitcoins, when the value of each unit of that currency was 120 dollars.
FUNDAUSEC.
