Global wealth might be concentrated by the Bitcoin riches.
Apr 11, 2018 Posted / 788 Views
In today's world we are experiencing a large amount of imbalance environmentally, financially, politically, morally, and almost in all the walks of life. With the minor percentage of people accumulating a larger portion of the world economy has created an abrupt imbalance in the financial system. The rich people are getting more richer and the poorer sections of the society are becoming poorer.
According to a study released by a great financial institute Credit Suisse, which indicates that the world richest 1% of the people are expected to own 50.1% of the global economy. Another estimation states that these 1% aristocrats might take over a massive amount i.e. almost two-thirds of the total global economy by 2030.
According to another survey from 2000 to the financial Crisis of 2007-08, the Global wealth inequality index had improved. But post which the index has been retracing its path. Where the people at top 1% have gained the shares of world's global wealth.
According to another report by the UK Parliament the top 1%, the wealthiest of all will have expected to own 64% of the total world economy by 2030.
“Since 2008, the wealth of the richest 1% has been growing at an average of 6% a year – much faster than the 3% growth in wealth of the remaining 99% of the world’s population. Should that continue, the top 1% would hold wealth equating to $305tn (£216.5tn) – up from $140tn today,” it said.
Also, the House of Commons suggests that “Wealth has become concentrated at the top because of recent income inequality, higher rates of saving among the wealthy, and the accumulation of assets. The wealthy also invested a large amount of equity in businesses, stocks and other financial assets, which have handed them disproportionate benefits.”
If we consider that cryptocurrency investment could provide uncontrolled returns. How can they be related to the richest people in the Bitcoin Industry?
It is very likely that many of the business has been boosted in the recent days with the help of investments in cryptocurrencies.
BitInfoCharts in January according to their research estimated that over 20,000 to 2,00,000 people had become millionaires due to the cryptocurrency Investments.
The most noteworthy thing is also that the most Ultra rich people of the societies have also come forward and shown interest in the investments in the blockchain technology.
Following the footsteps of George Soros, a billionaire and also a Lichtenstein crown prince, the most popular and prosperous Rockefeller family due to its keen belief in the technology has also come forward and placed a million dollar bet on the cryptocurrency.
This idea could lead us to another conclusion that the richest 1% would have generated at least a part of their mammoth wealth through Bitcoin investments. The three current biggest Bitcoin wallet possess almost 99974 Bitcoins, even if we consider a low average value as $6772 then these wallets would be worth somewhere amidst $677 billion and $1.26 billion USD each. In contrast with the richest individual on the planet currently Jeff Bezos who is currently valued at $112 USD.
The FBI keeping a watch on the activities of cryptocurrencies is rumored to track the world's top 10 wallets of the cryptocurrency. One of which might also be belonging to the anonymous creator of a Bitcoin, Satoshi Nakamoto.
The cryptocurrency might have helped in creating many other millionaires recently, but has helped in diversifying the Wealth which was really concentrated to only a few people. Hope that the cryptocurrency investments lead to an equal distribution of the wealth among the people.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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