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This Is How Much Bitcoin (BTC) You Need to Be Considered Whale by Blockstream CEO

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Wed, 04/22/2020 - 16:22
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Alex Dovbnya
You are allowed to call yourself a Bitcoin whale if you own at least 100 BTC, according to Blockstream CEO Adam Back
This Is How Much Bitcoin (BTC) You Need to Be Considered Whale by Blockstream CEO
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According to Blockstream CEO Adam Back, owning 100 BTC might be enough to make you a Bitcoin (BTC) whale.  

The Bitcoin pioneer, who was cited in Satoshi's whitepaper, claims that this would be "a staggering amount of value" at $10,000 per one coin.   

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Whales are growing stronger

The number of Bitcoin whales reached a two-year high on Apr. 10 amid what appears to be a new accumulation phase.   

According to data provided by CoinMetrics, holders with at least 1,000 BTC control more than 42 of Bitcoin's total supply. Notably, this percentage is four percent higher compared to the December 2017 peak, which can be explained by the fact that a lot of retail investors jumped ship after the crash.      

Still, Bitcoin pales in comparison to other projects when it comes to wealth inequality. Stellar and Ripple take a cake in this department, with more than 80 percent of their addresses being controlled by deep-pocketed holders. 

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Smaller addresses on the rise 

Despite the dominance of whales (and inevitable centralization concerns), the number of smaller Bitcoin addresses has also been on the rise as of recently. 

As reported by U.Today, the number of wallets that hold at least 1 BTC recently reached its all-time high. 

This also applies to all addresses with non-zero balances, which surpassed their 2017 peak in late March. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.