Cryptocurrency – The Whales’ Game
January 30, 2018 Leave a comment
Cryptocurrencies have captured the public imagination as the price of bitcoin et al skyrocketed and made lakhiers and crorepatis of both famous and obscure people. Never mind that many lost their fortunes even before they could start celebrating ! The adrenalin rush is a siren song to certain personality types……..
And I daily get calls, messages and e-mails asking what I think of cryptocurrency investments. The querants range from Sotheby’s-Gulf to small businesspeople from Russia. So here’s my answer : Are you a whale? Do you want to be one? Can you be one ?Do you fancy your chances playing against whales ?
Think:
Bitcoin was built by a tight-knit community of technology buffs and entrepreneurs, and a relatively small number of them own an outsized share of the cryptocurrency. As few as 1,000 people may own around 40% of all existing bitcoin.
As smaller investors enter the market drawn by the price action, the question to ask is whether those “whales” are in a position to take advantage of the newcomers?
Can whales actually coordinate among themselves to move the market? Read more of this post
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wealthymatters 