In a recent interview, Saifedean Ammous, author of 'The Bitcoin Standard', discussed the influence of large Bitcoin holders, highlighting Michael Saylor and BlackRock.
Risks of Bitcoin Hoarding
Saifedean Ammous claims that even if one entity were to accumulate significant amounts of Bitcoin, it would not pose a threat to the protocol. According to him, if Michael Saylor managed to possess 10 million Bitcoins, he would not be able to harm the protocol. "Ultimately, I don’t see how it would threaten the protocol in a serious sense," said Ammous.
Saylor's Company and BlackRock
Currently, Saylor's company, Strategy, holds 538,200 Bitcoins, equivalent to approximately $50.18 billion. Meanwhile, BlackRock has net assets amounting to roughly 585,000 Bitcoins through its ETF. Ammous noted that these significant holders do not actually own the cryptocurrency; the Bitcoins belong to shareholders and ETF holders. He added, "It’s not like Michael Saylor or Larry Fink owns all those Bitcoins. They have shareholders who own those Bitcoins."
Market and Strategic Actions
Ammous emphasized that if BlackRock or Strategy begin to act in a way harmful to shareholder interests, then investors may start withdrawing funds and seeking alternatives. Additionally, a new company, Twenty One Capital, founded by Jack Mallers, is looking to compete with Strategy by offering a more efficient way to invest in Bitcoin.
Overall, Saifedean Ammous' perspective illustrates that having large Bitcoin holders does not always pose a risk to the protocol, especially if these holders act in the interest of their investors.
