Why it matters: Bitcoin and other popular cryptocurrencies are more easily obtainable than ever, but that hasn’t changed the fact that a small percentage of users still control the majority of the market.
It can be difficult to differentiate individual owners from larger groups and exchanges that hold currency for many users, but the NBER was able to skirt this challenge by using a specific data collection method capable of making the distinction.
What’s more, the researchers note that their measurement of concentration is most likely an understatement since they can’t rule out that some of the largest addresses are controlled by the same entity.
Bitcoin is currently trading just south of $62,000 after reaching a record high of nearly $67,000 last week.