When Bitcoin [BTC] came into existence in early 2009, a majority of the global population did not understand the concept of virtual currencies and its underlying blockchain technology. The general masses were also skeptical and people were collectively shy of investing in assets which they did not understand properly.
However, a small group of people bought into the idea and became Bitcoin’s early adopters. If we consider an early investment portfolio of longtime holders of Bitcoin [BTC], people who invested in crypto when it was worth $1 in mid-July 2011, they would be currently sitting on Bitcoin [BTC] worth $5954.80 at press time. In theory, that would make some of the early adopters wealthier than pre-IPO Microsoft or Google employees.
In the long term perspective, early adopters of Bitcoin [BTC] do hold a tremendous advantage over investors who came into the market after the virtual asset gained prominence.
Stephen Cole, a Bitcoin enthusiast, recently tweeted and explained the power concentration among early adopters.
He stated that Bitcoin [BTC] was still in its speculative phase, where the capital flowing was inconsistent, but at some point of time, it would achieve more stability for day-to-day transactions and the ecosystem would mould into an egalitarian phase.
He added that if Bitcoin [BTC] became the world currency, the value of the virtual asset would eventually have to flow down to where it’s “more deserved and accessible” by the greater population, because Bitcoin cannot be inflated.
However, he emphasized strictly on the point that early adopters of Bitcoin would dictate the shape of the financial situation of the future if virtual currencies reach world-wide adoption. People who acquired Bitcoin [BTC] before it boomed will have a major influence and will have a considerable say in what happens over the next few decades, he argued.
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