Are Bitcoin Whales a Threat to the Protocol?
Bitcoin Standard author Saifedean Ammous argues that large-scale BTC accumulation by institutions does not pose a risk to Bitcoin’s protocol or its price.
Crypto Laddin
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The concern over whether Bitcoin whales could harm the protocol is resurfacing. However, Bitcoin Standard author Saifedean Ammous believes there is no real threat.
Ammous emphasized that the Bitcoin holdings of major firms like BlackRock and Strategy ultimately belong to investors, not the corporations themselves. Speaking in an interview with crypto entrepreneur Anthony Pompliano on April 25, Ammous stated, "Even if Michael Saylor theoretically holds 48% of Bitcoin’s supply, it does not pose a threat to the protocol."
He argued that if these firms misuse their positions, investors would likely withdraw their funds and seek alternative Bitcoin exposure, thus mitigating centralization risks.
Ammous further explained that any attempt to alter Bitcoin’s protocol to benefit a few would devalue their own holdings, making such actions self-defeating.
Currently, Strategy holds approximately 538,200 BTC, while BlackRock's iShares spot Bitcoin ETF controls around 585,000 BTC — together accounting for about 5.3% of Bitcoin's total supply. Nevertheless, Ammous insists this concentration does not undermine Bitcoin’s decentralized nature.
In conclusion, Ammous asserts that Bitcoin’s resilience and foundational principles are designed to surpass the influence of any single institution or investor.
