I have a question that maybe someone out there can explain to me about the control of Bitcoin. Bitcoin is a decentralized currency that is supposed to be under no particular controlling entity, but is this now the case? Once the cryptocurrency gained the attention of the central bank, and became worth more than the dollar, which is the world reserve currency. Then took off and became worth thousands of dollars, which we all know are created out of thin air, but in any case, the most transacted currency in the world. Therefore, many people became wealthy trading there Bitcoin for the dollar.
Now, my question is, now that a bunch of people got rich selling Bitcoin, who now has the biggest supply of Bitcoin? The same people that created currency out of thin air? If they now have the majority of the available Bitcoin in circulation, who controls the Bitcoin market? How decentralized is Bitcoin now?
If the people in any market are willing to sell a product of any kind, for a controlled currency, they have at that point given the control of that market, in this case, to the same people they were trying to break free from. There is no need for the central banks to have to compete in a currency market, if they can just buy that market. Maybe not all cryptos fall into this category, but the top tear one sure looks like it did, and the illusion of freedom from corrupted central banks continues under the name of a decentralized currency.
Thanks for checking this post out, and please let me know what you think of this situation, and/or what I've missed.