As many enthusiasts tell it, bitcoins pose a radical challenge to entrenched powers. In fact, U.S. authorities "are afraid and concerned because a lot of countries are looking at us, and they will follow our leadership," El Salvador's Ambassador to the U.S. Milena Mayorga told CoinDesk recently of her country's experiments with the cryptocurrency.
But this is hard to square with the staggering inequality of bitcoin wealth. A recent paper by finance professors Antoinette Schoar and Igor Makarov examined the structure of bitcoin ownership (as well as the structure of the bitcoin system generally) and found ownership is incredibly concentrated — more than twice that of normal, non-bitcoin wealth.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Amazon's 'James Bond' deal could mean a new future for 007In the Spotlight The franchise had previously been owned by the Broccoli family for its entirety
-
Why are Republicans suddenly panicking about DOGE?TODAY'S BIG QUESTION As Trump and Musk take a chainsaw to the federal government, a growing number of Republicans worry that the massive cuts are hitting a little too close to home
-
What is JD Vance's Net Worth?In Depth The vice president is rich. But not nearly as wealthy as his boss and many of his boss' appointees
-
Will Trump lead to more or fewer nuclear weapons in the world?Talking Points He wants denuclearization. But critics worry about proliferation.
-
Why Trump and Musk are shutting down the CFPBTalking Points And what it means for American consumers
-
Are we now in a constitutional crisis?Talking Points Trump and Musk defy Congress and the courts
-
What can Democrats do to oppose Trump?Talking Points The minority party gets off to a 'slow start' in opposition
-
'Seriously, not literally': how should the world take Donald Trump?Today's big question White House rhetoric and reality look likely to become increasingly blurred
-
Will Trump's 'madman' strategy pay off?Today's Big Question Incoming US president likes to seem unpredictable but, this time round, world leaders could be wise to his playbook
-
Palestinians and pro-Palestine allies brace for TrumpTALKING POINTS After a year of protests, crackdowns, and 'Uncommitted' electoral activism, Palestinian activists are rethinking their tactics ahead of another Trump administration
-
Ukraine hints at end to 'hot war' with Russia in 2025Talking Points Could the new year see an end to the worst European violence of the 21st Century?
