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Concerns surrounding the increasing accumulation of Bitcoin by large entities, often referred to as “whales,” have been dismissed by Bitcoin (BTC) Standard author Saifedean Ammous. In a recent interview with crypto entrepreneur Anthony Pompliano, Ammous addressed the hypothetical scenario of MicroStrategy’s Michael Saylor potentially hoarding nearly half of Bitcoin’s total supply, asserting that it would not pose a significant risk to the cryptocurrency’s protocol or its market value.
The world has moved closer to a bitcoin standard over the last few months.
— Anthony Pompliano 🌪 (@APompliano) April 24, 2025
I sat down with @saifedean to understand what is happening, why bitcoin will eat gold & the US dollar, and why he thinks everyone is underestimating what is happening right in front of our eyes.
This was… pic.twitter.com/UcaCPGTm68
Ammous argued that even if Saylor were to amass a staggering 10 million Bitcoin (BTC), his likely strategy would involve leveraging these holdings to acquire even more Bitcoin. He downplayed fears that such a concentration of wealth could lead to malicious actions, stating, “Ultimately, I don’t see how it would threaten the protocol in the serious sense.” He further reasoned that an attempt to alter the Bitcoin protocol to inflate his holdings would ultimately diminish the value of his existing substantial stake.
Ammous Rejects Market Manipulation and Centralization Fears
The crypto community has often voiced worries that significant Bitcoin holdings by a few entities could pave the way for market manipulation, increased centralization, or liquidity issues. However, Ammous countered these concerns by highlighting the nature of ownership. While Michael Saylor’s MicroStrategy currently holds over 538,000 Bitcoin (BTC), and BlackRock‘s spot Bitcoin ETF possesses roughly 585,000 Bitcoin, representing about 5.3% of the total supply, Ammous emphasized that these assets are ultimately owned by shareholders and ETF holders.
Fiduciary Duty and Market Correction Mechanisms
Ammous explained that firms like MicroStrategy and BlackRock hold Bitcoin as part of their fiduciary responsibility to their investors. He suggested that if these entities were to manage their Bitcoin in a manner detrimental to their shareholders or ETF holders, or if they were to abuse their market position, investors would likely divest and seek alternative avenues for Bitcoin exposure. This inherent market mechanism, according to Ammous, acts as a natural check against potential abuses by large holders.
Interestingly, the emergence of new Bitcoin treasury companies like Twenty One Capital, backed by notable players like Tether and SoftBank, signals a growing competition to provide investors with efficient Bitcoin exposure, potentially diluting the dominance of current major holders like MicroStrategy. Ammous’s perspective offers a reassuring outlook on the resilience of the Bitcoin network against the risks often associated with concentrated ownership.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Satoshi Nakamoto’s Bitcoin Holdings Hit $102B as BTC Price Soars to $94K
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
