It’s a thought to be given that the Richest person on the earth and the founder, CEO of Amazon Jeff Bezos can buy all the bitcoins in one shot!
What will happen if Jeff decides to buy all the Bitcoins present in the current circulation of the market?
The question comes looking at such high rates of Bitcoins can Jeff Bezos do that? Then well my friend the answer to this question is yes. Jeff Bezos has a net worth of about $140 billion and according to the current Bitcoin price of $7,115 the total worth of all the Bitcoins currently circulating would be $130,483,137,741.
This means that even if Bezos buys all the Bitcoins, he will have $10 billion to spare. Interesting isn’t it?? Well, now it’s time to think about the market situation if such a thing happens.
There is a sea of Bitcoins to buy
Now can Jeff buy all the Bitcoins? Technically speaking, No.
He will only be able to bit liquid Bitcoins which are available in the current market. Bitcoins are used for circulation and liquid exchanges. He won’t be able to buy invested Bitcoins and Bitcoins owned by the miners. What will happen if the liquid Bitcoins are all gone?
Yes, you are thinking right the prices of Bitcoins will rise. People who have stacked Bitcoins will be selling it and will be becoming wealthier and wealthier. Salter said regarding this “Of course he could only buy the liquid BTC on exchanges, massively driving up prices in the process,”
Bitcoin currently has a supply of 18,339,687 Bitcoins. Officials say there is a potential for loss of Bitcoins by individuals who no longer have access to their stash. How many liquid Bitcoins are there we don’t know and what will be the prices at which the investors will stop holding and will sell their Bitcoins we don’t know.
Salter believes that when Bezos will start buying coins investors will sell them but only till a point where they realize that prices will peak and they can earn more profit by holding their stash. In this way, Jeff will not be able to buy all the coins.
What else can be an option so prices don’t rise?
Well yes, there is a way. If Bezos doesn’t buy up all the liquid Bitcoins but performs over the counter buying and buys stash from the investors then the price of Bitcoins will jot rise as there will be the availability of liquid coins.
According to Salter “ alternative purchase methods, such as over-the-counter, or OTC buying, as well as picking up stacks of the coin from miners.”
He also stated that “Maybe he could pull off a large purchase without increasing the price immediately by making several deals like this at the same time,”. In the end, Salter mentions that his comments are only speculative and are just the analysis according to the current scenario.