What If Jeff Bezos Bought The Entire Bitcoin Collection
Jeff Bezos is one of the most recognized names in the world. With a net worth of $140 billion, the Amazon CEO could, in theory, buy all the bitcoin in existence. But have you ever wondered what would happen if he decided to do so? Genesis Mining’s head of mining operations gives us a very interesting answer.
“Of course he could only buy the liquid BTC on exchanges, massively driving up prices in the process,” Salter said
Bitcoin has a certain amount of coins in circulation. At the moment, Bitcoin has a current supply of 18,339,687. Some industry insiders believe that number could be lower owing to the fact that some early adopters and miners have lost access to their original coins.
In addition, the bitcoin currently on sale in various platforms and exchanges is only a tiny fraction of the coins in circulation. This liquid Bitcoin as it is known as cannot be quantified by analysts. “It’s hard to say how many coins are up for sale right now and at what price level investors would stop holding to sell their coins,” Salter said.
“I don’t think he could buy a large percentage of all BTC this way, because when the price starts going up, people will stop selling their coins, assuming there is a new spike approaching and wanting to profit from that,” he added.
Bezos Could Buy Everything
The truth is that if Bezos decided to go all in and buy all the liquid bitcoin available, he could be met with a particular resistance. According to Salter, if Bezos entered the market with various buy orders, the current liquidity will varnish, thus leading to an increase in bitcoin valuation and price. This will block out any potential buyer.
Salter said that there are other alternative means of purchase like over-the-counter purchasing that could keep the price in check. “Maybe he could pull off a large purchase without increasing the price immediately by making several deals like this at the same time,” he said.
Salter did mention that his comments were mainly speculative. However, at his current net worth, Bezos could, in theory, by all the bitcoins at the present value of $7,120 with change to spare.