【Systematic Derivation of the Constant Supply Characteristics of Gold and Bitcoin III】
III. Institutional Monopoly and Power Restructuring
1. Concentration of Chips
2. 3% of addresses control 95.8% of Bitcoin; institutions like MicroStrategy hoard over 200,000 coins (accounting for 1% of the circulation). This whale-dominated pattern forces retail investors to accept price manipulation.
Mining Power Monopoly: In 2024, three major mining pools control 61% of the total network hash rate. After China's mining ban, Kazakhstan has become a new center, increasing geopolitical risks.
2. Regulatory Arbitrage and National Games
The U.S. attracts long-term capital such as pensions through Bitcoin ETFs (e.g., BlackRock's IBIT). By 2024, Wisconsin's pension fund holdings increased to $321 million, creating a "hedging pool against dollar depreciation."
New Colonial Risks: Bitcoin mining consumes more electricity annually than the entire usage of Argentina, with energy costs being passed on to developing countries (e.g., Iran, Kazakhstan).