The lack of knowledge of the researchers is mind boggling, completely ignoring all wallets for off chain applications, 2nd layer, funds, custodian’s, etc. I saw on Twitter after the backlash the journalist responsible for this garbage said they excluded all exchanges (see link below). Then what the hell did you guys study lol? Here is the real bitcoin distribution:
https://insights.glassnode.com/bitcoin-supply-distribution/
https://twitter.com/paulvigna/status/1473030205832941574?s=21
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