40% of all Bitcoins are owned by just 1000 individuals.
This gives them a disproportionate amount of control over the market as they are able to dump them at anytime.
This is not to mention the high proportion of bitcoins held by miners and exchanges, who may have perverse incentives to ensure that as many people buy up bitcoin as possible and hold it for long enough for the price to rise.
Is there any way to deal with the high degree of centralisation that Bitcoin has?
I don’t see anything wrong with the existence of whales, that is, that a thousand people own 40 percent of all bitcoins. No matter what we do, the whales have always been, are and will be. Yes, they can influence the crypto market, especially if they agree on coordinated actions. But we can’t do anything, because this is a decentralized market. At the same time, whales are also beneficial to this market. They revive it, periodically causing price surges and falls. Being the custodians of a significant amount of bitcoins, they have no interest in harming them.