The Bitcoin Vladimir Club was first suggested by a forum poster by the name of Vladimir in the Satoshi Nakamoto-founded public forum BitcoinTalk. However, not everything is known about it.
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There has always been a demand for exclusivity as long as there has been civilization. This is the rationale behind the establishment of social organizations like the Gentlemen’s Club in the 18th century. Additionally, it explains why current rankings like the “Forbes Richest” and “Fortune 500” exist. People are motivated to join exclusive groups, while others are in awe of the people who make such lists.
Bitcoin is same. People have been curious about who owns how much Bitcoin (BTC) and what their potential net worth is ever since the cryptocurrency gained monetary significance a few years ago. The Vladimir Club, Bitcoin’s elite list, was thus established.
What is the Bitcoin Vladimir Club?
The community of bitcoin owners who own at least 1% of the total supply is known as the Vladimir Club unofficially. Since there are only 21 million Bitcoin available, in order to join the Vladimir club, one would need to possess at least 2,100 BTC.
Members of the club held around $24,000 worth of bitcoin at the time the term was first used, when the price of bitcoin was around $11. Today, that sum is more like $60 million. Consequently, while joining the Vladimir club was challenging then, it now appears virtually impossible.
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The origin of the Bitcoin Vladimir Club
Contrary to popular belief, Vladimir Putin is not associated with the club’s name in any way. It’s only a coincidence, nothing to worry about for conspiracy theorists.
The phrase first appeared in the Satoshi Nakamoto-founded public forum BitcoinTalk. In 2012, a forum poster by the name of Vladimir urged forum users to hold at least 2,100 BTC. He was attempting to convince people of the value of Bitcoin as an investment and the benefits of holding a small portion of the overall supply. The name stayed somehow, and as a result, the Vladimir Club exists today.
The Numbers Game
The Vladimir Club would have exactly 10,000 members in an ideal world. But in the real world, this is impossible for a number of reasons.
First of all, not all of the bitcoin have been mined. Since the number of Bitcoins in circulation is currently about 18.5 million, the hard cap on circulation won’t be hit until some time in the year 2140 due to the mining algorithm’s constant halving.
Second, not all of the bitcoins that are in use are available. Some Bitcoin is lost forever as a result of mishandled transactions and lost wallets. S imilar to how James Howells’ hard disk, which contained about 8,000 bitcoins but may never be recovered, was lost.
Third, it’s possible that the real bitcoin whales, who possess more than 2,100 BTC, do not keep them all in a single wallet, either for security reasons or to merely avoid detection.
Additionally, there is a significant gap between bitcoin whales and regular investors. Massive quantities of BTC are owned by some institutions and whales. Consider MicroStrategy, a software company that holds about 130,000 BTC. Therefore, only 500 to 600 big whales are thought to be members of the Vladimir Club.
Ironically, Bitcoin is no longer necessary to join the Vladimir club. The Vladimir Club is a popular concept among cryptocurrencies with limited supplies. For example, the Binance Vladimir Club has a minimum requirement of 20,000 BNB and a maximum supply of 200 million BNB.
Additionally, organizations like the Bitcoin Vladimir Club are not ideal for the development of Bitcoin or cryptocurrencies in general. It symbolizes for the current global divide between the wealthy and the poor. Additionally, it might cause BTC to become more centralized in a select few people’s hands. The club is fortunately small and may stay that way.