Holding a net worth of about $10.1billion, Aliko Dangote might theoretically be able to buy a huge percentage stake of all the (ETH) in circulation.
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What if does try it, what would happen? Yele Bademosi, Microtraction Founder and CEO of Bundle Africa comments on the matter.
“Not one for guessing, not really sure on this one as I don’t really speculate. Warren Buffet has BTC, didn’t do much for the price so it’s more about utility and we building things that make crypto useful”
Ethereum has a current circulating supply of 110,759,284, but over the years, industry participants estimate at least some of this supply is no longer accessible because most early adopters and miners have lost access to their stashes.
Moreover, the Ethereum (ETH) in circulation is only a fraction of what is currently available for sale on exchanges. While it is hard to say how many coins are available on exchange for sale right now, it will be difficult to buy up a competitive stake (at least 50 percent stake) into ethereum due to liquidity.
Roselyn Wanjiru, Chief Marketing Officer at Kesholabs Development Studio weighs in on the matter;
“Quite frankly it would be a speculative thought. Dangote is very influential as a business leader and no doubt it’ll be used to validate (especially) indirectly a lot of crypto businesses on the continent.”
Going further she notes that companies and individuals alike must ensure due diligence in order to exercise financial responsibility and avoid the likelihood of being scammed by fraudulent entities that will wrongly use Dangote’s name for fake copies of Ethereum investment schemes.
Many other commentaries suggests that Aliko Dangote will not be able to make a 50 percent buy, because when the price starts going up, people will stop selling their coins, and if a new spike happens, the market valuation gets even higher.
And at this point, the market valuation might be big enough to cover a huge percentage buy considering the total net worth of Aliko Dangote and what the market capitalization of ETH would be at this time.
At a press time price of $214.56, Ethereum’s entire market cap sits at $23,765,221,619. At his current net worth, Aliko Dangote could theoretically buy 40 percent of all the ETH in circulation.