Analytic Firm Argues against the Notion that 6 Coders Control BTC

• CoinShares contends the popular notion that only six individuals control BTC.
• A large, diverse group of contributors drives the development, says the analytics firm.
• Previously, WSJ claimed Bitcoin’s future depends on a handful of mysterious coders.”

Data analytic firm, CoinShares, has argued against the popular notion that only a handful of individuals control the development of the network that underpins the nearly $500 billion cryptocurrency, Bitcoin.

In a blog post yesterday, CoinShares claims that the development process of Bitcoin is not dependent on just six developers. Instead, the development and approval process of the Bitcoin Core software is driven by a large and diverse group of contributors.

According to the analytic firm, the group includes developers, researchers, reviewers, and testers worldwide who collaborate to improve and maintain the software. The report read in part:

“Contributors can propose code changes, test them, review them, or comment on open pull requests. Anyone contributing to the Bitcoin Core project in any capacity is considered a contributor. This open and collaborative approach has been critical to the project’s success and continued growth.”

Previously, the Wall Street Journal (WSJ) shared a post titled “Bitcoin’s future depends on a handful of mysterious coders.” In the publication, WSJ said one Wladimir van der Laan’s access to Bitcoin Core’s GitHub repository was finally taken away on Thursday, at his request.

According to the market tracking website, CoinMarketCap, Bitcoin (BTC) has crossed the $25 price point this week, the first in nearly six months. BTC currently trades at $24,520, with over a 13% increase in the last seven days.

Bitcoin’s close rival, Ethereum (ETH), also gained a double-digit rise in the past week as it trades at $1,689.87. Interestingly, the global crypto market gained over $100 billion in the last 24 hours.