Over $50 trillion are controlled by 117 people across the top 10 capital investment companies, such as BlackRock, Vanguard, State Street, Morgan Stanley and others according to Professor Peter Phillips.
https://scheerpost.com/2024/11/01/these-10-companies-run-our-democracy/
The best first step in my view to change this is to make sure that we have a financial system that benefits everyone.
In other words, if inequality is baked into the system, which it 100% seems to be, the best we could do currently would be to have a financial system that allows the very poor to benefit from the capital of the very rich.
Bitcoin is the best mechanism for that. True financial fairness. Everybody wins. The very rich wins, the very poor wins.
And that's already a great first step I would say :)
"CONTROLLED" ?? These are just platforms to transact money .. they control nothing .. I can sell my iSahres any time and it is not a lock like social platforms (Facebook or Insta) where I have built a following of friends and family ..
btw ..it is easy to forget that some of these fin platform didnt have the advantage of internet when they revolutionized finance for the common person .. eg Vanguard ( Jack Bogle) was pioneer of index investing .. a super low cost investing strategy better than most high cost managed funds .. VTSAX is still the lowest cost and broadest index fund .. .. Blackrock with iShares innovated on ETFs .. first time people could trade commodities and baskets of stocks like a security ... So .. it is easy to forget innovations of past just becaues we have better tools now ..
The thing is that those companies are custodians of those shares and control the voting power. On a separate note the ownership in their products at best follows the Pareto principle where 80% of the share belong to 20% of customers. But I would bet it looks more like 90% of the share belonging to 5% of customers if not less.
Voting power is a good point .. never thought about it ..but the truth is I have been investing in individual stocks for over 20 years but never voted on anything :-)...
And I guess voting doesn't make any sense for bitcoin ETFs .. can they change the bitcoin development strategy... I don't think so...
