A look at Bitcoin’s ongoing accumulation phase
BitForex
Bitcoin
3 years ago
1 QCP
Ever since Bitcoin was launched in 2009, the number of “Bitcoinaires” - people with at least one whole bitcoin - has been steadily increasing. However, owning a whole bitcoin is getting pricier and it’s only a matter of time before this becomes an exclusive club: There will only ever be 21M BTC. On the other hand, there are already 46.8M millionaires in the world…
Most people will only ever own a fraction of a #bitcoin. On this more attainable end of the spectrum, growth in the number of addresses holding at least a little bit of bitcoin was exponential all the way up to the 2017/18 crypto rush, where a sharp peak was followed by a sudden drop. However, growth soon resumed in a more linear manner, leading to a new all time high in the number of hodlers in 2020!
There have never been more addresses holding #bitcoin. However, the number of active addresses on the blockchain remains well below ATHs. This seems to support the narrative that we’re in the accumulation phase and the stage is still being set for true utility.
Most people will only ever own a fraction of a #bitcoin. On this more attainable end of the spectrum, growth in the number of addresses holding at least a little bit of bitcoin was exponential all the way up to the 2017/18 crypto rush, where a sharp peak was followed by a sudden drop. However, growth soon resumed in a more linear manner, leading to a new all time high in the number of hodlers in 2020!
There have never been more addresses holding #bitcoin. However, the number of active addresses on the blockchain remains well below ATHs. This seems to support the narrative that we’re in the accumulation phase and the stage is still being set for true utility.
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