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Huge confidence expressed in Bitcoin takes its addresses to an all-time high

Photo of: Sangeetha Golchha
by Sangeetha Golchha

Despite Bitcoin showing unpredictable price patterns in the last few days, it is still considered as a solid asset to invest in. Bitcoin investors seem unfazed by BTC’s consistent price changes in the crypto markets because the number of addresses holding at least 1BTC has risen sharply and has hit a record-high of 823,000. 

So, the month of September has been a rough journey for Bitcoin. We observe a rather turbulent ride for Bitcoin which broke the ceiling limit of $12 k only to see a major drop to $10k on more than one occasion before reaching a stable level above $10,200. 

The vagaries of pricing have not been favorable for Bitcoin, but investor behavior doesn’t show any kind of disgust or fear in putting their investments in it. According to the much prolific team at Glassnode, the number of Bitcoin addresses with even 1BTC has grown continuously over the years. It has not been a phenomenon of present times. This goes on to prove that investor confidence in Bitcoin has not shaken which could be because of their long term perspective relating to it. 

Coming back to what Glassnode has to say, the number of  Wholecoiners increased to a new all-time high. The team at Glass node shared a tweet message to convey it. 

Source: Twitter

It did not take us time before we connected the dots. The increase in the number of Bitcoin addresses even when they hold one coin, only proves that investors are confident that BTC is a great store of value. In fact, several crypto enthusiasts have also implied and stressed on Bitcoin being a solid store of value much on the lines of how Gold has been perceived over the years. Even Tyler Winklevoss had written a great feature on why Bitcoin should be considered as a great store of value. The excerpts from the feature have been highlighted below:

Bitcoin is not just a scarce commodity, it’s the only known commodity in the universe that has a deterministic and fixed supply. As a result, bitcoin is not subject to any of the potential positive supply shocks that gold (or any commodity for that matter) may face in the future.Bitcoin is the first commodity in the universe where supply does not follow demand. Demand for bitcoin does not, and cannot, expand its supply. Beyond superior supply attributes, bitcoin possesses all of the other characteristics that make gold valuable and actually performs better on a side-by-side comparison.

This surely brings out an interesting concept of owning at least one Bitcoin and its importance was further amplified in one of the recent episodes of Joe Rogan experience featuring Adam Curry. The episode of the hugely popular podcast has been shared a lot in the crypto universe and users can also catch a glimpse on Youtube. The tweet below talks about holding at least one Bitcoin.