Record High Number of Bitcoin Addresses Holding More Than One Bitcoin

03/03/2023 09:19 • Blockchain Briefs • 103 views

It is reported that according to Glassnode data, the number of addresses holding more than one Bitcoin is currently 983001, a record high.

Data: The number of addresses with more than 1 Bitcoin has reached a record high

Analysis based on this information:

Glassnode, a blockchain data provider, has reported that the number of addresses holding more than one Bitcoin has reached a new record high of 983001. This figure highlights the growing interest in Bitcoin among individual investors as they move away from the traditional fiat currencies, which have been adversely affected by the COVID-19 pandemic.

Bitcoin, the world’s largest cryptocurrency, has been gaining momentum in recent months due to the growing concerns about inflation and the uncertain economic situation, surprisingly, even amidst the pandemic. As investors seek ways to protect their wealth from inflationary pressures, Bitcoin has emerged as the leading alternative investment option.

The surge in the number of Bitcoin addresses holding more than one Bitcoin is a clear indication of the growing confidence in Bitcoin as an investment vehicle. The rising demand is fuelled by a combination of factors, including the increasing institutional adoption of Bitcoin, the growing acceptance of Bitcoin as a legitimate means of payment, and the rise of decentralized finance (DeFi) applications.

The institutional adoption of Bitcoin has been the driving force behind the recent Bitcoin bull rally. Big companies like Tesla, MicroStrategy, and Square have added billions of dollars worth of Bitcoin to their balance sheets, citing the cryptocurrency’s potential as a store of value. This increased demand from institutional investors has led to a significant outflow of Bitcoin from cryptocurrency exchanges, as investors move their assets to cold storage to protect them from any potential hacks or thefts.

The growing acceptance of Bitcoin as a legitimate means of payment has also contributed to the increasing demand for Bitcoin. PayPal, one of the world’s largest payment providers, recently announced that it would allow its users to buy, hold, and sell Bitcoin and other cryptocurrencies directly from their PayPal accounts. This move is expected to increase the adoption of Bitcoin as a payment option, thus driving its value further up.

In conclusion, the growing number of addresses holding more than one Bitcoin is a clear indication of the growing interest in Bitcoin as a store of value, an investment vehicle, and as a means of payment. The recent institutional adoption of Bitcoin, the growing acceptance of crypto payments, and the rise of DeFi applications are among the factors driving the growth in the number of Bitcoin investors. As more individuals and institutions embrace Bitcoin, its value is likely to continue to rise, marking a new era in the history of finance.

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Record High Number of Bitcoin Addresses Holding More Than One Bitcoin

Data: The nu…

Data: The number of addresses with more than 1 Bitcoin has reached a record high

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