The number of Bitcoin “wholecoiners,” individuals or entities holding at least one entire Bitcoin (BTC), has surpassed one million and remained there for over a year. This milestone, first reached in May 2023, signifies a potential increase in Bitcoin ownership, but the picture isn’t entirely clear-cut.
While the data from Glassnode suggests a steady rise in wholecoiners, it’s crucial to remember that one address doesn’t always equal one person. Crypto enthusiasts often hold multiple wallets, and major institutions like exchanges and investment firms can have significant Bitcoin holdings concentrated in single addresses.
Furthermore, with a finite supply of 21 million Bitcoins, a significant portion – estimated at around 3 million – is believed to be lost forever. This leaves roughly 14.3 million Bitcoins actively circulating, and of that, over 2.4 million reside on centralized exchanges like Binance and Coinbase.
Also Read: Bitcoin (BTC): Analyst Sees Long-Term Demand Potential Despite Short-Term Price Pressures
Bitcoin’s journey to this million-strong wholecoiner club has been anything but smooth. From a single address holding all the Bitcoins in 2009 to a rapid rise to 30,000 wholecoiners by 2010, Bitcoin adoption has seen its share of fluctuations. There have also been periods of significant decline, with drops of over 30,000 wholecoiners coinciding with bear markets and price corrections.
The million-wholecoiner mark is undoubtedly a noteworthy achievement, but several factors cloud the picture of pure individual adoption. However, the sustained growth in wholecoiners, despite price fluctuations, suggests a growing interest in holding Bitcoin as a long-term asset. Only time will tell if this trend continues and what impact it has on the future value of Bitcoin.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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