2021-1-17 14:12 |
Although Bitcoin seems to have somewhat stabilized around the $30,000 to $35,000 range, institutional and high net worth individuals are not done with it yet.
Glassnode, an on-chain metrics and exchange flow analysis platform, tweeted new bitcoin data on Jan. 16. First and foremost, the number of Bitcoin addresses holding over 1,000 BTC has reached an all time high of 2,425 addresses. Glassnode also points out that the previous all time high was set earlier in the day with 2,424. To reach this wallet size, investors would need to keep almost $35 million solely in Bitcoin investments.
Institutions on the bitcoin sceneOne of the pervasive narratives in the cryptocurrency space is the entrance of institutional and large scale investors. It is now clear that this major stepping stone in mainstream adoption by institutional wealth is taking place. What’s especially positive is in the increase of the 1,000+ BTC wallet addresses during the current price climate.
No longer are these wallet owners old school cyberpunks who accumulated massive amounts of BTC a decade ago when it is extremely cheap. These are investors entering the market while BTC hovers relatively close to its all time high prices.
Mainstream institutional push is continuingThere isn’t a single catalyst that can be pointed to to signal this increase in institutional adoption. However, the increased understanding of cryptocurrency plays a major role. More users view Bitcoin from a strictly store of value perspective, instead of its being a currency that can transfer value. From these assumptions, many started looking at Bitcoin as a better store of value than gold. They see Bitcoin as a digital gold with stronger fundamental value saving properties.
The CEO of Microstrategy, Michael Saylor, was one of the first enterprise players on this forefront. Initially a Bitcoin skeptic, Saylor has invested over $1 billion in Microstategy’s treasury reserve assets into BTC. Microstrategy is the first publicly traded company to accomplish this feat.
Saylor has also personally invested hundreds of millions of his own wealth into Bitcoin. This is because he now views Bitcoin’s financial properties as a strong hedge against inflation in dominant fiat currencies.
Inflation is increasing around the world and investors are debating the comparison of store of value between Bitcoin and gold. As such, we may see this $30+ million Bitcoin tier continue to increase, even if BTC keeps breaking all time highs.
The post Bitcoin Wallets With 1,000+ BTC Break All Time Highs appeared first on BeInCrypto.
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