Number of Bitcoin Addresses Hits High Amidst Turbulence
The month of September has been a turbulent one for Bitcoin in the crypto markets. The month started off with BTC breaking the $12k ceiling only to drop below $10k on numerous occasions before leveling off at current levels above $10,200.
Number of Addresses Holding at Least 1 BTC Hits New All-time High
However, the constant volatility of Bitcoin has not swayed investors from owning more BTC. According to the team at Glassnode, the number of Bitcoin addresses holding at least 1 BTC has grown continuously over the years. Known as ‘wholecoiners’, their numbers recently hit a new all-time high value of 823,000. The team at Glassnode shared their observation via the following tweet.
Increment of WholeCoiners Points Towards Belief that Bitcoin is a Store of Value
Connecting the dots, an increment of bitcoin addresses holding at least one Bitcoin is proof that investors are continually confident that BTC is a store of value. The concept of Bitcoin as a store of value, or digital gold, has been explored numerous times by crypto enthusiasts and analysts with the most recent being Tyler Winklevoss who explained why this was so.
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.