Bitcoin News Update: No Bitcoin and USD Correlation, New ATH in Wallets Holding Over .1 BTC
Virtual currencies have been growing all over the world as an alternative to fiat currencies such as the Venezuelan Bolivar or de Zimbabwean dollar. Thus, Bitcoin became very important for those individuals living in these regions that wanted to store value or be able to process transfers.
At the same time, there is a large group of individuals that believe that Bitcoin's price is also going to be outperforming the US dollar in terms of value, including Anthony Pompliano, the co-founder of Morgan Creek Digital.
During a conversation with CNBC, Anthony Pompliano, a recognized Bitcoin proponent, said that the US dollar was not tied to anything. At the same time, he has also been responding to arguments that say that Bitcoin is not pegged to anything and that it cannot be trusted.
"Bitcoin is not tied to anything"
— Jason Choi (@mrjasonchoi) May 25, 2019
The crypto analyst Larry Cermack said that the US dollar is backed by the military power of the United States, something that Bitcoin doesn’t have. Cermack mentioned that betting on Bitcoin was a risky bet.
Frank Chaparro has also talked about this issue and clarified that the US dollar and Bitcoin were both not tied to earnings, interest rates and profits since the US dollar was backed by the whole government and bitcoin by math.
You’re making the mistake of thinking “future success” is synonymous with surviving.
The USD’s current structure (inflationary, fiat design) has driven the greatest wealth inequality the world has ever seen.
Many would argue the current system already doesn’t work 🤷🏽♂️
— Pomp 🌪 (@APompliano) May 27, 2019
It is also worth mentioning that the number of bitcoin wallet addresses with at least 0.1 BTC is increasing as well. According to Nic Carter, partner at Castle Island Ventures, the number of addresses with 0.1 BTC has reached a new all-time high.
New ATH 😱 (In addresses holding at least 0.1 BTC) pic.twitter.com/waXAptr40E
— nic carter (@nic__carter) May 27, 2019
This shows that there is a larger number of users that are entering the crypto market. However, this chart does not show the number of individual investors owning more than 1 BTC, it shows the number of addresses, and there are investors that hold more than just a single address.
Bitcoin’s price is $55,519.40 BTC/USD exchange rate today. The real-time BTC market cap of $1.04 Trillion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $31.1 Billion and live coin value change of BTC -4.96 in the last 24 hours.