Number Of Addresses Owning At Least 1 Billionth Of Bitcoin Supply Reaches Its ATH
- Addresses that own over $200 in BTC reaches peak
- Bitcoin’s surge in current tumultuous environment has “breathed new life in the Bitcoin as a safe haven narrative”
The number of addresses that now own at least 1 billionth of Bitcoin’s supply is at its all-time high, as per the data provided by Coin Metrics.
At current prices, this accounts for addresses that own more than $200 in BTC.
There are more than 20 million addresses that are richer than 1 USD while only 2,307 addresses are richer than 10 million USD, as per Bitinfocharts.
Bitcoin is increasingly gaining popularity and ever passing day more and more people are interested in the leading cryptocurrency.
Even more so in recent times as the global economy faces the threat of currency wars, trade disputes, protests, low interest rates, and unconventional monetary policy.
We are about halfway in August and already two fiat currencies, yuan and Argentine peso depreciated and resulted in a stock market rout.
While Chinese yuan broke the psychologically important 7 level against the USD, the peso plunged about 30% in value against the US Dollar.
Born as a response to a deep, global recession, Bitcoin’s surge in this environment has “breathed new life in the Bitcoin as a safe haven narrative,” stated CoinMetrics.
As fiat currencies lose their value, a deflationary and decentralized asset makes for an attractive investment.
What’s even more appealing about Bitcoin is that it can put a dent in the income inequality.
Inflation, Morgan Creek Capital’s Anthony Pompliano said is one of the drivers of income inequality and the fact that the world’s leading cryptocurrency can’t be used by the government as a tool to manipulate the economy, could help the bottom half of the current wealth distribution increase their wealth and purchasing power.
As Bitcoin awareness and adoption rises while global condition continues to deteriorate, more and more investors, including both individuals and large hedge funds will make it part of their investment portfolio.