What is more significant ' the number of Bitcoin millionaires' or 'the number of Bitcoin wholecoiners'? The answer to this question is not as straight forward as it might seem from the perspective of mathematics. If you do a bit of calculation, your answer might well be that the 'Bitcoin Millionaires' are more significant because the value that they actually hold is much greater in terms of numbers. But when you dig deeper and realise that there are only 21 Million Bitcoins, your mind shakes a bit and you might visualise that every wholecoiner is destined to be a millionaire.
It wouldn't be a surprise at all. Those who bought Bitcoin at $1 little over a decade ago had the opportunity to sell it at $69k. Who knows that some of them even restrained themselves and HODL all their holdings. Yes, you may say that those who are HODLing all the way since 2010 and 2011 are dormant addresses but recently an address awakened after 12.9 years and transferred 1005 BTC. Would you still believe that they all are dormant or HODLers?
Considering that someone believes in Bitcoin as much as that he may HODL for more than a decade, why can't we press ourselves to be a wholecoiner if not a millionaire. The wholecoiner, who has equivalent to 1 BTC shouldn't get disheartened that his coin is not valued as much as the value of 100 BTC or 1000 BTC is. This is because the whole calculation regarding the value of Bitcoin still finds its basis on Fiat currencies, which is obviously incorrect. (Some of you may not agree).
In January 2023, there were 23,795 BTC addresses holding over $1 million worth of bitcoin. As of November 13, 2023, this number has jumped to 81,925, representing an increase of over 237%.
This isn't a growth of 237% because the price of 1 Bitcoin has also seen the same percentage of growth since January. The price of Bitcoin was $16500 in January 2023 and now it's around $37k. It shows a growth of approximately 125%. So the increase of 100% in Bitcoin Millionaires since January 2023 is acceptable.
In comparison to millionaire addresses, the Bitcoin wholecoiners addresses has seen a slight improvement of 4% only since the beginning of 2023. But this 4% growth takes Bitcoin addresses HODLing 1 Bitcoin or more over a Million. Currently a little over 1 million addresses have 1 or more bitcoin.
It wasn't a long time ago when media discarded Bitcoin for it wasn't generating as many Millionaires as it should. However the argument seemed one sided as it once again lined up Bitcoin against US Dollar insted of comparing to other assets such as Gold, Crude or Bonds. As Bitcoin is still in its early stages, marking its volatility as a drawback is completely unacceptable.
Again why to compare Bitcoin to USD? Can you imagine how volatile traditional assets must have been (albeit in USD) when they entered the market? Take for Apple Inc. which dipped more than 60% many times on the course to getting where it's now. Now if we can rightly compare Bitcoin with other asset class, the dip or crash or volatility is irrelevant because this is how most of the innovative assets behaved.
Overall, if we consider the behavioral pattern of Bitcoin's growth, it's no different to most other assets in the market. Additionally, if we co-relate the growth of Bitcoin to stocks, Bitcoin seems to have an upper hand. For other financial products like real estate or Gold, as we don't have historical data, they may be or may not be at par with Bitcoin's growth. To be concise and precise, you can be bitcoin millionaire or a Wholecoiner, the behaviour of Bitcoin would be same. It would take dips or long intervals only to rise higher than ever. So keep HODLing and be a wholecoiner first only to be a millionaire next.
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