Some interesting Bitcoin statistics emerged in 2023, did you know that Bitcoin availability on exchanges is so low at the moment that if 20 million new Bitcoin enthusiasts wanted to have 0.1 BTC there would already be a shortage? That means that less than 2 million new investors can become a whole coiner.🤯
0.1 Bitcoin is at today's rate about 2600 Euro/2900 Dollar, the number of wallets that have at least 0.1 BTC in them have been steadily increasing ever since 2011 and are currently at a staggering record high at almost 4.5 million. Which year did you become a 0.1 coiner? Would be fun to see for yourself where you'd fit in the timeline.😊
May 2023 was also the year the number of whole coiners reached 1 million for the first time ever.
The only chart you'll see going downwards are the +100 BTC wallets which fell from their height of 18.000 addresses in 2017 to 16.000 addresses nowadays. Being generous and presuming 1 address is 1 person, that's a drop of 2.000 people in 6 years time. To put that to perspective, the number of whole coiners increased with over 400.000 addresses from 600.000 to 1 million in that same time span. The price change in that same period was rather swingy, but stands at a +650% increase from roughly 4.000 to almost 30.000 Dollars today.
Alright, now that we got the facts out of the way, in comes the fiction:
"Bitcoin is finally behaving like gold because interest in cryptocurrencies has dried up over the past year." Well, it just broke several records regarding interest in 2023, but OK.
"The price of Bitcoin is as stable as it's been for five years...largely because nobody is trading the token anymore." Statistically untrue, both 2016/2017 and 2018/2019 had longer periods where Bitcoin was trading stable in a certain price range. The date of the 🐎💩 article is August 2023, Bitcoin just had a massive upwards rally just two months prior and an even bigger one four months prior, same as stocks btw which were both mostly impacted by the interest rates and inflation. So define "stable".
"However, trading volume for bitcoin has also faded to its lowest level since November 2020." Wow, I'm stunned, something that's actually true. But A) The November reference is from the FTX collapse and B) doesn't low trading also mean no dumping i.e. steady interest, more hodlers....you know, that same thing you are trying to deny?
"Institutional and retail investors alike turned away from the sector over what was a nightmarish 2022." No comment:
"And while other riskier assets like stocks have rebounded this year, bitcoin still trades at under $30,000." I don't get it, is he admitting Bitcoin is not as risky compared to other investments as many claim? I'm genuinely confused by this sentence, are stocks riskier now? Has the momentum shifted or is this a schizo moment from the author? If it rebounds to 68K it's "too unstable", if it hovers around 30K it's "all over, people lost interest, the bubble has burst etc.etc".
"Bitcoin's newfound sturdiness is a cruel twist on bulls' long-held belief that it could one day become a form of "digital gold"...To an extent, their vision for a low-volatility asset has now come to life, but only because nobody really cares about crypto anymore." Source: Trust me bro.