Hello, guys welcome back to the blog. In the last blog, I did I posted on the potential of Ethereum in 2022; I thought today I would post on the potential of the biggest coin on the market, Bitcoin.
Right now as of 1/29/2022 the price of bitcoin is $37,699; it has a market cap of $741,146,503,674 The market cap is all the Bitcoin on the market (The total supply) multiplied by the current price. And the daily volume is $14,324,942,988, (that is, the total amount of Bitcoin bought and sold each day).
Countries
As many of you know, some countries are looking to adopt bitcoin as the official currency for their country. As of right now (to the best of my knowledge), there is only one country that has Bitcoin as the official currency; and that is El Salvador. However, many more countries, especially in South America, are looking to adopt Bitcoin as the official currency very soon.
Developers
Right now there are 680 active developers on the Bitcoin protocol.
Nodes
Nodes are the people that use their computers to verify the Bitcoin blockchain. This helps to keep the blockchain decentralized and safe. Right now there are nearly 100,000 active nodes.
Illiquid supply
The illiquid supply is all the Bitcoins not in a hot wallet (Ie. Exchanges), but in cold wallets (Ie. personal wallet). It's harder to trade Bitcoin from a cold wallet, which is why it's illiquid. Right now, 76% of the Bitcoin supply is illiquid.
Companies
Many companies have invested in Bitcoin, including, but not limited to, Tesla, Microstrategy, Square, Marathon Digital Holdings, and Galaxy Digital Holdings.
Right now Tesla holds about 43,000 Bitcoins ($1,634,000,000)
Microstrategy, 114,041 Bitcoins ($4,333,558,000)
Square, 8,000 Bitcoins ($304,000,000)
Marathon digital holdings, 6,665 Bitcoins ($253,270,0000)
Galaxy digital holdings, 16,400 Bitcoins ($623,200,000)
Conclusion
With so many big players, including countries, joining Bitcoin and Bitcoin becoming so increasingly illiquid, it is clear Bitcoin has great potential for 2022.
I would say we could easily see a 100%-500% increase in 2022.
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The next blog will be about the coin of the week.
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