• The number of wallets or addresses holding more than one Bitcoin is approaching 1 million.
• According to on-chain analytics provider Glassnode, the number of “wholecoiner” addresses has doubled since mid-2016.
• Binance CEO Changpeng Zhao noted that there are more than 56 million millionaires in the world and only 1 million people with more than one Bitcoin.
Wholecoiner Addresses Rising
The number of wallets or addresses holding more than one Bitcoin is quickly approaching a million. On-chain analytics provider Glassnode reports that the number of “wholecoiner” addresses has doubled since around mid-2016, hitting an all time high of nearly 800,000 during the last cycle peak. This statistic is remarkable because there are over 56 million millionaires in the world today.
Binance CEO Comments
Binance CEO Changpeng Zhao commented on April 6th about this statistic: “There are more than 56 million millionaires in the world, and only 1 million people with more than 1 bitcoin. Do the math”. With BTC trading at around $28,000, it will be quite some time before one coin will make a holder a millionaire!
Bitcoin Scarcity Leads to Demand
Crypto advocates often divide the total supply of Bitcoins by the world’s population to illustrate scarcity (0.002616 BTC per person). Those who hold more than one coin are considered rare and this scarcity leads to demand for Bitcoin across cycles as investors accumulate during market bottoms and sell off near peaks.
Previous Market Cycles
Previous market cycles demonstrate this pattern as well; investors accumulated during bottoms and sold off near peaks regardless of market sentiment or potential regulatory changes from governments around the world. Many believe that due to its finite supply and decentralized nature, Bitcoin is capable of outperforming other assets in both bearish and bullish markets alike long term due to its ability to act as digital gold or store of value asset class.
The increasing number of wholecoiners suggests that many investors see long term value in holding Bitcoins despite volatile price movements short term caused by speculative trading or news headlines regarding government regulations on crypto assets globally. It remains to be seen how many wholecoiners will remain once prices reach new all time highs but regardless, it appears that long term bullish sentiment continues to drive demand for Bitcoin among savvy investors worldwide