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Belief in Bitcoin is great

 


Bitcoin has come a long way from its all-time high in October 2021, when it was ~$67,000/BTC, while it is hovering around ~$20,000/BTC at the end of August 2022. But that doesn't bother the owners of Bitcoins: They keep their digital coins in their wallets, i.e. the digital purses. This means: The cryptocurrency still enjoys the greatest trust.


All-time high in holding time

The all-time high in price is now followed by the all-time high in holding time. Never in the history of bitcoin have there been so many addresses that their owners have not accessed for more than a full year. This is the opposite of a panic sell-off that might have been expected given the price declines. But the masses obviously believe in their bitcoins. The information portal Block-Builders.de has researched this. Incidentally, the amount of bitcoins in circulation that have been in the same wallet for at least five years has also reached a new record. Almost a quarter of all Bitcoins mined to date have not been traded since 2017 or even earlier. Their owners therefore assume that the digital currency will probably be higher in the future. Remarkable: These owners also didn't sell them at the all-time high of October 2021. You can therefore imagine prices even higher than just under $70,000/BTC.


Some figures from Block Builders research in detail

Digital money has been on 62% of all Bitcoin addresses for over a year.

Digital currencies were moved to 32% of addresses in the last year (excluding last month).

At 6% of the addresses, the last transaction took place within the last month.

The amount of bitcoin in circulation that has not been moved in at least five years has hit a new record high of 24.351%.

Interpretation of investor behavior

By 2019 at the latest, some connoisseurs of the scene assumed that Bitcoin had a potential of up to $500,000/BTC. So the course would still be in its infancy, so to speak. Although the prognosis seems daring, it can also be justified because the total amount of bitcoins is limited to almost 21 million. This would make the digital currency more valuable than gold, of which new deposits are constantly being found. Bitcoin investors with staying power could become extremely rich with it.


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