The world’s largest cryptocurrency by market capitalization, Bitcoin reaches 1 million addresses holding at least 1 coin. According to data from blockchain analytics firm Glassnode, the number of addresses holding 1 BTC has been steadily increasing over the past few years and is now just shy of reaching the 1 million mark. This indicates that more people are buying and holding Bitcoin, a trend that is expected to continue in the coming years.
Factors driving Bitcoin’s popularity and mainstream acceptance
The increase in the number of Bitcoin holders comes as the cryptocurrency’s value has surged over the past year, reaching all-time highs of over $64,000 in April 2021. While the price has since come down, Bitcoin is still up over 300% from its value at the beginning of 2021.
Bitcoin’s rise in popularity has been driven by a number of factors, including increasing institutional adoption, growing mainstream acceptance, and concerns about inflation and the stability of traditional currencies.
Institutional adoption and mainstream appeal drive Bitcoin’s price up
Institutional investors, including hedge funds and corporations, have been buying up large amounts of Bitcoin as a hedge against inflation and a way to diversify their portfolios. This has helped to drive up the price of Bitcoin and increase its adoption among retail investors.
At the same time, more companies are accepting Bitcoin as a form of payment, which has increased its mainstream appeal. Some of the biggest names in tech, including Microsoft, Tesla, and PayPal, now accept Bitcoin, and more are expected to follow suit in the coming years.
Bitcoin’s controversial status and regulatory scrutiny
Despite its growing popularity as Bitcoin reaches 1 million addresses holding at least 1 coin, it remains a controversial investment. Critics argue that it is a speculative asset with no intrinsic value and that its price is driven purely by hype and speculation. Others point to its potential as a store of value and a hedge against inflation, particularly in times of economic uncertainty.
As the number of Bitcoin holders continues to grow, the cryptocurrency is likely to face increasing scrutiny from regulators around the world.
Many countries are already taking steps to regulate the cryptocurrency market, with some banning it outright and others imposing strict rules and regulations. Despite these challenges, Bitcoin’s popularity shows no signs of slowing down. With Bitcoin reaching 1 million addresses holding at least 1 bitcoin, it is clear that more and more people are seeing the potential of this digital currency as a store of value and an investment opportunity.
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