Introduction to the New Bitcoin Era
Hold onto your digital wallets, folks! The Bitcoin universe is buzzing this month as we hit a remarkable milestone: over 1 million addresses now hold at least one whole Bitcoin. That’s right, it’s not just one person with crazy crypto dreams anymore! According to data from on-chain analytics firm Glassnode, as of May 18, we are officially a million strong in the ‘wholecoiner’ club.
The Rise of Wholecoiners
So, what does it mean to be a wholecoiner? Think of it as owning a full pizza instead of just the crust. The journey has been steady since mid-2021, with the number of wallets holding 1 BTC rising almost without pause. In fact, 2022 saw a remarkable acceleration in this trend. Starting the year at 814,000 and wrapping it up at 978,000 represented a whopping 20% increase.
Hyperbitcoinization: The Next Step?
Adam Back, CEO of Blockstream, is all aboard the hyperbitcoinization train. He has tossed this term into the ring, suggesting that as more individuals seek to buy Bitcoin, the price might soon skyrocket, making it more elite than ever. “Imagine 10 million people trying to get just one BTC—price skyrockets!” he tweeted humorously. It sounds like good news for the hodlers! After all, many of today’s newcomers might not even consider selling their precious coins.
Long-term Holders vs. Short-term Speculators
Interestingly, while long-term Bitcoin enthusiasts have shown remarkable patience through market fluctuations, short-term holders have started to take a different approach in 2023. With signs of a budding bull market, speculators are buzzing with excitement, eager to jump on the Bitcoin bandwagon.
Whales in the Water
On the flip side, Glassnode’s data reveals something curious: whale wallets, those gigantic creatures in the crypto sea, seem to be treading water. After declining in number since 2022, entities holding between 1,000 and 9,999 BTC are showing signs of revival. However, the major players with over 10,000 BTC are hanging in a limbo post-FTX collapse, still hovering around a rather stagnant point.
The Final Word
As the Bitcoin community grows and evolves, the question remains: will these new wholecoiners help propel Bitcoin to unprecedented heights or will they simply keep their treasures locked away? Only time will tell, but one thing’s for sure—Bitcoin’s story is far from boring!
