More and more smaller crypto wallets are collecting Bitcoin (BTC) despite the turmoil in the global crypto markets. The number of crypto addresses holding Bitcoin has passed the 950,000 mark, according to blockchain analytics firm Glassnode.
Bitcoin is increasingly accepted worldwide
With this, the acceptance of Bitcoin seems to be increasing worldwide. What some might say that “Bitcoin is dead” now that its price is a bit lower does not seem to be reflected. More and more investors see it as a potentially good investment. This also finds the Bitcoin podcaster ‘Jake Woodhouse’. Namely, he said the following:
To the untrained eye, the price of something reflects its value. However, price action should not be confused with value, as the most recent data in the Bitcoin market represents. Plebs around the world are sucking up to Bitcoin, seeing it as an opportunity to accumulate a vastly undervalued asset, which most assume will have no value if the price collapses. ‘Bitcoin is dead’ shouts the mainstream… Is it? Clearly many would disagree.
The term “Bitcoin Pleb” is the name coined for everyday people around the world who support Bitcoin. Plebs buy Bitcoin and continue to believe in Bitcoin despite attempts by the mainstream media to tear down the decentralized technology.
Number of Bitcoin holders is going up
The trend of more and more Bitcoin holders seems to coincide with the billions of dollars in Bitcoin being taken from exchanges.
Woodhouse expects the majority of Bitcoin that is now self-custoded and removed from exchanges will not be moved for a long time to come. This suggests a long-term investment. Nevertheless, the FTX fiasco has ensured that self-custody of crypto in, for example, a Ledger can be a godsend.
Finally, according to data from Glassnode, exchange rates have fallen since the start of the year. In January of this year, exchanger balances were still around 2.8 million, or nearly 15% of the total supply of Bitcoin mined. In November, exchanges fell to 2.3 million Bitcoin or less than 11% of the total supply. It is not known how long this trend will continue.
