More and more people are buying Bitcoin (BTC) since the economic downturn caused by the 2020 coronavirus, and it doesn’t matter how rich they are, the data shows.
As part of a series of bullish charts circulating this week, statistician Willy Woo highlighted the growth of high and low value wallets.
What will happen when the money printer is turned off?
Woo: BTC Whales Put Money Where Their Mouths Are
According to the data, compiled by the Glassnode chain monitoring resource, Bitcoin whale entities – portfolios controlled by a single high-value individual – continue to grow in terms of how much BTC they control.
The number of whales has already reached an all-time high.
“Many look at the price of BTC and doubt that it’s a hedge. High-net-worth individuals and funds actually see it as true and bet on it with real money,” Woo said.
“Since this latest round of expansion of the dollar money supply, whales have significantly increased their holdings of BTC.
New Bitcoin-stablecoins Metric Reveals “Intense” Buying Pressure, Says CryptoQuant
Bitcoin whale holdings vs.
Bitcoin has received considerable attention as a potential haven since March, recovering from 50% losses and maintaining higher levels since then. Its steady, unalterable supply – just one of its key attributes – has formed a particular point of contention, as the US M2 money supply continues to grow, but the speed diminishes.
It’s not just the whales that feel the need to bet on BTC. Smaller wallets, or “plankton” in comparison, are also showing clear growth.
“Bitcoin is a rapidly growing country in cyberspace with a population of sovereign individuals who prefer to use BTC to store wealth and make transactions,” summarized PlanB, the creator of the stock-to-flow pricing model.
He noted that Bitcoin Era has approximately 3 million users, making it the 134th largest country in the world, with a “monetary base” – market capitalization – of approximately USD 200 billion, ranking 21st worldwide.