Investors Are Keenly Waiting on the Potential Breakout of BitcoinDecember 10, 2019
The Downward trend for Bitcoin is continuing, and investors opine that Bitcoin is in the “Wait and See” mode. If the token should gain positive momentum, then Bitcoin should break from its course. The wild swings have subsided over the past week, and investors are keenly waiting on the potential breakout of Bitcoin.
The Bitcoin wallet addresses are, however, touching on an all-time high. The total amount of Bitcoin addresses, which has some BTC touched upon the all-time high of 28.39 million.
Alex Thorn, based on blockchain analytics, identified the trend and stated that calculating the numbers of bitcoin addresses “is one of the best proxies we have to approximate the total number of individual BTC users.” However, yet another investor stated that several cryptocurrency owners create new addresses for every bitcoin transaction to help with security. Eventually, the metric will “overcount the total number of individual BTC users because many addresses can be associated with one individual.”
However, Thorn clarified that several users are willing to keep their coins with custodian exchanges, which will likely use single addresses to hold the customer funds.
Despite all adoption factors, several of them have written off bitcoin as nothing more than a flash-in-the-pan fad.
Jim Reid, Deutsche Bank strategist, “The forces that have held the current fiat system together now look fragile and they could unravel in the 2020s.” He further stated, “If current trends continue, there could be 200 million blockchain wallet users in 2030.”
While the extremes of glory and criticism are happening in the cryptocurrency space, there is one sector of people who do not know anything about BTC, and they continue to think that it is a brand. They are confused and indifferent to Bitcoin. When the internet first came, many people stated I do not need e-mail; similarly, there is a crowd which states, I don’t need Bitcoin.
However, even those who are blank about the cryptocurrency, due to the influence of social media get to know something about it by the distractions created by the crypto-related buzz on the internet.
People have different reasons do invest in BTC. Portfolio diversification, hedge for equities, lottery ticket to a 100% upside rally, and several other undocumented reasons. The price of the Bitcoin is currently $7,400, and people do have the ability to buy tiny amounts of it, and when holding Bitcoin, there is a fun dividend.