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2019’s BTC Wealthy Individuals Similar to that of 2014’s Market

cryptodaily

2mon ago

The number of Bitcoin addresses that have more than one thousand Bitcoin in them (worth over $8 million) is growing at a huge pace. In fact, it’s growing at the same speed as it was in 2014.

Initially uploaded to social several social networks by the Bitcoin enthusiast Willy Woo at the end of last week, a chart of Bitcoin addresses growth by balance is a big indicator that the network is now repeating a trend from its earliest years.

“The rate of growth of 1000BTC addresses now matches the early growth in Bitcoin's network,” he said.

The on-chain analyst has said that they are growing on the initial data from the blockchain analysis resource Glassnode.

He says that the fresh desire for major Bitcoin balances at a massively higher price than five years ago speaks to wealthier indivduals coming into the industry.

If those generating addresses with over a thousand Bitcoin at that time were doing so out of technical curiosity. Such incentives in 2019 are purely financial though.

Woo went onto say:

“IMO we're likely in a new renaissance of Bitcoin, this one is powered by capital influx of high net worth investors, while the early one was from the tech savvy who were bootstrapping the network. Super Bullish.”

This data indicates that the course of balances topping one thousand bitcoin picked up at the start of the year following a period of flat growth. This started a few years ago in 2013 just before to the implosion of the huge exchange, Mt Gox, which woes still echo throughout the industry to this day.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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