Last updated on December 31st, 2019 at 07:03 am
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Over 60% of the total Bitcoin (BTC) in circulation has not gone out of its wallet since last year. This shows increase in demand among investors. Probably one of the reasons bitcoin price will rise.
According to data from the analyst, Rhythm, who uploaded statistics about Bitcoin network activity on Dec. 2. 11.08 million or 64 percent of the total supply of Bitcoin has not moved since 2018.
“Hodlers of last resort are insane,” Rhythm summarized.
The mined and stored bitcoins has not moved both during bull markets and bear markets. This signals a desire among investors to hold rather than transact bitcoins regardless of making money with bitcoin.
If you have been wondering when or how the Bitcoin price will rise. Do not be scared again you are not alone. Increase in bitcoin demand will equal an increase in price. Just hodl.
Such trait now happening fits in as a characteristics of hard money for Bitcoin. Hard money is a currency with a fixed supply and no central authority can manipulate it.
Moreover, the market has been bearish since 2018. Many investors and traders are equally holding for the possible bullish trend. Many Analyst like McAfee has predicted Bitcoin to reach $100,000 mark.
This also verifies the feature attached to gold. Analysts suggests that Bitcoin is a store of value. This is also true with the recent analysis from rhythm.
A currency, which central authority can manipulate is synonymous to present economic system that incentivizes spending and discourages saving. Its common for traders to spend their fiat money sooner than later to prevent the value from depreciating.
