Bitcoin Weekly TidBits, Fun Facts
Plus, update to El Salvador issue
Number of Bitcoin Holders with 1 Full Bitcoin closes in on 1 million
950,000 as of April 30th.
And, the number of those holding (hodling?) .01 Bitcoin has just reached an all-time high, this week. So, while Bitcoin prices have been stagnating a bit over the last few months, the plebs have been out there stacking. Smaller holders continue to stack sats and many employ a dollar-cost-averaging strategy.
Over 12 million people (or wallet addresses) own at least .01 Bitcoin, according to on-chain analysis performed by Glassnode. (Remember, it’s all transparent on the blockchain.)
Expanding ownership and usage of assets are generally considered to be bullish factors that contribute to upward price movement over time.
Other cool facts:
Over 46 million Americans own some Bitcoin. 22% of the adult population.
89% of American adults have heard of Bitcoin.
29% of millennial American parents own crypto.
1 Billion people around the world use cryptocurrencies.
Bitcoiners’ Cost Basis is Around $21,000.
Even short-term holders (traders?) are sitting in a positive position, on average, as Bitcoin hovers around $27,000-28,000 per coin.
Long-term holders, they of the laser eyes and diamond hands, are in even better shape. with generally a lower cost basis than the short-termers.
Over 50% of Bitcoin hasn’t moved in two years. These are firm believers.
Cool (or scary) Fiat Fact:
The US national debt has just hit another all-time high, rising a staggering 77-fold since the abolition of the Gold Standard in 1971. And it’s now assured of increasing by a few trillion dollars more in the next two years. Can solidly kicked down the road by Congress.
Thoroughly unsustainable, which makes the US Dollar the opposite of hard money. If only there was a monetary asset with a fixed supply cap. Hmmm.
Follow up to last week’s El Salvador issue:
The National Bitcoin Office of El Salvador has appointed Dr. Saifedean Ammous as its economic adviser. Dr. Ammous is a world-renowned economist, lecturer and author. He has previously served as a professor of economics at the Lebanese American University and is a visiting scholar at the Columbia University Center on Capitalism and Society.
A noted scholar on Austrian economics, Dr. Ammous is the author of the best-selling books Principles of Economics, The Fiat Standard, and The Bitcoin Standard.
And Now Available on walmart.com :
Available at walmart.com for $29.99 Limited edition, only 30,000 made.
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Podcasts - To hear the top names in Bitcoin, and learn more than you could imagine, check out The Pomp Podcast with Anthony Pompliano, What Bitcoin Did with Peter McCormack, and The Wolf of All Streets Podcast with Scott Melker.
Issue No. 111, June 2, 2023
Rick Mulvey is a CPA, crypto consultant, and frequent contributor to Bitcoin Magazine. He writes about all things Bitcoin, and yells at the Yankees and Giants. He also runs marathons and makes wine, neither professionally.