Bitcoin is many things to many different people. For some it is a store of wealth, for others it is a hedge against local economic oppression, but for many it is a vehicle to make money. With only 12,000 Bitcoin millionaires in the world it still shows great potential and opportunities to join that elite crowd are still abound.
Early Days For Bitcoin
Considering that BTC is only ten years old it has come a long way. Outperforming pretty much every other traditional asset class by a significant margin, Bitcoin has the potential to become a global currency.
At the moment regulatory pressure, extreme volatility, and lack of adoption is holding it back but over time these factors are likely to stabilize as the world accepts this new technology. Analyst Willy Woo has been looking at the charts again and found one of Bitcoin millionaires over time. He posed the scenario of that number vastly increasing should BTC become the new currency.
“Here’s the chart for the number of Bitcoin Millionaires over time, around 12,000 right now. There’s 36m Millionaires on this planet, it’s still early days if you believe BTC will be the new currency.”
Here’s the chart for the number of Bitcoin Millionaires over time*, around 12,000 right now.
There’s 36m Millionaires on this planet, it’s still early days if you believe BTC will be the new currency.
*gross approximation, uses balance in unique addresses
— Willy Woo (@woonomic) October 11, 2019
The chart closely correlates to BTC price over the years which could be a sign that more people are holding the asset now. Recent market chop however indicates that it is the same money entering and leaving the space with no new fiat influx just yet.
This is likely to all change when the next major bull run starts and FOMO kicks in again.
Short Term Price: BTC Holding Support
According to Tradingview.com BTC has held on to support for another day. A fall to the 200 hour moving average dropped price to just over $8,200 a few hours ago but Bitcoin has managed to recover slightly to reclaim $8,350 at the time of writing.
As noted by trader and analyst ‘Crypto Fibonacci’ the Bollinger bands are tightening up again which could lead to another breakout.
$BTC Daily Chart.
— CryptoFibonacci (@CryptoFib) October 12, 2019
Josh Rager pointed out that higher lows were starting to creep in also which may lead to an upside breakout.
Technically, we’re seeing higher-lows here… 😉
But this area certainly has to hold – if not, well… alt-season on hold pic.twitter.com/fAcxdwYWE2
— Josh Rager 📈 (@Josh_Rager) October 11, 2019
Bitcoin dominance is still below 70 percent but it has not dropped lower just yet as the consolidation continues.
At the moment you’ll need 120 BTC to be a millionaire so prices will have to move a lot higher before this number decreases and the number of BTC millionaires increases, however the potential is there. When supply and scarcity are also added to the equation the long term outlook for Bitcoin is very bullish, especially as the world appears to be heading for another recession.
Image from Shutterstock