The number of individuals with Bitcoin (BTC) assets of 0.1 coins or more has just broken into new all-time highs. Recent data obtained from Plan B, an institutional investor, shows that the number of Bitcoin wallets holding 0.1 is now over 3 million.
#Bitcoin is a fast growing country in cyberspace with a population of sovereign individuals who prefer to use BTC for storing wealth and doing transactions:
– population 3M (#134 largest of the world)
– monetary base $200B (#21 largest globally) pic.twitter.com/MdCzaTGFKm— PlanB (@100trillionUSD) September 7, 2020
Quick fact: The smallest unit of Bitcoin is known as Satoshi, which is 0.00000001 Bitcoin. But since this number is so little, you can’t actually buy 1 Satoshi on any crypto exchange. On Coinbase, for example, the minimum amount you can purchase starts from 2 dollars.
READ: BTC scammer steals 1,400 BTCs worth $16 million
In an explanatory note to Nairametrics, Ekene Ojieh, Head of Public Relations and Corporate Strategy at Buffalo Chase, a crypto-asset custodian management firm, gave vital insights on why BTC seems to be the next safe-haven asset. She said:
“In the past few months, gold saw a new all-time high of $2034 which is about 42.6% in the last decade.
“Bitcoin has gained about 8.9 million percentages over the last decade. Security and scarcity are the topmost reasons why traders have trust in safe-haven assets like gold and bitcoin.
“Bitcoin would outperform gold in a foreseeable future because it’s easily accessible for anyone with internet and of course a more profitable asset than gold.”
READ: Global companies are buying Bitcoins to hedge against inflation
The number of BTC wallets holding 0.1 BTC or greater has been increasing since the plunge of the 2017 bull run, after reaching its peak.
Meanwhile, a report released by America’s most valuable bank, JP Morgan Chase believes that Bitcoin is a store of value asset.
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“Though the [bitcoin] bubble collapsed as dramatically as it inflated, bitcoin has rarely traded below the cost of production, including the very disorderly conditions that prevailed in March,” said JPMorgan experts in a report led by the head of U.S. interest rate derivatives strategy, Joshua Younger, and cross-asset research analyst, Nikolaos Panigirtzoglo
