Despite the negative dynamics in the exchange rate of the most capitalized cryptocurrency, the number of BTC addresses that store more than 1,000 BTC reached a new all-time high.
According to the data of the Shakepay technology company that provides financial applications for building wealth, this number reached the mark of 2180. The data demonstrates growth near 100 addresses since August 2019. This corresponds to 0.01% of all existing addresses of the first cryptocurrency.
There are now 2,180 Bitcoin addresses holding over 1,000 BTC, an all-time high 👀 pic.twitter.com/eMVR1ViirW
— Shakepay – Buy/Sell Bitcoin 🇨🇦 (@shakepay) September 30, 2019
Note, that Bitcoin began the week with another wave of decline. At the press time, the cryptocurrency is trading at $ 7,917, which is equivalent to a daily decrease of 3.14%. The first cryptocurrency fell by more than 20% within two weeks.
The reduction in price is often perceived as the beginning of the death of cryptocurrency. In this regard, against the backdrop of another wave of lowering the cost of BTC, users remembered how many times and at what levels Bitcoin predicted death:
Prices the media declared bitcoin dead:
Wired at $2
Forbes at $15
Bloomberg at $93
NY Mag at $105
Biz Insider at $182
WaPo at $182
USA Today at $208
NY Times at $208
FT at $290
Guardian at $318
Reuters at $327
AOL at $332
CNN at $333
Yahoo at $479
Perspective is key.
— Welson 📊 (@CryptoWelson) September 29, 2019
However, it is difficult to suggest that the first cryptocurrency can actually go to zero looking at the funds increase in the BTC by the richest participants in the cryptocurrency space.
Bitcoin To Help People Prevent A Recurrence Of The Global Financial Crisis
At the same time, some users note that at the moment, public attention should be focused not on the BTC rate, but its capabilities. In particular, cryptocurrency is considered as a tool that can help people prevent a recurrence of the global financial crisis.
Buying coffee isn't the primary use case of Bitcoin.
The 2008 financial crisis didn't reveal a problem with payments, but a problem with the foundations of money itself.
Bitcoin fixes this.
— ₿rekkie von ₿itcoin (@BVBTC) September 29, 2019
However, the economy will face a crisis sooner or later. It is foolish to deny this fact. Bitcoin is always the tool that helped people in countries with stagnant economies exchange value and ensures their savings.
First of all, we are talking about countries with rapidly depreciating national currencies, such as Venezuela and Argentina. In Venezuela, the trading volume at LocalBitcoins speaks for itself. People use Bitcoin to insure themselves against financial risks and loss of control over their savings.
It is difficult to say exactly what role Bitcoin will play in the upcoming crisis. At the same time, residents of developing economies have already noted the usefulness of the first cryptocurrency. The public attitude towards Bitcoin is different in countries with developed economies. But it can still change when some governments announce the next multi-billion-dollar plan to save the system.
Therefore, over 10 years, contrary to prohibitions and fierce criticism, Bitcoin has gone from anarchist sources and illegal digital markets to hearings in the US Senate, unicorn companies and a powerful lobby.
Some experts suggest that the withdrawal of funds from the cryptocurrency market at the time of turbulence in traditional ones take place because venture investors are looking for ways to cover their losses, primarily by selling the highest-risk assets.
Others are convinced that traders have only one brain and one decision center. During periods of turbulence, they tend to sell all their assets, regardless of whether they are connected to others.
Nevertheless, the more talk about a possible correlation, the greater the chance that this will become a reality. The people will make decisions not based on objective information, but based on the guesses of others.