Bitcoin Millionaires on the rise and less and less Bitcoin is being sent to Exchanges

in LeoFinance •  3 months ago 

There are currently more Bitcoin Wallet Addresses with > $1 million worth of BTC since January of 2018

Bitcoin millionaires are seeing a resurgence!

It's been a tough 2-3 years for bitcoin HODLers, but they are now finally seeing some fruits of their labor.

The number of bitcoin wallet addresses with > $1 million worth of BTC in them just recently broke 20,000 which is the highest it has been since January of 2018.

It got close in early 2019, but the last time we were at the levels we are currently was back in January of 2018:

image.png

(source: https://twitter.com/glassnode/status/1320759918090223616/photo/1)

Lambo sales going to be very strong in 2021-2022...

The current trend is probably just the beginning.

As the price of bitcoin climbs higher and more and more new users get involved, the number of bitcoin millionaires is only going to continue to climb.

If the past is any indication, that probably means we are going to see a sharp increase in lambo sales during the next couple years.

Bitcoin bros sure do love their lambos!

This time will have more traditional finance involved as well as corporations, so the lambo craze may not be as crazy as it was back in 2017.

Though, with bitcoin likely going significantly higher than it did back then, perhaps that will more than make up for it...

We are about to find out!

This also seems to be a good thing...

Another thing of note is the fact that as the price of bitcoin rises we are seeing less and less bitcoin sitting on exchanges.

Check it out:

image.png

(Source: https://twitter.com/DoubleU_theory/status/1318541633521143809/photo/1)

This is an incredibly bullish setup.

As demand increases and the price climbs higher, there is less and less bitcoin showing up on exchanges for sale.

This makes it easier and easier for the price of bitcoin to continue to climb higher.

Without a big increase in the number of bitcoin sitting on exchanges, I think bitcoin is going to continue to run mostly unabated once we get through the near term chop related to the election.

That means we could see $20k and new highs before the end of this year.

Stay informed my friends.

-Doc

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What about decentralised exchanges? It's possible those are picking up a lot in usage.

There is that, which also is probably where much of the bitcoin is going (likely getting involved in defi), though if those bitcoin aren't being sent back to centralized exchanges they don't impact the price much.

I'm kind of hoping Monero ends up overtaking Bitcoin eventually, it has more utility and actually threatens bank and government control.

I think that last part you said is why it will never be allowed to overtake bitcoin... Unfortunately governments have armies and jails. They are only letting bitcoin grow up like they are because they realized early on that bitcoin wasn't a threat to their sovereignty. It's simply an investment like gold. If it ever threatens their sovereignty we are going to see an all out war on it, hopefully at that point it will be so entrenched that they can't win.

The thing is, technology has always won. People with power have never managed to stop progress, only delay it. Monero plans on adding some new tech in the future that would make it near impossible to block, and would allow it to operate outside of the existing internet.

Once Monero adds that, the only way to stifle its usage would be to destroy a huge chunk of the internet, and doing so would be economic and political suicide so it won't happen. Russia already suffered huge consequences when they tried to block Telegram, and Telegram wasn't even making use of such decentralising tech. The only country that could viably block such tech is China and even then it wouldn't come without a loss.

We will see. I just know that anything that enables money laundering and tax evasion meets a ton of resistance from every government in the world, and they are very powerful.

They are terrified of Monero but ultimately Monero is only the same thing as cash so they must be pretty terrified of cash too, the only difference being one they issue the other dont. I think because Monero is such a threat and such a big deal in the grand scheme of things is exactly why it will blow up sooner or later and make enough noise and bring enough attention to itself that things come to a climax both in price and push turning to shove.

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Yep, that's exactly right. I think they are terrified of cash. I would not be surprised if cash is outlawed within the next decade...

Bitcoin is on a stellar run and likely to move a lot higher in 2021. With institutions now involving themselves in it, the money that flows in could be enormous.

As we saw, those entities buy in blocks of tens of millions of dollars. It really wont take too many to really push prices a lot higher.

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Yep. Well unless they use Michael Saylor's strategy of dropping $425 million into bitcoin without budging the price. :)

https://hive.blog/hive-167922/@jrcornel/jack-dorsey-just-got-the-blueprint-on-how-to-get-usd425-million-into-btc-without-moving-the-price

well, I think his purchases kept if from closing that gap

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It is a lot safer to hodl
bitcoin in cold wallet.
Hackers will be coming everywhere
to rob exchanges.
At least it will be a good use case
for bitcoins.
Sure thing, crypto future is bright.

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I am goint to have to wait a whole lot longer till my BTC is worth over a million...

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