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Hodlers dictates the pace of things since 64% of Bitcoin supply has not changed wallets this year

Hodlers dictates the pace of things since 64% of Bitcoin supply has not changed wallets this year


In what looks like a coordinated conspiracy or a case of “Leave Vous” coincidence, reports indicate that about 60% of the Bitcoins in circulation have not left the wallets this year. 

Sources report that cryptocurrency analyst Rhythm left the cat out of the bag when statistics were published through a Twitter post that indicates that 11,580,000 Bitcoins have not moved in more than a year.

Rhythm also states in the tweet that even with a more than 85% increase in Bitcoin prices, most HODLers did not move their currencies. This, of course, has left many wondering if Bitcoin is a big bubble or as some skeptics have indicated that Bitcoin can be just a bubble created to create wealth for those who were the first to buy the tokens.

In addition, in the Twitter thread, there were several reasons for the lack of movement of some Bitcoins at least. First, over the years, many people have lost the keys to their wallets and, therefore, within 11,580,000 Bitcoins, some will never leave.

On the other hand, there are new entrants to the HODLer mentality that have caused a significant increase in the number of people who retain their Bitcoins no matter what. This has created a change in trends where the number of inactive wallets has remained constant, regardless of the direction in which markets change.

It also indicates that Bitcoin is fulfilling one of its original purposes, which is to have a value reserve because the Bitcoins are not subject to inflation, since they have a fixed supply and, therefore, will retain their value independently.

It is also relevant to keep in mind that the next series of halving events where new Bitcoins will not be created will also raise the prices of the digital asset, which will lead them to “park” their Bitcoins, sit and wait or at the right time .

In the world where there is a fixed amount of Bitcoins and where very few people are aware of the importance of decentralized accounting systems with a cryptocurrency like Bitcoin that has market dominance (66.4%) at this time, many think that the appreciation Exponential in Value will work in one direction. But with both for and against the cryptocurrency, it will be crazy to assume that position.

The truth is that Bitcoin will not dominate the crypto space forever, since second and third generation cryptocurrencies, as well as other hard forks of other cryptocurrencies, will come and alter the current order of things. However, this does not mean that Bitcoin will lose its value. It simply means that the crypto space will expand while Bitcoin leads the charge.

Therefore, in many ways and respects, the HODLers are right, but as Rhythm said in his Twitter post: “Hodlers of last resort are crazy.”

At the time of presenting this report, the price of Bitcoin (BTC) stood at $ 7,287.55, indicating a change of -1,60% in the last 24 hours.

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