Bitcoin: From the 1% to the masses; how the masses are embracing the king coin

  • 22 June 2019, Saturday, 06:00

Conceived as a method of payment and a store of value for the greater public good, you would think Bitcoin would be widespread and equitable. However, a decade on, whales have dominated the fray. Until now, larger hoarders moving the top cryptocurrency back and forth between accomplices were, as some would say, holding the supply hostage. But, with the price rise presumably acting as ransom, the rescue is on.

Whales to the masses seems to be the theme off-late, as the number of Bitcoin addresses with more than $1 worth of BTC has seen a substantial rise.

As charted out by cryptocurrency analyst Kevin Rooke, BTC is “spreading.” As can be seen from the data collated for the period between November 2017 and June 21, 2019, the king coin is seen to be distributing its wealth.

The number of BTC addresses with between $1 – $10 in November 2017 was 16.3 million. Over the studied time period, this number increased by 19 percent to 19.4 million. This increase in the sheer number of BTC addresses goes a long way in indicating a massive uptick in adoption, despite the quantity of crypto looking bleak.

Further up the quantity-address ladder, positive signs emerge. The number of addresses with between $10 to $100 worth of BTC has surged by 3.3 million to 13.3 million, a massive 33 percent increase. The compounding effect of the first and second category indicates that those who put $1 or more, generally add onto the same and eventually have over $100 in their addresses.

A similar percentage increase was recorded in the $100 to $1,000 range, which saw a rise of 1.6 million to 7.3 million addresses over the same time period.

The $1,000 – $10,000 range had over 2.7 million addresses and continued the bullish rise, up 23 percent from its 2017 position. A relative dip was seen in the next category, with only a 9 percent increase in addresses holding between $10,000 to $100,000 worth of BTC. Nonetheless, this remains a positive sign.

The percentage change declined going up the whale-hoarding ladder, with the final two categories i.e. addresses holding between $100,000 to $1,000,000 and over $1,000,000 worth of BTC dropping by 1 percent and 11 percent, respectively. The million dollars capped addresses are over 150K in number, while the million-dollar-plus addresses are a little over 16,000.

Since the aforementioned time period eclipses both the crypto-winter of 2018 and the crypto-spring of 2019, the rise in the number of low-BTC addresses and the drop in the number of hoarders, both indicate the masses embracing Bitcoin in good times and bad.