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(Original link: cointelegraph.com)
More than 60% of all outstanding Bitcoins (BTC) have not been out of their portfolio for more than a year. This clearly shows that there is a demand among investors.
That's the conclusion of the analyst pace who downloaded statistics on Bitcoin network activity on December 2nd. BTC investors avoid risks and short-term gains
Of the 18.08 million bitcoins mined, 11.58 million, or 64 percent, of coins in circulation since 2018 are in the same portfolio.
The figure is so striking, with the BTC / USD price rising from $ 3,100 last December to $ 13,800 six months later in December.
Subsequently, the market reversed and dropped by 52%. On November 25, he reached a minimum of $ 6,500.
"Hodlers until the end are crazy," summed up the pace.
According to the data, the proportion of dormant BTCs in the total supply in circulation has increased sharply in recent years. The trend exists in both bull and bear markets, indicating that investors prefer to save more than to spend, regardless of their profitability. hard money mentality
This corresponds to Bitcoin as a strong currency: a currency with a fixed offer and a plan of issue that no central agency can handle.
Cointelegraph recently noted that crypto-currency advocates have long made the distinction between "easy money", such as fiat money.
A currency that can be manipulated offers an economic system that stimulates consumption and credit while making savings unattractive. As Saifedean Ammous summarized in his popular book "The Bitcoin Standard" ("The Bitcoin Standard"), consumers feel the need to spend more money sooner because they are losing value to long-term because of the intervention of governments and central banks.
Bitcoins, on the other hand, have a low economic "time preference". You are saving for the future because it is more profitable than buying as much as possible as quickly as possible. Related...