4.8 million Bitcoin held in individual wallets: Report

A new data report says that companies and long-term investors do not hold much bitcoin but it is the active individual users who hold an increasing amount of bitcoins in their wallets. As of August 31, as per the report, the number of bitcoins held in individual wallets whose transactional level was a mid-range one was found to be 4.8 million or 32 percent approximately. It has increased by 1 million from the end of 2017, where 3.8 million or 26 percent of bitcoin was found in the wallets of individuals. However, the numbers in July were slightly higher than that of August, when 4.95 million or 33 percent of all coins in circulation was held in personal wallets. Bitcoin is still held as an inactive investment, be it institutions or individuals with 6.3 billion held in accounts showing no activity for the past one year. During this summer, there has been a stability in monetary aggregates. To be specific, the amount of bitcoin held for speculation remained steady at 22% from May to August, and the amount of bitcoin held for investment during the summer was stable at an average of 30%. “Neither long-term investors nor new speculators have changed their positions much this summer. This suggests that the market will make a major move, for better or worse, only in response to a fundamental change. For example, restrictive regulation, new use cases, or technology improvements —such as the lightning network— could act as catalysts of change. Regardless, the continued presence of both long-term investors and new speculators suggests that bitcoin has maintained the growth in its user base from year-end 2017. As such, the first challenge of adoption —getting cryptocurrency into people’s hands— has been overcome, but we are now waiting to see what the next stage of adoption looks like,” said the report by Chainalysis. See Also: Businessman Parker released after captors demand 50 bitcoins as ransom Bitcoins will fluctuate, get used to it: Jeffrey Tucker Image via Shutterstock Join our Telegram group