Bitcoin Turns into Actual Store of Value – 60% BTC Has Remained in Wallets at Least One Year

  • Yuri Molchan
    📰 News

    A Twitter user states that up to 60 percent of Bitcoin has not been moved from wallets in a year, which means that BTC is becoming a real store of value


Bitcoin Turns into Actual Store of Value – 60% BTC Has Remained in Wallets at Least One Year
Contents

Many crypto community members have been long saying that Bitcoin is going to turn into a store of value, pushing out gold. One of those is the famous investment and hedge fund guru Mike Novogratz.

The recent tweet of the @Rythmtrader Twitter user confirms that this is happening indeed.

Bitcoin as a store of value

The information that users have been hodling 60 percent of all BTC for the last year may be a signal of rising interest towards Bitcoin from market players, saying that they are in search of an asset which would make investments safe and provide high returns on them.

A lot of observers support this point of view and some even believe that BTC has almost surpassed gold in this respect. The latter has been considered a safe haven for literally ages.

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More and more young BTC investors

Head of ETF Store Nik Geraci has previously stated that the majority of new generation investors, especially in South Korea, are now massively buying Bitcoin. A lot of financial institutions are doing their best to strike a balance in their reserves, using gold and crypto, decreasing the share of precious metals and increasing their BTC investment.

Also, U.Today previously reported that up to 90 percent of millennials, both in the US and UK, prefer to invest in Bitcoin rather than in gold or traditional securities.

However, it should be kept in mind that part of those 60 percent BTC that has remained unmoved for a year, was due to their owners losing and being unable to restore their private keys.

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BTC as a store of value or BTC adoption?

Sometimes opinions split on this issue. Investors, like Mike Novogratz, insist that Bitcoin will be used mostly as a store of value and a safe haven, replacing gold and USD. When this happens, Bitcoin price will soar, they say.

Others, including the billionaire Tim Draper, believe that in five or ten years those trying to pay fiat will be a laughing stock and that BTC will be used as a means of payment, the way Satoshi Nakamoto intended it to be.

The third group of crypto fans is positive that both approaches must be combined for Bitcoin price to go to the moon.

Cover image via 123rf.com
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About the author

Yuri has worked in crypto since 2017. A translator, quickly became a crypto enthusiast. He has worked for several Telegram channels covering cryptocurrencies. Currently is a news writer, covering crypto and blockchain-related topics.

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Wall Street Is Extremely Bullish on Facebook’s Cryptocurrency  


Wall Street Is Extremely Bullish on Facebook’s Cryptocurrency  
Contents

Social media juggernaut Facebook is about to launch its Libra cryptocurrency, which, as expected, is currently on everyone’s lips.

According to a recent CNBC report, financial analysts appear to be on the same page when it comes to bullish Facebook predictions.   

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The talk of the town

There is a schism in the cryptocurrency community concerning Facebook’s foray into crypto. While some think that Facebook undermines Satoshi Nakamoto’s vision of a decentralized cryptocurrency, prominent influencers, including Mike Novogratz and Anthony Pompliano, look at the bright side.

On the flip side, major Wall Street players seem to agree that Facebook’s stock will see plenty of love once the company unveils its much-talked-about crypto project.

SunTrust, MoffettNathanson, Bank of America stick with a “buy” rating on Facebook.

MoffettNathanson goes as far as claiming that the Mark Zuckerberg-led company aims to become the biggest e-commerce platform on the planet.

We believe a Facebook cryptocurrency-based payments system could be especially useful in countries with high inflation/unstable banking systems and for cross-country remittances. So, Facebook’s commerce ambitions do not appear to be limited to developed markets. Rather, Facebook has its eyes set on becoming the world’s leading ecommerce platform as well.”

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Not the right company?  

As reported by U.Today, Facebook joined forces with VISA, Paypal, and a slew of other startups that became part of the Libra consortium for a whopping $10 mln fee.

The company itself remains radio silent about its crypto ambitions, but there have been countless reports on that topic since December.

We are about to see a fiat-pegged stablecoin that will be integrated into Facebook, Instagram, and WhatsApp.

After being plagued with huge data scandals, Facebook will probably have a hard time convincing regulators to green-light its new cryptocurrency. Hence, it might be a promising idea, but not the right company to pull it off.

Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

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