The number of Bitcoin addresses with more than 0.1 BTC has surpassed 3 million according to data provided by the crypto analytics company Glassnode. Although not all of them represent a unique individual, the tendency is clear: the number of BTC holders continues to grow.
Bitcoin Addresses Continue to Grow
As the crypto market continues to offer unique solutions and services to users the number of Bitcoin addresses continues to grow. This is despite the recent price correction that took place a few days ago. Although there might be a small temporary decrease in the number of Bitcoin addresses of more than 0.1 BTC, the tendency remains clear.
In addition to it, the cryptocurrency analyst PlanB compared the growth of Bitcoin addresses with a country and its monetary policy. PlanB stated on Twitter that Bitcoin is a fast-growing country with a population of around 3 million. These users are ready to use Bitcoin for storing wealth and doing transactions.
If we consider that each address is an independent and unique user, then there would be around 3 million users making Bitcoin the 134th largest country in the world in terms of population. At the same time, the currency those users are ready to use is Bitcoin, with a monetary base of $200 billion, which would make of it the 21st largest in the world.
#Bitcoin is a fast growing country in cyberspace with a population of sovereign individuals who prefer to use BTC for storing wealth and doing transactions:
– population 3M (#134 largest of the world)
– monetary base $200B (#21 largest globally) pic.twitter.com/MdCzaTGFKm
— PlanB (@100trillionUSD) September 7, 2020
In addition to it, PlanB considers that Bitcoin is still at an innovation stage rather than on an “early adopter” stage. That means that the number of users could skyrocket in the coming years if the trend continues. PlanB made reference to the Technology adoption S-curve that can usually be applied to technological processes that take place around the world and the adoption of this technology.
The number of Bitcoin addresses could be good metrics to understand how the entire market is expanding and how fast it does it. At the moment, the growth is linear and it has some bumps when Bitcoin’s price falls. The contrary happens when Bitcoin’s price experiences sudden spikes.
Bitcoin can be used in order to buy and sell goods, hedge against inflation and to store value. Now that countries decided to print large amounts of money to face the Coronavirus crisis, Bitcoin could work as a hedge against monetary policy around the world.