Altcoin News: “Untouchable” Bitcoin Volume Reaches Record Values

July 24, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The number of Bitcoins, which lie on the purses without movement for more than 5 years, reached record heights — about 21.6% of the coins can be called “inviolable”.

According to the company Coin Metrics, at the moment almost 4 million BTC are lying without movement for more than 5 years, and the increase in the number of such coins has been observed since mid-2015. Also, the volumes of Bitcoins are growing, which have not been used for more than half a year (12.5 million BTC) and a year (about 10 million BTC). At the same time, the number of coins lying motionless for two years remains at a stable level — 6 million.

“The amount of Bitcoin (BTC) supply that has been untouched (i.e. not transferred) for at least five years recently reached an all-time high. This potentially signals that BTC is increasingly becoming a store of value, as opposed to a medium of exchange.” tweeted TFTC podcast author Matt Odell.

At the same time, analyst Willy Woo believes that reducing the volume of circulating Bitcoins can lead to a decrease in volatility and the fact that the rate of the first cryptocurrency will follow the rate of assets such as gold. Given that the number of Bitcoins is limited, and large institutional investors from 2018 systematically buy the first cryptocurrency, his fears may not be unfounded.

A recent study by SSRS showed that 4% of Americans chose Bitcoin and other cryptocurrencies as the best long-term investment option.

Author: Marko Vidrih