Bitcoin Breaks Records: More Holders Than the Population of Spain

2023-09-05 14:18:21

Bitcoin is celebrating a record mass adoption. Recent data shows that there are more than 48.5 BTC holders in the world, a population bigger than the country Spain. The latest data shows that there are nearly 47.5 million inhabitants of the European nation which is around a million short of BTC holders.

This interesting fact was pointed out by market analyst Ali who shared the data on X (formerly Twitter).

Today, the number of #Bitcoin holders has exceeded the entire population of Spain 🇪🇸, boasting more than 48.5 million $BTC hodlers! pic.twitter.com/uWQVRQsLm6

— Ali (@ali_charts) September 3, 2023

The number of holders is calculated by the number of wallets on the blockchain holding a non-zero balance. In this regard, wallets that have been created and held coins at some point are not counted. This means that an even larger population has been exposed to the digital asset but does not qualify for the statistics in question.

However, although the 48.5 million is an impressive figure, it is important to note that the value of the amount of BTC held is not taken into consideration. As such, most wallets are considered shrimps, holding very little amounts, followed by sharks holding substantial amounts and a few whales who hold large sums and generally dictate the direction of prices through their buying and selling patterns.

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Interestingly, whales who are considered as such for holding a balance equal to or exceeding 0.1 percent of the circulating supply have recently added $1.5 billion to their holdings. This is a positive sign that signals a bullish trend in the coming months.

As the graph shared above shows, there’s been progressive growth in the number of holders with a few exceptions that included the 2017 and 2021 bull runs. It is likely that investors cashed out for profit during this period.

The increase in adoption can be attributed to a few factors one being the regulatory clarity. After initially dismissing the new technology, governments all over the world have in recent years taken a keen interest in the new form of money, allowing for supportive regulation that promotes adoption. El Salvador and the Central African Republic (CAR) have gone as far as officially adopting BTC as legal tender.

Following regulatory clarity, the network has seen greater support from institutional investors who also initially dismissed the digital asset. In recent months, the community has witnessed the entry of major financial institutions such as BlackRock who are seeking Spot Bitcoin ETF approval which could give their customers access to the cryptocurrency.

Although adoption and development are on an upward trajectory, Bitcoin (BTC) prices are still struggling. At the time of press, the asset is exchanging for $25,740 and has recorded a less than 1 percent change in the last 24 hours and a less than 2 percent change in the last 7 days. With the Bitcoin halving expected in 2024, investors hope this event can drive demand for the asset and they can see a revisit of its all-time high of $69,000 reached almost two years ago.

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