Why Investors are Hoarding Bitcoins
The world most popular and demanded cryptocurrency, Bitcoin, continues to record unprecedented market value but its global circulation is declining.
Experts say that the high buying pressure by many retail investors and some mainstream financial institutions, who are making a massive transition from fiat currencies to the crypto market, has made smart investors start hoarding Bitcoins – which is now dubbed ‘digital gold’.
According to Glassnode analytics, Bitcoin exchanges has now reached a 2-year low, despite a recent rise in value. It is currently at a low of 2,348,226.622 BTC, down from the previous 2-year low of 2,349,268.661 BTC on January 2, 2021.
What you should know
- Intelligent investors and Fortune 500 companies are buying into Bitcoins at a record high; and they are buying for keeps, to preserve their wealth.
- The inflationary properties of fiat currencies is making investors move en masse to the cryptocurrency market, according to Tyler Winklevoss, an American crypto investor.
- Since Tesla’s founder, Elon Musk declared support for Bitcoins last Friday, the global value of the crypto had jumped over 16%.
- Only 21 million Bitcoins can ever exist, and currently, there are 18,616,150 BTC already being circulated. The number increases about every 10 minutes when new blocks are mined and each new block adds 6.25 bitcoins into circulation.
For more insight on cryptocurrencies, watch blockchain expert and BITFXT CEO, Franklin Peters, break it down in this interview with Business Elites Africa.
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