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  • WholeCoiners Hits New All-Time High

    Wholecoiners ATH

    WholeCoiners Hits New All-Time High

    September might not be the best start to a month for the Bitcoin price, but it’s not swaying hodlers as ‘WholeCoiners’ has just hit a new all-time high.

    With the price of Bitcoin marching up over $12,000 into September, we’ve seen a 20% crash before recovering to $10,355, still 15% down from the monthly high.

    But WholeCoiners are proving there’s more faith in Bitcoin than ever as more sophisticated investors enter the Bitcoin space.

    Bitcoin ATH Wholecoiners

    WholeCoiners Validates Bitcoin as a Store of Value

    With the volatility of Bitcoin shaking off the weak hands, WholeCoiners have never been more omnipresent.

    According to Bitcoin statistics firm Glassnode, the number of Bitcoin addresses holding at least 1 BTC has grown to over 823,000 for the first time.

    As we can see, the amount of WholeCoiners has grown steadily up since Bitcoin’s inception, and with more sophisticated investors getting in every year, it validates Bitcoin’s store of value status.

    Bitcoin detractors point to Bitcoin’s volatility in their argument that Bitcoin isn’t a store of value, but if we look at the Bitcoin trend in the last 10 years, it has been the best the best performing asset.

    Bitcoin Is Only Just Getting Going

    Bitcoin might be the best performing asset of the last 10 years, but it’s only just getting going.

    While it might seem expensive at just over $10,000 a Bitcoin, it’s really not.

    When pricing an asset it’s important to look at the market cap and Bitcoin’s is $191 billion – an insignificant amount for an asset.

    We know Bitcoin’s maximum supply is programmed to be 21 million, but let’s say it was 21 billion and the circulating supply right now was almost 18.5 billion instead of million, then the price would be just over $10 a Bitcoin.

    Doesn’t seem so expensive now, huh? That’s why pricing an asset by its market cap is most important.

    Bitcoin is Scarcer and More Useful than Gold

    If Bitcoin’s market cap is insignificant for an asset class, it certainly doesn’t mean the commodity is insignificant.

    Bitcoin has many gold bugs, such as Peter Schiff riled up, even though gold’s market cap is more than 50x that of Bitcoin’s.

    But in the Digital Age, Bitcoin is much more useful than gold, and as we know, Bitcoin is the only commodity that is knowingly scarce.

    In fact, Bitcoin is the only commodity that has a truly fixed supply, and isn’t subject to the potential of any supply shock, which gold is.

    Bitcoin is more useful than gold

    Tyler Winklevoss said in the report The Case For $500k Bitcoin,

    ‘Bitcoin is the first commodity in the universe where supply does not follow demand. Demand for bitcoin does not, and cannot, expand its supply.

    Beyond superior supply attributes, Bitcoin possesses all of the other characteristics that make gold valuable and actually performs better on a side-by-side comparison.’

    Bitcoin Price Might be Teetering, but Outlook is Bullish

    While September hasn’t been the best of months for Bitcoin, it’s hard not to be bullish long term.

    As Bitcoin has become “expensive” to buy a whole one, the amount of WholeCoiners has just hit a new all-time high.

    This emphasizes hodlers are more dedicated than ever, and that the weak hands have long gone.

    And although the price might seem expensive on the face of it, at $191 billion market cap, Bitcoin is a tiny asset.

    But with its utility in the Digital Age and it being the only asset with an absolute fixed supply, the Bitcoin market cap might just start getting some recognition from the very biggest institutions any time soon.

    Author: Pablo Clarke

    Bitcoin FAQs

    Can you buy less than 1 Bitcoin?

    Yes. Every Bitcoin can broken down into 100 million bits. They are known as satoshis, after the pseudonymous creator Satoshi Nakamoto. And some companies will let you buy as little as $1 worth of Bitcoin, which at time of writing is worth about 11,000 satoshis. There are many companies that have a system for dollar cost averaging (DCA). This is a great way to buy Bitcoin, and is known in the space as ‘Stacking Sats’. Basically, what you do is set up small automatic, recurring payments to buy Bitcoin (or sats), and you DCA over time.

    How can I get free Bitcoin?

    Nothing is really free, because even when you earn free Bitcoins you’re giving up your time, which is precious. But you can earn free Bitcoins. If you are a gamer, there are games like Bitcoin Bounty Hunt which allows you to shoot your way to Bitcoin riches. Or you can save your Bitcoin in an interest bearing account and earn some BTC interest. Be careful with these, and only go with legitimate companies, though.

    How much does it cost to mine 1 Bitcoin?

    There is no exact science for the cost of mining a bitcoin, because the price will change every two weeks maximum. This is because there’s a Difficulty Adjustment that ensures it takes about 10 minutes to mine a block. And with other costs, such as your mining equipment, electricity, and other costs, it’s estimated that the average price to mine a bitcoin is around $12,500

    How can I buy Bitcoin in USA?

    There are many reputable Bitcoin exchanges operating in USA. However, the most recommended exchange is Kraken or CEX, or you can buy Bitcoin from Bitcoin marketplace, Paxful. All of these exchanges and marketplaces are global with high liquidity and excellent customer service. Feel free to read the reviews of each one.

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