Mon. Dec 4th, 2023

The crypto market continues to grow considerably, even amid a steady drop in its prices in recent months. While many are fighting for broader industry adoption, data shows that there are a large number of people who own at least $1 in Bitcoin, which is an incredible thing for the entire industry. According to the data acquired by the website BitInfoChartuntil August 26, around 35,257,206 addresses had at least $1 USD in Bitcoin, based on blockchain activity statistics. In “simple” numbers, this is the same as 0.4% of the total world population, which in turn translates to 1 in 226 people on the planet owns a fraction of Bitcoin equal to at least $1, according to the most recent population base (7,970,114,580 inhabitants). It is worth mentioning that this is a fairly “raw” calculation and does not take into account the fact that one person can control a large number of addresses, it is just a simplification of the numbers. The truth is that there are far fewer people with BTC and cryptocurrencies in their funds, however, this does not change the large number of Bitcoins bought and distributed among multiple addresses.

Reasons to adopt Bitcoin and cryptocurrencies

The owners of these wallets containing more than $1 worth of Bitcoin are retail investors who, at this point, make up the majority of the cryptocurrency market, outnumbering the whales in the net. With this, the rise of retail investors is partially driven by FOMO or, the fear of being left out, loosely translated, which is the idea that the person may be missing out on something important, therefore ending buying bitcoins, even in small quantities, so as not to take that risk. Part of the driving force behind the adoption is the attempt by investors to experience the crypto market, especially at a time when fiat money is starting to become less attractive as a form of investment due to different issues such as inflation. Ownership of such a small amount of Bitcoin can also be attributed to El Salvador’s adoption of the asset as legal tender. The number could increase considering that other South American countries may follow suit if Bitcoin recovers in the future and proves that El Salvador did not throw its economy away. FOMO continues to grow over time and Bitcoin will continue to gain more share of the population, at least in theory.

People follow the search for “1 Bitcoin”

In addition to the information that several people have at least $1 USD in bitcoin, analyst Philip Swift noted that the search for 1 complete coin continues among investors. In a recent analysis, the crypto market analyst recalled that the number of addresses with 1 BTC is close to 900,000 and should reach 1 million at some point.

“The number of wallets over 1 BTC has increased in recent years and is now very close to 900k. When 1 million?.

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By Farwa Raza

Farwa Raza is a writer who specializes in news articles. She has been writing on for over one years, and during that time she has written over 100+ articles on various topics ranging from politics to entertainment. Her goal as an author is to provide readers with the latest news stories while also providing her own opinion on them.