According to Cointelegraph reported on December 3, more than 60% of bitcoin has not had any transfers for more than a year, which reflects the demand for investors to store coins.
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On December 2, analyst Rhythm came to this conclusion after analyzing statistics on Bitcoin network activity.
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Bitcoin investors avoid risk and short-term gains
Of the approximately 18.08 million bitcoins that have been mined, 11.58 million (64% of the total supply) have never been touched by their holders since 2018.
During this period, the exchange rate of Bitcoin against the US dollar rose from US $ 3,100 in December last year to a high of US $ 13,800 six months later. Subsequently, the market fell 52% from a high to $ 6,500 on November 25.
Rhythm concluded:
hodler (the people who hoard bitcoin) is crazy.
The data shows that the supply of bitcoin to the total supply of cryptocurrencies has risen sharply during the adjustment period. Regardless of bulls and bears, this trend has not changed, which shows that investors, regardless of profitability, want to store coins instead of selling them.
hard currency
This situation is consistent with the characteristics of Bitcoin as a hard currency: Bitcoin is a currency that has no central authority to manipulate its supply and time of issuance.
A recent article by Cointelegraph has stated that proponents of cryptocurrencies have long distinguished the hard currency characteristics of Bitcoin from the characteristics of "loose currencies" such as fiat currencies.
A currency that can manipulate its supply, consistent with an economic system that encourages consumption and borrowing, while restraining savings. Ammou wrote in his best-selling book "Bitcoin Standards" that consumers will have a clear impulse to spend in such an economy, because government and central bank intervention will make people's fiat currency lose value in the long run .
In contrast, Bitcoiners continue to show the so-called "low time preference" economically, that is, to save for the future, because they believe that storing Bitcoin is more valuable than spending money now.
