The world’s flagship crypto, bitcoin, is presently trading at around $10,602.28 with a daily trading volume of $15 billion; it has recorded gains of about 0.6% in the last 24 hours.
As investors and traders ponder if increasing their stakes on the world’s most popular crypto seems ideal now, in an ever-changing geopolitical world, Nairametrics decided to weigh in on some key fundamentals showing Bitcoin looks like a bargain.
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It should be noted that BTC has a circulating supply of 19 million coins and a max supply of 21 million coins meaning there are about 2million left to be mined.
Taking into account that about 4 million Bitcoins have been lost forever as a result of BTCs owners dying, and their next of kin not having access to such cryptos, it is fair to say there are only about 15million BTC presently in circulation to cater for over 7 billion people fighting to have a stake in Bitcoins, meaning that as BTC becomes scarce and more popular it becomes a matter of time, that the crypto asset valuation will hit the roof.
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- As the general economic law states when demand is high and supply is limited prices of such product will usually go up.
- Bitcoin has established a robust support level at $10,000, defended on several occasions throughout September.
It should also be noted in the past few years Bitcoin holders are refusing to sell, and instead, use it for wealth preservation as recent data from Glassnode buttress such bias,
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Percent of #Bitcoin supply that hasn’t moved in…
1+ years: 63.3% (11.7 million $BTC)
2+ years: 44.5% (8.2 million $BTC)
3+ years: 31.4% (5.8 million $BTC)Chart: https://t.co/tYWoenGlPi pic.twitter.com/G3NZMR8U7K
— glassnode (@glassnode) September 29, 2020
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Percent of #Bitcoin supply that hasn’t moved in…
- 1+ years: 63.3% (11.7 million $BTC)
- 2+ years: 44.5% (8.2 million $BTC)
- 3+ years: 31.4% (5.8 million $BTC)
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Another strong fundamental increasing the odds on the world’s most popular crypto is it’s almost impossible to forge and has strong durability characteristics. Thanks to its ever-complex designed decentralized blockchain network, it will take you more than a supercomputer to make such an attempt, and also, you have to confuse all players in the blockchain network, in accepting such forged digital coin.
Also, bitcoin can’t be destroyed and is not in any way susceptible to these physical harms, the way like fiat currencies which can perish under fire, flooding, and adverse weather conditions.
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Finally, it is important to note that as global financial regulators begin implementing their regulatory framework, supporting cryptos like Bitcoin, it becomes a matter of months for global commercial banks, and multinationals to increase their buying pressures on Bitcoin, the present price surely looks like a discount, when considering those variables.
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Although notable institutions like Grayscale investments, Microstrategy have jumped early enough in catching a bite of BTCs and it seems to be paying them off big time now.