The former Google Product Director is in the Bitcoin news today for stating that only 1 percent of the world’s population can own more than 0.28 BTC – mainly because of the fixed supply of Bitcoin. However, Steve Lee meant this in a positive connotation and pointed out to the fact that Bitcoin is still in the early stages, stating:
“If you own 0.28 BTC and HODL, you can be certain no more than 1% of the current world’s population can ever own more BTC than you. A modest investment of $1,830 today can ensure you are a 1%er in a future Bitcoin world.”
According to him, the scarcity of Bitcoin will rise throughout the next years and more and more investors and institutions will continue to accumulate the cryptocurrency. This will obviously reduce the total possible number of people that can hold one whole Bitcoin (BTC) which is why investors with more than 0.28 in BTC should be encouraged right now.
Since the total supply of Bitcoin is fixed at 21 million BTC, it cannot be altered. According to Chainalysis which is a blockchain forensics company investigating crypto transaction, 4 million BTC are permanently lost on the blockchain as a result of theft, loss of wallets and private keys – being no longer accessible by their owners.
According to Kim Grauer who is a Senior Economist at Chainalysis, the lost supply of Bitcoin is not taken into consideration by the market cap. In other words, this means that the real price of BTC should be substantially higher, as more than 4 million BTC are estimated to be lost.
“That is a very complex question. On the one hand, direct calculations about market cap do not take lost coins into consideration. Considering how highly speculative this field is, those market cap calculations may make it into economic models of the market that impact spending activity.”
That said, based that the total Bitcoin supply is around 17 million, only 0.8 of the world population can own more than 0.28 BTC and less than 0.2 of the world population can own more than 1 BTC.
There are not enough bitcoins for everyone with a Coinbase account to own one. https://t.co/1NJpD6N6MJ
— Jameson Lopp (@lopp) October 3, 2018
CEO Of Binance Thinks That Market Is Still In A Good Position, Crypto Volume x2 Larger Than Stats
“Compared to January [of 2018], we are probably down 90 percent. So we only have one-tenth of the trading volume compared to what we had in January. But, compared to like a year or two years ago, we’re still trading at huge volumes. Business is still okay, we are still profitable, and we are still a very healthy business."Binance is still recording decent volume and maintaining a healthy business - showing an increase in its number of active users and BTC deposits. Zhao continued, stating:
“Right now we are still signing up a steady amount of new users every day so from what we are seeing, it’s very healthy actually. The number of new users and the amount of crypto we hold are increasing very steadily. So if you look our cold wallets, the amount of BTC we hold, we have just seen an increase in people depositing Bitcoin to our exchange.”Meanwhile, the cryptocurrency market cap seems to be getting hold of the over-the-counter (OTC) market where large institutional traders are playing. According to some stats from earlier this year, this market is at least two times larger than the cryptocurrency exchange market. CZ also noted that the OTC market is estimated to be at least as large as the live recorded volumes of exchanges. As such, it is now twice the size of the current volume, having around $23.4 billion (despite the $11.7 billion daily trading volume of crypto) in circulation.
“What I’ve heard is the OTC market is at least as large as the live recorded volumes [on exchanges]. So that is at least 50 percent of volumes that is not being reported on CoinMarketCap. But we’re not heading to that business, so we don’t know the real volumes,” Zhao concluded.
Major US Museum Starts Accepting Payments In Bitcoin
“There is a lot of excitement around the conference. Accepting bitcoin is just a small part of the momentum to grow a blockchain ecosystem in Cleveland.”The Museum of the Coastal Bend in Texas as well as the St. Petersburg Museum of History in Florida have both been accepting BTC for quite some time, which makes the Great Lakes Science Center officially the third museum in the US to start accepting crypto as a payment method. With this, it is easy to see that Bitcoin has become a major store of value. The $110 billion in circulation are acknowledged as a proper asset by many large scale institutions, some of which include ICE, Fidelity, Nasdaq and the New York Stock Exchange. This integration comes after Hublot, which is a Swiss luxury watchmaker, successfully integrated Bitcoin in order to sell 210 pieces of its limited edition Bitcoin-themed sports watch for $25,000 a piece, generating more than $5 million in revenue purely through these sales.
20% Of UK Residents Think that Bitcoin Will ‘Inevitably’ Be As Common As Cash
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