Bitcoin, the largest cryptocurrency in the world, has achieved a significant milestone as the number of individuals who own at least one whole Bitcoin, known as “wholecoiners”, has exceeded one million as per Glassnode. Currently valued at over $27,432, a “wholecoiner” is someone who possesses a complete Bitcoin.
Bitcoin: Addressing Circulating Supply, Lost Coins, and Price Projections
Achieving the remarkable feat of one million wholecoiner addresses is certainly noteworthy, however, it’s crucial to bear in mind that a single Bitcoin wallet address may not necessarily represent an individual person. Multiple cryptocurrency investors possess multiple Bitcoin addresses, and some of these addresses are linked to significant institutions such as investment firms and cryptocurrency exchanges, which often hold considerable Bitcoin assets.
CoinGlass, a provider of cryptocurrency analytics, has reported that major centralized exchanges such as Binance and Coinbase hold approximately 1.89 million BTC, which is equivalent to $50.7 billion. This amount is part of the 19 million Bitcoins currently in circulation.
Meanwhile, Glassnode estimates that 3 million BTC, valued at $80.4 billion, are permanently lost. This accounts for 17% of the total circulating supply. The calculation was derived from the amount of BTC transferred to burn addresses, wallets with missing keys, and inactive sizable accounts that have been inactive for more than ten years.
Glassnode’s co-founder, Negentropic, took to Twitter to express his viewpoint on Bitcoin. According to him, turbulent times are the best opportunity to invest in Bitcoin. This statement was made in light of the recent bank failures in the US and the possibility of the Federal Reserve halting interest rate hikes. These events have further strengthened Glassnode’s conviction that Bitcoin has the potential to reach a price of $35,000 in the near future.
Bitcoin Price Projections
There are different projections regarding the current Bitcoin price. As per 30 Rates, a crypto price prediction website, Bitcoin’s value might touch roughly $27,475 on May 15, 2023, with a predicted range of $25,552 to $29,398.
CoinCodex, a crypto tracking firm, on the other hand, anticipates that Bitcoin’s price will fluctuate between $38,232 and $114,811 in 2024, $48,942 and $254,687 in 2025, and $62,651 and $564,972 in 2026.