How Does Your Garden Grow?
I feel like I have been staying away from crypto talk on purpose at the moment. Perhaps it is me managing expectations or something, rather than getting too excited at the prospect of Bitcoin all time highs, and the potential for alts to get some massive run off. But, of course it is kind of hard not to get a little excited at the prospect of what might be "life-changing" value.
Apparently, there are "just" 62 million, millionaires in the world at the moment, out of 8.2 billion people on this planet. However, for a little context, there are 1,015,894 addresses that have over 1 Bitcoin in them.
That is a pretty exclusive club.
Out of those accounts, the largest of course is pretty fucking large and holds 248,597 BTC, with a street value of $16,725,297,435. There are "just" 4 addresses that have more than 100K. The distribution of Bitcoin is actually pretty interesting.
As you can see in the table above, just under 60% of all Bitcoin, is held in around 16,000 wallets. And those million accounts with more than 1 BTC in them, soak up almost 93% of all Bitcoin in existence, whether it is available, or locked and lost - the key thrown away. So, what that leaves out of the current supply, is about 1.4M bitcoins for everyone else.
The 98%.
The 1 Bitcoiners are an exclusive club for sure at the moment, but it is likely that in the coming months, some of those holding accounts will divest a little so more can join the ranks. However, with each cycle, it is going to get harder and harder to join those ranks, meaning that the somewhat steady climb of 1 Bitcoin accounts, will slow down. Unless there are owners with multiple accounts, which of course there are.
It might never be known how many "1 Bitcoin" owners there are, but for sure the individual owners will know, won't they? That in itself is a pretty big driver for many people, where they want to be part of an exclusive club.
I Identify as a one-bitcoiner.
I use buy/sell pronouns.
But, just think about the hype that can get created when people want the bragging rights, where the rich and famous are looking to tap into Bitcoin, for the same reasons they will buy a Lamborghini. Rather than walking around with a Tiffany's diamond necklace, they have a platinum hard wallet hanging around their throat instead.
Don't underestimate the power of ego.
Bitcoin is unfortunately not very interesting for me, because well, I just don't have as much as I would like of it. So for me, I am more looking at the drain into alts where I have more holdings. It would also be nice if SPS and Splinterlands assets in general got a bit of a boost out of this. And, I expect that this is just the start of the run, where we still have a decent crash from the "lowball high" before the bigger run to come. I might be wrong.
But for those divesting a bit, it is going to be interesting, because while many will move into stables, I get the feeling that they aren't going to be as stable as they were last run, and they are going to become a target for some kind of legislative manipulation, once everyone goes into them. That would make for a good "excuse" for a Bitcoin crash into a bear market again, wouldn't it?
Where to hold?
I don't know. Hopefully at some point though, I will get a chance to spend some. I would really like to do something like the garden for my wife, so she can sit out there with a cup of tea and reflect on where her husband has been every night for seven years, and whether it was worth it.
I think she would say - yes.
So, watching the price go up, is a bit like watching grass grow, because that is what it would likely get spent on later.
Mary, Mary, quite contrary, how does your garden grow?
Digitally.
Taraz
[ Gen1: Hive ]
Posted Using InLeo Alpha
Some of those big wallets are held by the likes of Grayscale or now various ETF’s. So, at least by extension, the number of 1 BTC holders might well be a bit larger than the one million addresses might suggest.
And it only takes a 15x from here for all of those people to be millionaires. 😎
At least a few of those people will get killed for being that stupid.
Not your keys, not your crypto? ;D
I said, "don't underestimate the power of ego" - but also, don't underestimate the power of human stupidity and greed!
I am in the same boat with the alts. Not much to speak of really but enough that I am at least paying attention and checking my precious lately. I started watching closely in 2017 but have never had the liquid assets to buy. So, I bought a few lottery tickets looking for 100x and am sitting on them.
I am torn between hedging out a little in case there is a correction, waiting for the chicken littles to cry that the sky is crashing, or just sitting on it.
If only there was widespread adoption and utility in the fragmented blockchains and user bases. I know of 1 stack I can going to find agonizing to take profit if I ever do.
Think about some percentage, and hedge that when you feel comfortable it is near a top. Then wait.
I'm with you. I don't even own a half a BTC, so until the alts start popping off, it is just a waiting game for me. It's still interesting to watch, but it's also a bit depressing at the same time, wishing I had more.
There are early signs for the alts, but the percentages aren't there yet. If they do come in, it will be between 5-10x on them I suppose.
My PEPE went from about $25 to $190 the other night. I guess that is something!
I double took at your cover image as it looks very similar to a digital artwork a friend gave me to use as a wallpaper XD
She's only going to say yes to that question if you're actually able to deliver on the garden rather than it being an eternal "later" thing because what you actually want to do is hold forever and never spend any at all for any reason despite what you keep saying XD
Hoping to see pics of garden in progress in the not too distant future ;D
Thieves!
Mine is a photo though. :)
If I had my way....
Though, I have asked her to contact people to get quotes. "Just in case"
LoL yeh theirs was something they made in...one of those virtual worlds things (they've been trying to get me to join forever but time is a thing x_x).
Oh fun :D Well if nothing else you'll know a ballpark figure that you'll need :D Though is it in that realm where you're going to need a dedicated crew to at least start? :O
I am going to identify as someone who owns 10 bitcoin. Bow before me peasant!
It’s nice flipping the retarded pronoun stuff on its head isn’t it? I think so lol.
I’m looking forward to when alts get their time - I’m already up on some of the lake ones I got into for a little bit like bonk. I’ll be selling that for sure and recoup on the way down into something different. With hive I’ve got one of my advanced trades waiting to snag 50 HBD from the market if the price gets to where I want it to. I’ll be scheduling trades as we get closer to the next milestones - .50 is that one, then .75 and 1.00. I have higher aspirations for the others but I think that’s a decent spot to try and carve out a little bit of profit and wait for it to come back down to reality.
I think that this spring I will have to make a decision to sell ETH in HBD. Probably in May. I'm hoping for a price around 5-10k. But I will be unpleasant if the price continues to rise.
This gave me a chuckle. It's not like you were drinking or doing vices. I checked your account. I'm not saying you should, but if you sold everything now, it isn't a small amount. But would it be worth the seven years, I don't know. I do hope that our efforts are rewarded.
I could just imagine how many people would have turned into millionaires within the space of one month due to the Bitcoin bull run.
But then there are cases of those who got some fractions of Bitcoin in their wallet in those days when there weren't any feasible prospects. Some of those ignored and abandoned the keys to their wallets (😃 possibly threw away the keys as you said). So such moneys will be in eternally lost isolation.
I am not really in the one BTC population but it is true that the BTC is definitely being centralized. With El Salvador and Michael Saylor buying a ton of BTC for Grayscale, that BTC is being gobbled up. I wouldn't even blame Black rock and the other BTC ETFs to start building a BTC treasury as well.
Since you said most of the 62million people who are millionaires in the world possess crypto
Should we say crypto is the way to get rich or what?
🤣My garden is growing well! Honestly, the bull run has turned many into millionaires.
Interesting point you mentioned there. Maybe 1 Bitcoiner will really become a status symbol. The past weeks have indeed been exciting hehe!
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