‘Hodlers Are Insane’ — 64% of Bitcoin Supply Has Not Moved Since 2018
William Suberg's original article for cointelegraph.com reduced by 54%
Over 60% of the total Bitcoin in circulation has not left its wallet in more than a year, highlighting demand among investors. Of the roughly 18.08 million Bitcoins which have been mined, 11.58 million - or 64% of the supply - has stayed in the same wallet since 2018. The trend has remained intact during both bull markets and bear markets, signaling a desire among investors to save rather than spend regardless of profitability.
Such a trait fits Bitcoin's characteristics as hard money: a currency with a fixed supply and emission schedule which no central authority can manipulate. A currency, which can have its supply manipulated fits an economic system that incentivizes spending and borrowing while discouraging saving. As Saifedean Ammous summarized in his popular book, "The Bitcoin Standard," consumers feel the urge to spend money sooner, as it loses its value in the long-term due to government and central bank interference.
Bitcoiners, by contrast, continue to exhibit a so-called "Low time preference" economically - saving for the future, understanding that it is more profitable to do so than purchase as much as possible as soon as possible.
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CN [too long; didn’t read]
Summarised crypto news.