The weaknesses associated with the US dollar are now widely acknowledged, as evidenced by BRICS efforts to promote de-dollarization and the growing risk of a US debt default, which have eroded public confidence in the currency. Although gold remains the main alternative investment opportunity for many investors, bitcoin (BTC) has recently enjoyed a surge in popularity and is now ranked as one of the top three most popular assets.
Despite the launch of numerous new cryptocurrency assets, BTC declined in importance. However, according to a recent survey by Bloomberg, Bitcoin is still a popular choice among investors who see it as a superior safe haven against the US dollar, Japanese yen and Swiss franc.
The report shows that the majority of professional investors (51.7%) and retail investors (45.7%) are more interested in buying gold. A smaller proportion of professional investors (14%) and retail investors (15.1%) are willing to buy government bonds. A relatively small percentage of professional investors (7.8%) and retail investors (11.3%) are more inclined to buy Bitcoin.
Increasing Bitcoin Adoption: Over a million addresses now contain 1 BTC or more
According to a recent report by Glassnode, market sentiment appears to have impacted Bitcoin’s on-chain metrics. The report shows that the number of wallet addresses containing one BTC or more has now surpassed the significant milestone of one million.
The chart presented shows how Bitcoin managed to hold onto its holders despite a crash in 2022. Towards the end of the year, there was a surge in the number of “whole coiners” – people who owned at least one full bitcoin. Additionally, the number of addresses holding 100 bitcoins or more has increased by 200 addresses in the past four days, a significant increase.
Bitcoin is emerging as the safe-haven investor’s choice 2
Bitcoin was often seen as a safe haven, but its 2022 crash caused significant disruption in the financial market. The value of the cryptocurrency dropped more than 65% over the year, prompting many to write off the digital currency. However, the data presented above suggests renewed interest and confidence in the BTC ecosystem, indicating a resurgence in the cryptocurrency.
Additionally, there were signs of a recovery in the king coin price. At the time of writing, BTC was surging 1.64% daily, rising to $27,280.38 from a low of $26,762.25.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.