HomeNewsBitcoin Ownership Explodes: More Holders Than Spain's Citizens

Bitcoin Ownership Explodes: More Holders Than Spain’s Citizens

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  • On-chain data reveals that the number of Bitcoin holders now exceeds 48.5 million, overtaking the entire population of Spain.
  • This count includes a variety of investors, from small-scale to whales, providing a snapshot of Bitcoin’s ever-increasing adoption.

Bitcoin’s Quantifiable Rise in User Adoption

The Bitcoin network has achieved a new milestone that could be a bellwether for its mainstream adoption. On-chain metrics indicate that the number of Bitcoin holders, defined as addresses with a non-zero balance, has surpassed 48.5 million. This is particularly striking when you consider that the entire population of Spain, according to Worldometer, sits at approximately 47.5 million.

Understanding the Demographics of Bitcoin Adoption

In the world of cryptocurrency, a holder is defined by a unique address on the blockchain carrying a non-zero balance. It’s crucial to note that addresses which have been emptied of their Bitcoin are not included in this tally. This methodology paints a comprehensive picture of active participation in the Bitcoin network.

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This broad count includes a myriad of investor types, from ‘shrimps’ (small retail investors) to ‘sharks’ (mid-level traders), and ‘whales’ (large-scale investors who own balances equal to or exceeding 0.1% of the total circulating supply). The diversity among holders could be a litmus test for gauging the asset’s acceptance across various investor classes.

The Historical Arc: The Ebb and Flow of Bitcoin’s Adoption

The analytical data shows that the number of non-zero balance Bitcoin addresses has generally experienced a steady uptick over the years, mirroring the asset’s increasing adoption. However, it’s noteworthy that significant drops in this metric have historically coincided with the culmination of bullish cycles, such as those seen in 2017 and 2021. Such pullbacks are presumably attributed to investors liquidating their holdings when market momentum shifts.

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The current tally of Bitcoin holders surpasses not only Spain but also other countries like Argentina, Algeria, and Iraq. In a U.S. context, the number of Bitcoin holders outnumbers the population of any American state, including California with its estimated 39 million residents.

Recently, IntoTheBlock, a market intelligence platform, reported that Bitcoin whales have added another $1.5 billion to their holdings. This accumulation trend among significant holders suggests a collective sentiment that the current price levels present profitable buying opportunities.

As for the asset’s price movement, Bitcoin has seen a 1% decline over the past week, currently trading at around $25,800. Despite this slight downtick, the growing number of holders serves as an optimistic indicator for the cryptocurrency’s future.


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Brian Johnson
Brian Johnson
A dedicated Bitcoin journalist passionate about uncovering the latest trends, developments, and innovations in the world of cryptocurrency, while delivering engaging and well-researched articles to inform and educate readers on the dynamic digital finance landscape.
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