Bitcoin whale addresses hit a new record high

The number of Bitcoin addresses with 1,000 BTC or more has risen to a new all-time high for the first cryptocurrency (2231). According to Glassnode data, the previous record (2209) was set on September 3, 2020.

Bitcoin whale addresses have risen by 13% since the start of the year. Source: Glassnode.

Over the last week the metric rose by 2.2%, coinciding with an update to Bitcoin prices at 2020 highs. In that period, the first cryptocurrency rose 13%, the largest gain since April. One of the drivers of the rise was news of the addition of PayPal’s support for bitcoin.

According to analyst Willy Woo, many wealthy investors view bitcoin as a hedge against inflation.

Many look at the BTC price and doubt it’s a hedge. High net worth individuals and funds certainly consider it to be true and betting on that with real money.

Since this latest round of USD money supply expansion, whales entities have increased their holdings of BTC markedly. pic.twitter.com/O1H6L41wXp

— Willy Woo (@woonomic) September 8, 2020

Earlier, in September, MicroStrategy’s CEO, the first publicly traded company to acquire bitcoin, predicted, that in the coming months many private companies would move to BTC.

In October, payments company Square, led by Jack Dorsey, announced a $50 million bitcoin purchase. Also followed suit at Stone Ridge Holdings Group.

Earlier, the Gemini cryptocurrency exchange founders, the Winklevoss brothers, confirmed their previous forecast for Bitcoin to reach $500,000. They also believe that Bitcoin is the only long-term hedge against inflation.

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