Mainstream bitcoin adoption has been the goal since Bitcoin launched in 2009. While Bitcoin is far from replacing fiat as a payment option, 2021 has shown that world can adopt bitcoin at a rapid rate.
Confirming this, blockchain data and intelligence provider, Glassnode, reports that the number of Bitcoin addresses with a non-zero balance has reached a new all-time high of 38.76 million addresses.
The number of Bitcoin addresses with non-zero balances. Source: Glassnode
Prior to this milestone, the highest ever number of non-zero BTC addresses (38.7 million) was recorded on April 23rd. The number of Bitcoin addresses has continued to increase since April, despite Bitcoin’s correction that has seen its price slump from $68k down to $56.8k.
BTC’s Price Drop Is Not a Concern
While Bitcoin is going through a turbulent period, on-chain activity has significantly increased. In addition, there has been increased inflow from institutional investors, with investors injecting $114 million in the last week alone.
Solidifying this point, spending from long-term holders has reduced. Rather than sell-off, investors are adding more positions, believing that Bitcoin could surpass its previous highs.
On the Flipside
- Judging the adoption rate of Bitcoin by the number of Bitcoin addresses has a major flaw – a single individual can own multiple Bitcoin address, and conversely exchanges can hold the BTC of multiple users in one address
Why You Should Care
The steadily growing number of Bitcoin addresses shows that more people are turning to what Bitcoin has to offer.