It wasn’t that long ago that the above tweet would have been met with a wry smile. Claiming that asset managers and payment and software companies would be stockpiling Bitcoin would have just been wishful thinking. Today, they are creating a new 1% club.
To date, 15 companies have disclosed their Bitcoin holdings, which equate to 601,479 BTC. The outlier in that list is the Grayscale Bitcoin Trust, which does not really count, as they have 88% of their assets in BTC. However, for the purposes of demonstrating scarcity, I have left them in the calculations. It is also very unlikely Grayscale will be exempt from competition, so even if we take out the 449k BTC they currently ‘own,’ we are still left wondering, ‘what happens when everyone else turns up to the party?’
Unsurprisingly, on-chain metrics are all flashing green. New entities, hash rate, and unique entity addresses are all backing up the story. Bitcoin is transitioning. The number of Bitcoin wallets with a balance greater than 0.1 Bitcoin also point to wide spread adoption increasing. As more companies publicly announce they hold 1% of their assets in BTC, Joe Public maybe inclined to follow suit.
Eventually, scarcity will actually be an issue. There was a time when holding Bitcoin used to be scary. It is fast becoming a realization that not holding Bitcoin is what you should be scared of.
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