Bitcoin Millionaires on the rise and less and less Bitcoin is being sent to Exchanges
There are currently more Bitcoin Wallet Addresses with > $1 million worth of BTC since January of 2018
Bitcoin millionaires are seeing a resurgence!
It's been a tough 2-3 years for bitcoin HODLers, but they are now finally seeing some fruits of their labor.
The number of bitcoin wallet addresses with > $1 million worth of BTC in them just recently broke 20,000 which is the highest it has been since January of 2018.
It got close in early 2019, but the last time we were at the levels we are currently was back in January of 2018:
(source: https://twitter.com/glassnode/status/1320759918090223616/photo/1)
Lambo sales going to be very strong in 2021-2022...
The current trend is probably just the beginning.
As the price of bitcoin climbs higher and more and more new users get involved, the number of bitcoin millionaires is only going to continue to climb.
If the past is any indication, that probably means we are going to see a sharp increase in lambo sales during the next couple years.
Bitcoin bros sure do love their lambos!
This time will have more traditional finance involved as well as corporations, so the lambo craze may not be as crazy as it was back in 2017.
Though, with bitcoin likely going significantly higher than it did back then, perhaps that will more than make up for it...
We are about to find out!
This also seems to be a good thing...
Another thing of note is the fact that as the price of bitcoin rises we are seeing less and less bitcoin sitting on exchanges.
Check it out:
(Source: https://twitter.com/DoubleU_theory/status/1318541633521143809/photo/1)
This is an incredibly bullish setup.
As demand increases and the price climbs higher, there is less and less bitcoin showing up on exchanges for sale.
This makes it easier and easier for the price of bitcoin to continue to climb higher.
Without a big increase in the number of bitcoin sitting on exchanges, I think bitcoin is going to continue to run mostly unabated once we get through the near term chop related to the election.
That means we could see $20k and new highs before the end of this year.
Stay informed my friends.
-Doc