Proponents of cryptocurrencies advocate for greater Bitcoin (BTC) acceptance in an effort to incorporate the asset into the mainstream financial system. Despite several obstacles such as market instability, there seems to be growth in the number of Bitcoin users.
According to BitInfoCharts.com, as of August 26, about 35,257,206 addresses held at least $1 worth of Bitcoin, according to data gathered by Finbold.
Based on the current worldwide population of 7,970,114,580 at the time of writing, this corresponds to around 0.4% of the global population or the possibility that every 226th person in the world owns at least $1 in Bitcoin.
It is important to note that in certain instances, one person may hold many Bitcoin addresses. For instance, one investor may have many wallet addresses.
Justifications for Bitcoin ownership
Notably, proponents of cryptocurrencies are pushing for widespread acceptance, noting Bitcoin’s several benefits over traditional fiat currencies, such as the convenience of transactions and the cost-effectiveness and speed of money transfers. However, the asset continues to struggle with widespread acceptance.
The $1 holders are likely to be retail investors, who make up the majority of the cryptocurrency market. Notably, the rush of retail investors is motivated in part by the fear of missing out (FOMO) and the desire to experiment with bitcoin trading.
Due to the somewhat pricey nature of a single Bitcoin unit, $1 of the asset is more attainable for the majority of people.
In addition, proponents have argued that the expansion of Bitcoin would likely promote financial participation among underrepresented groups. The possession of such a modest quantity of Bitcoin might also be linked to El Salvador’s acceptance of the cryptocurrency as legal cash. Given that other South American nations are expected to follow suit, the number may increase even higher.
Reducing the number of Bitcoin whales Elsewhere, the present Bitcoin ownership, valued at $1, may be considered as positive since the industry has criticized the concentration of Bitcoin whales who influence market pricing. However, the modest number of significant Bitcoin holders indicates that the market is still in its early stages of acceptance.
On the other hand, the Bitcoin ownership rate still confronts obstacles such as a lack of awareness, volatility, and regulatory uncertainty. These factors have been regarded as the primary reasons why some individuals remain undecided.