The price drop in this bear market was taken advantage of by thousands of people and they made sure to increase their Bitcoin holdings so that today they own a whole BTC. In particular, the number of addresses Bitcoin holding one or more BTC increased by 13,091 in the last few days, so the total number of “wholecoiners” increased to 865,254.
The number of addresses holding at least one Bitcoin has skyrocketed during the downward price action. This is very positive for the leading cryptocurrency as its ecosystem grows from its base. These are all people who have strong faith in the future of the Bitcoin network and the value of the currency.
In the last 10 days over 14,000 wholecoiners (that’s what they call those who have a whole Bitcoin) have joined the network. Since only 21 million Bitcoin will be mined, each of these wallet addresses currently holds 1/21 million of all Bitcoin.
At an approximate price of $20,000 per Bitcoin, it seems that the sharp increase in the number of wholecoiners indicates that people are buying Bitcoin as fast as their incomes will allow. The number of addresses holding 0.1 BTC ($2,000) or more has also begun an upward trend in the last 10 days.
Those holding 100 or more BTC have decreased
In contrast, the number of wallets holding more than 100 BTC decreased by 136 over the same period. In conclusion, “whale wallets” (large BTC wallet addresses) are probably decreasing their holdings.
Fair distribution of wealth on the Bitcoin network
When Satoshi Nakamoto mined the first Bitcoin on January 9, 2009, the Gini coefficient was 1, meaning that income inequality on the network was the highest ever. The Gini coefficient, developed by statistician Corrado Gini, represents income inequality or wealth inequality within a social group. In Bitcoin, it can be mapped to wallet addresses.
Once Hal Finney, the first Bitcoin believer began mining and receiving Bitcoin, the Gini coefficient dropped from 1. Since then it has been trending lower and lower, indicating that the distribution of wealth on the Bitcoin network is becoming more equitable and even fairer.
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