Don’t panic. Relax. The current crisis induced by Coronavirus, a declared global pandemic, won’t destroy crypto and Bitcoin.
This is the re-assuring message from one of the most bullish Bitcoin supporters who took to Twitter to express his optimism and confidence on the power of distribution.
Coronavirus can’t destroy Crypto
The user, BTC_Macro, has not been shy to share his opinions.
Bullish on the distributive and decentralizing power of blockchain, the tech that powers Bitcoin and other leading crypto digital assets, he is now reassuring the trembling masses following today’s rapid fall of Bitcoin and crypto prices.
Earlier today, and as reported by CoinGape, Bitcoin dipped 9% pushing month-to-date losses to 29%.
Coronavirus won’t destroy crypto.
Your $150 worth of $BTC are safe.
— Bitcoin Macro (@BTC_Macro) March 28, 2020
At the time of press, Bitcoin is trading at $6,200, down from its weekly highs of around $6,700.
However, there are solid reasons to be bullish on crypto and specifically Bitcoin.
First off, over the last few weeks, the number of Bitcoin addresses has increased.
Reports reveal that based on the 3-day moving average of new addresses over the last two weeks following the cataclysmic fall of Mar 12, dubbed Black Thursday, users are up 12%.
A decent figure, this could hint of market confidence just 5 weeks to a decisive halving that could push prices higher.
But there is more. The number of users holding over 1 BTC in their wallets is at their all-time high according to stats from GlassNode.
At 797,073 wallets and counting, retail traders are stacking up in an accumulation that could build buy pressure and drive prices higher in coming days.
Previous ATH of 797,073.000 was observed on 25 March 2020
— glassnode alerts (@glassnodealerts) March 27, 2020
Also, the number of Bitcoin wallets is on the rise showing confidence and growth of the network despite strong headwinds as price falls which has had a negative effect on the network’s security.
The number of Bitcoin wallets has increased consistently from 2014.
BITCOIN WALLETS OVER TIME
We found it interesting that starting from 2017 there were created around 11-12 million new addresses per year. What do you think, will 2020 break this pattern and be a year of greater adoption? pic.twitter.com/KnRlovUcpP
— BitPetro (@diamanterus) March 24, 2020
The FED Money Printers could Prop Bitcoin
Add this to FED’s and central banks’ money printers, the expected hyperinflation because of free money could only force retailers, who are in lock-down, to search for alternatives.
Gold, which is hard to get a hold of considering current demand, is an option but the digital nature of Bitcoin and its accessibility means capital could flow and prop the growing but promising sub-sector.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through his writing insights and coin price chart analysis. Follow him at @dalmas_ngetich