Bitcoin Macro Bullish After Transferring $11 Trillion in Wealth Over Past Decade
Bitcoin (BTC) has been caught in the throes of a persisting bear market over the past several weeks and months, and it has failed to garner much significant upwards momentum throughout the course of its recent downtrend.
It is important to note that a few fundamental factors are painting a very bullish picture for Bitcoin in spite of its recent bearishness, which may mean that its price will ultimately catch up to these fundamentals.
Bitcoin Responsible for Massive Wealth Transfer Over Past Decade
It’s no secret that Bitcoin has been met with meteoric success in the time following its inception, but looking beyond simply quantifying this success in terms of its price movements, it becomes increasingly clear as to just how impactful Bitcoin has truly been to society and the financial markets as a whole when looking towards how much wealth it has transferred.
PlanB, a popular cryptocurrency analyst on Twitter, recently shared data that elucidates that a whopping $11 trillion in wealth has been transferred using Bitcoin during the past decade, further noting that it is “still going strong at $10 billion each day.”
“#bitcoin transferred $11 trillion in wealth (2009-2019). Still going strong at $10 billion each day,” he explained while referencing data seen in the table below.
#bitcoin transferred $11 trillion in wealth (2009-2019)
Still going strong at $10 billion each day pic.twitter.com/jAphbfYUzh
— PlanB (@100trillionUSD) October 24, 2019
BTC Supply Reduction May Fuel Next Price Surge
In addition to currently having massive utilization, Bitcoin is also nearing its upcoming mining rewards halving, which is widely believed to be the catalyst that sparks the next major bull run.
The reason why this even may spark a bull run is because of the massive supply reduction caused by the event.
Crypto Rand, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, explaining that the 2020 halving will reduce the new supply by $63 million per week, making it the “most dramatic” halving yet.
“2012 halving reduced the new supply by $302,400 per week. 2016 halving reduced the new supply by $8,190,000 per week. 2020 halving will reduce the new supply by $63,000,000 per week. Making the next #Bitcoin halving the most dramatic yet,” he explained.
2012 halving reduced the new supply by $302,400 per week.
2016 halving reduced the new supply by $8,190,000 per week.
2020 halving will reduce the new supply by $63,000,000 per week.
Making the next #Bitcoin halving the most dramatic yet. pic.twitter.com/vqe06eAk04
— Crypto Rand (@crypto_rand) October 18, 2019
Bitcoin’s robust fundamentals will likely help propel it significantly higher in the future, as its upcoming supply reduction and continually increasing utilization are definitively bullish factors that should be closely watched by investors and analysts alike.
Featured image from Shutterstock.
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Cole Petersen, Khareem Sudlow