There are currently approximately 23 million bitcoin wallets in the world. Most of these wallets are almost empty.
Digital asset research firm Delphi analyzed 22.9 million bitcoin addresses, which basically hold a small amount of bitcoin, but most are less than $100.
Delphi said that there may be cases where a single user holds multiple addresses. Users can spread their bitcoin across multiple addresses, so 22.9 million addresses do not represent 22.9 million bitcoin hodler.
Of the 22.9 million bitcoin addresses, 50% of the bitcoin addresses contain less than 0.001 BTC. In addition, only 20% of addresses hold more than $100 in bitcoin. In other words, 80% of Bitcoin wallets hold less than $100.
At the same time, there are fewer than 700,000 addresses with more than 1 BTC. Only 588 addresses have more bitcoins that the $10 million equivalent.
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Other important points about the future development of Bitcoin are also mentioned in the report. For example, the report explores risks that may affect the future development of Bitcoin, such as energy consumption from PoW, fierce competition, possible failures in infrastructure construction, continued volatility, and hard forks. These risks may affect the development and value of Bitcoin.
The influence of Bitcoin in emerging markets is also the focus of the report. Venezuela and Argentina are the most typical examples. Bitcoin has the highest per capita usage rate in these two South American countries. According to Delphi, people in developed countries have no incentive to use bitcoin, while emerging markets are different. In Argentina and Venezuela, the price of fiat currency is highly volatile, and Bitcoin is seen as a new option to escape the bad economy of the region.
Delphi analyzes the price of Bitcoin:
Assuming that Bitcoin accounts for a small share of total assets held in offshore bank accounts, investable gold markets, and central bank gold reserves, its upside potential is huge.
The report pointed out that if Bitcoin can occupy 10% of the above market, its price may reach $54,816 in 10 years. If the bitcoin ratio is 75%, the potential price may be $411,117.
Although we are very optimistic about the long-term prospects of Bitcoin, there are many obstacles to overcome before it becomes a hedge, including price volatility, secure hosting solutions and global regulatory uncertainty, which are challenges for Bitcoin.
However, Delphi firmly believes that Bitcoin can solve the above problems:
However, unless there is any major problem with Bitcoin’s network, in the long run, we expect Bitcoin to become the main allocation for traditional portfolios, central bank reserves, and replace some of the assets in offshore accounts.
If Bitcoin can gain a foothold in these markets, its value will grow rapidly in a decade.