Most Bitcoin units are held for the long term

One of the independent reporters and opinion columnist on cryptocurrencies that I follow the most is Gustavo Godoy, this is because his perspective on blockchain and cryptocurrencies is, from my point of view, quite balanced, and I say it this way because it is not easy to find balanced articles in this turbulent and speculative scenario that exists in the cryptocurrency market.

Today my friend Godoy shared an article about Bitcoin that caught my attention specifically because it invites the reader with the following question: Why do long-term hodlers have the power? Therefore, I would like you to accompany me to check the perspective expressed in this interesting article.

In this sense, according to Godoy “According to Glassnode, more than 76% of the available BTC supply is stored in long-term storage. This means that hodlers control more of the market than ever in the history of Bitcoin.”

Another element that he found interesting to share is that “Bitcoin has risen quite a bit since 2015, which should put even more upward pressure on the price for this cycle. And he recalled that we have never had the supply of Bitcoin so restricted before a halving”

Likewise, “if you are one of those who bought cryptocurrencies years ago, when no one knew what they were, you are probably very happy now. Even though the price has dropped a lot lately, you still have huge unrealized profits.”

In closing he ended by indicating that “Those who hold for the long term can be left empty-handed. They waited and waited a long time and had impressive profits that did not materialize. But in the end, without buyers, the code doesn't have much value."

Cointelegraph. Bitcoin: Why long-term hodlers have the power?. Link

The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Bitcoinmagazine