On May 20, Caitlin Long, the founder of Custodia Bank, retweeted and revived an intriguing question posed by Adam Back, CEO of Blockstream, on whether the number of the so-called Bitcoin “wholecoiners” has peaked.
Is The Number Of Bitcoin Wholecoiners Peaking?
Her question is when the number of wholecoiners, or individuals holding at least 1 BTC, soared above the 1 million mark last week.
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While the rising number of wholecoiners points to possible adoption and rising BTC demand over time, market forces could end up capping their numbers.
She reckons that as Bitcoin prices increase, it would be more expensive for a would-be wholecoiner to purchase the asset. Therefore, based on these factors, it may be unlikely that there will be 10 million in the
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