Bitcoin Wholecoiner Wallet Addresses Hit 1M, Bolivia Makes a U-Turn on Crypto Ban

Love it or hate it, it is hard to deny the impact that cryptocurrency has had on the world since its inception. More specifically, it is hard to deny its appeal to the public.

Bolivia has reversed a decade-long ban on cryptocurrencies, following a Banco Central de Bolivia announcement on June 26, 2024. The move will allow financial institutions within the country to legally facilitate cryptocurrency transactions.

The ban was first put in place by the Bolivian government in 2014, as part of an effort to protect the country’s financial system from the risks associated with cryptocurrencies.

However, the government has since had a change of heart, and the central bank is now hoping that cryptocurrencies can help to address the current economic downturn within the country.

This move by Bolivia is significant, as it comes at a time when many governments around the world are still struggling to decide how to regulate cryptocurrencies.

Bolivia’s decision to lift the ban could pave the way for other countries to follow suit, and it could also help to drive the mainstream adoption of cryptocurrencies.

Bitcoin Wholecoiner Wallet Addresses Hit 1 Million

In other crypto news, data from Glassnode has shown that the number of crypto wallets with at least 1 Bitcoin has been at the 1 million mark for over a year now.

A wholecoiner is a crypto holder who holds at least one unit of Bitcoin and the number of them in the market is often indicative of the state of the market.

This data suggests that not only are more people buying Bitcoin but more people are holding on to it.

It is also interesting that this data spans the last 13 months. For a good chunk of 2023, Bitcoin (along with most of the crypto market) was in a slump and struggling to recover its price.

However, in the latter part of the year, there was talk of the price making a comeback. It would thus suggest that some crypto holders went into ‘HODL’ mode and decided the wait out the rest of the winter.

As 2023 came to an end, the spot Bitcoin ETF seemed in sight and the halving was only months away. Again, it appears that Bitcoin holders decided that it would be better to hold on to their tokens.

Interestingly, the number of wholecoiners did not decline even when the price of Bitcoin hit a new all-time high and even in the months after.

If and when the number of Bitcoin wallets with at least 1 BTC does dip below 1 million, it will be interesting to see what triggers it.

At the same time, it is possible that while some token holders did sell during the latest bull run, they were replaced by new market entrants.

The fact that Bitcoin has been so profitable would have inevitably led to more people starting to hold it. Now that the number of wholecoiners has been above 1 million for over a year, the industry has a new threshold to live up to.

Given that crypto as a whole is more mainstream than ever, it is possible that this standard will be upheld over time.

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