About two days ago, Anthony Pompliano shared data related to Bitcoin’s supply to his 1.6 million followers. The data extracted from Glassnode reveals that over 12 million BTC have not been transferred from holders’ wallets since 2021. This implies that the illiquid supply of the leading crypto asset is at a significant high.
The first time Bitcoin’s illiquid supply reached 12 BTC was in late 2017. However, the supply tanked again following a decline in investors’ interest. The following year, the massive crash in Bitcoin’s price led to a further decrease in illiquid supply.
The illiquid supply eventually surpassed 12 million Bitcoins in 2021 and has been holding up well. This stat indicates that many investors are still not willing to sell the asset despite its recent decline in value.
Admittedly though, the mining of more Bitcoins has led to an increase in circulating supply over the years. Still, this doesn’t invalidate that die-hard fans of the flagship asset are still “holding on to their dear lives.”
Is Bitcoin Worth Holding?
Bitcoin has existed for just 12 years now, and the cryptocurrency has proved to be worth holding on to. BTC traded below one dollar in the early days of its existence and only crossed the $1 mark in 2011. Today, the asset is valued at approximately $29K per BTC. This mind-blowing performance is no easy feat. Interestingly, Bitcoin still has the potential to reach and surpass the $100k mark in the coming years.
Bitcoin maximalists like Anthony Pompliano strongly believe that this milestone will be reached soon. In 2020, Pomp and other BTC fans made the laser eye pointers trend. They agreed on using laser eye pointers on their Twitter profiles until the $100k goal for BTC is achieved.
In the meantime, though, Bitcoin has a higher chance of going a bit lower than heading towards $100k. BTC is currently valued at $29,600, a 2% decline in its value last week.
