On-Chain Data Proves that Bitcoin (BTC) is Finally Mainstream

Bitcoin

Who would have thought that Bitcoin (BTC) would end up becoming one of the hottest investment assets when it first launched back in 2009. When it first launched, there were many who opposed the very idea of the cryptocurrency.

The largest cryptocurrency in the entire world faced huge opposition and resistance from mainstream and traditional financial institutions. The platform was opposed due to its decentralized and unregulated nature, and even high-profile investors were against Bitcoin (BTC).

However, for the first time in history, the situation for Bitcoin (BTC) changed back in 2017. That was the first time when Bitcoin (BTC) started seeing a rally with respect to its price. As investments started pouring in, the platform ended up experiencing an all-time high of $19k per BTC by the end of 2017.

Unfortunately, this surge was short-lived and before more investors could to Bitcoin (BTC), its prices plunged. By the beginning of 2018, the price of Bitcoin (BTC) went all the way down to around $5k per BTC. However, Bitcoin (BTC) did manage to get the attention of the mainstream institutions.

Most importantly, it managed to gain the attention of high-profile investors such as Michael J. Saylor of MicroStrategy and Michael Novogratz who is the founder and CEO at Galaxy Digital Investment Firm.

That was the time when Bitcoin (BTC) started gathering more and more mainstream attention. With time, the platform started gathering proponents from the mainstream investment industry. That is when the year 2020 came to an end and Bitcoin (BTC) against experienced an all-time high.

Since then, Bitcoin (BTC) has only grown upward and there is no stopping it. This is mainly due to the surge and amount of mainstream investors that have rallied around Bitcoin (BTC) ever since the beginning of the year 2020 and 2021 respectively.

According to the on-chain data analyzing firms, around 3% of the total Bitcoin (BTC) volume circulating in the system is locked up. These funds have been locked by the mainstream investors in the form of holdings.

The firm reveals that there are currently 24 entities from the mainstream industry that have amassed a huge amount of Bitcoin (BTC). The sources suggest that as of now, these 24 entities have amassed a total of 460,500 Bitcoin (BTC). At the time of writing, the total number of Bitcoin (BTC) being held by 24 entities is more than $22 billion.

The founder of Galaxy Digital, Michael Novogratz, has stated that the figure excludes around 3 million bitcoin (BTC) that have been lost forever on the blockchain somewhere.

He also stated that if the investors keep purchasing Bitcoin (BTC) on such a scale, soon there will be a shortage of Bitcoin (BTC) in the market.

As of now, some of the major BTC holding firms include MtGox KK that has 141,690 BTC, Block. one that has 140,000 BTC, MicroStrategy that has 70,784 BTC, and Telsa that has 38,500 BTC.