Want to get in on Bitcoin [BTC]? Here’s the long and short of it all

Will Clemente city Santiment UPS Waves BTC SVB Bitcoin

14.03.2023 - 15:57

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Because of the Silvergate and SVB (Silicon Valley Bank) saga, many investors have lost faith in traditional banking systems. In fact, due to the aforementioned, there has been a new wave of sustained interest in the crypto-market, especially blue chip coins such as BTC and ETH.

Read BTC’s Price Prediction 2023-2024

However, new addresses planning to buy BTC may have a tough time doing so as currently, long-term investors make up 73% of the overall supply. These long-term investors are less likely to sell their holdings and are more prone to HODL their BTC.

This would make it difficult for new investors to get their hands on BTC at discounted rates.

<p lang=«en» dir=«ltr» xml:lang=«en»>To investors realizing that they might want to own some Bitcoin now that the Fed is already intervening, good luck getting what's left.

Long-term holders now have 73% of the total supply.

You're not getting my coins, and there are many others like me. pic.twitter.com/0sAZxskXl9

— Will Clemente (@WClementeIII) March 13, 2023

As the popularity of Bitcoins continues to rise, so will its prices, which would make it harder for new addresses to buy BTC.

The hike in BTC’s growing popularity cannot be attributed solely to the USDC incident, however, as recent developments related to BTC inscriptions have also contributed to the same.

BTC inscriptions have now allowed for NFTs to be minted through the Bitcoin network. They now make up for 63% of all inscription activity. NFTs such as Bitcoin Punks, Rocks, and Taproot Wizards have been showing huge potential for Bitcoin’s NFT market.

Aside from NFT’s, other services such as naming systems have also generated interest in the Bitcoin network. The same was evidenced by the popularity of Sats Names, with the