Cryptocurrency Adoption: Number of Bitcoin Addresses Holding At Least 0.1 BTC Crosses 3 Million Mark

The number of Bitcoin addresses that hold at least 0.1 BTC (appr. $750 at time of writing) has surpassed the 3-million mark for the very first time, as cryptocurrency investors get ready for the upcoming Bitcoin halving event, when the pseudonymous digital asset’s supply will be reduced by 50%.

Some crypto analysts argue that the BTC halving has been “priced in” already, and that it will not impact the digital currency’s price (significantly). But others point out that crypto and broader financial markets are often irrational and that the market dynamics are more accurately described by behavioral economics, which was inspired by Danny Kahneman, a psychologist by profession, who notably received a Nobel Prize in economics for his valuable contributions.

Despite the crypto market crash on March 12 – March 13, 2020, which saw BTC price drop by over 50%, the number of digital currency addresses holding at least 0.1 Bitcoin continues to increase.

It can be argued that this trend reflects a growth in Bitcoin adoption.

Despite the economic uncertainty created by the Coronavirus (COVID-19) outbreak, the number of Bitcoin ATMs also recorded their highest-ever growth rate last month (worldwide). ATM locations in the United States have surpassed 5,000, which presently accounts for 71% of the global Bitcoin ATM market.

Bitcoin ATM’s are physical locations where people can exchange cash for BTC, Litecoin (LTC), and other cryptos, and vice versa — selling BTC or LTC for fiat money. Although most Bitcoin ATM service providers only have physical locations (like at supermarkets, convenience stores), some are now providing digital or online services as well.

Bitcoin ATM and exchange companies, such as Bitcoin of America, are reportedly offering cash-settled services at their ATM and over the counter cash-to-bitcoin locations across the US.

Bitcoin for America also has a digital wire transfer gateway for buying larger amounts of Bitcoins. The company is a registered Money Services Business (MSB). It offers fraud prevention for purchasing and selling cryptocurrencies.

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