Bitcoin (BTC) is expected to reach a peak transfer volume of $45 trillion by the end of 2021, a milestone it has yet to achieve in its 12 years and counting history.
ARK investment analyst Yassine Elmandjra broke the news by tweeting the following:
Bitcoin is on pace to settle twice as much value this year as all of its previous years combined.
Bitcoin annual settlement volumes are now ~4 times that of Visa’s and ~6% of the Fedwire. pic.twitter.com/K7Nhi2zRsJ
— Yassine Elmandjra (@yassineARK) November 28, 2021
By the end of 2021, a Bitcoin (BTC) transfer volume will be settled at $45 trillion, thus surpassing even the double value that has been settled in all 11 years of Bitcoin (BTC) combined, quadrupling the transfers of Visa.
As such, 2021 has been a successful year for the world’s biggest cryptocurrency, despite the challenges that have been following it. Starting from the China crackdown when Bitcoin (BTC) took quite the plunge, the digital asset bounced back from the dive and the increased mining difficulty by hitting a staggering ATH of $69,000 in November.
Aside from the ever-growing popularity of Bitcoin (BTC) among the crypto community, institutional interest has surged in kind with companies worldwide adding Bitcoin (BTC) to their balance sheet. The most recent case was MicroStrategy taking a loan to stockpile Bitcoin (BTC), and buying the dip to increase its holdings to 121,000 Bitcoin (BTC).
There is a 23% Bitcoin (BTC) supply that is completely untapped, and yet Bitcoin (BTC) is reaching for the stratosphere.
On-Chain College confirmed as much by tweeting:
The % of #BItcoin circulating supply that has not moved in at least 5 years continues to make All-Time Highs.
Almost 23% of the circulating supply has been untouched for at least 5 years.
More and more Hodling from a macro perspective… pic.twitter.com/ImzXC8b1Bt
— On-Chain College (@OnChainCollege) November 28, 2021
Because coins are cold storage and digital wallets and are not readily available in exchanges, hodling is a popular tactic in the Bitcoin (BTC) market. As a result, there is a supply shortage because they are not liquidated easily. Therefore, demand and price grow proportionally.
Bitcoin (BTC), however, is leaving at a rapid rate, per the 30-day trend in cryptocurrency exchanges. There is also an increasing trend of whales and institutions acquiring Bitcoin (BTC) from short-term holders and retail investors.
Also read: The Number of DeFi Users on Ethereum Exceeds 4 Million