Bitcoin Price has Massive Upward Potential as Dormant Supply Hits new All-time High

CryptoMode Dormant Bitcoin Supply

Dormant coins on a blockchain are always an interesting conundrum. In the case of Bitcoin, there are quite a few coins that haven’t moved on the network for at least five years. As this number keeps increasing,  interesting things are bound to happen.

Dormant Bitcoin Supply Rises Again

Every so often, a new all-time high regarding dormant BTC will be reached. To achieve this status, a (part of a) Bitcoin needs to remain in the same wallet for five years or longer. That may seem like a long time, considering how the value of Bitcoin has evolved in the past few years. Even so, a lot of BTC may never be moved on the network again, for a variety of reasons. 

According to new statistics, the dormant Bitcoin supply has reached another all-time high. In fact, it reached a new ATH twice today already. It goes to show that certain batches of BTC have gone in hibernation near the same period. Given how the overall issuance of Bitcoin has continued over the years, reaching a new all-time high for this metric is not straightforward. 

Source: Glassnode

With nearly 22.3% of the entire Bitcoin supply now dormant for at least five years ago, an interesting milestone is reached. Bitcoin’s supply is already limited to 21 million. Of those coins, just over 2 million are left to be mined over the coming 120 years. Additionally, at least 1 million BTC allegedly belongs to Satoshi Nakamoto, who is a contributor to the dormant supply. 

Keeping all of the above in mind, a continual price increase for Bitcoin appears rather likely. After all, the already scarce cryptocurrency is simply a lot scarcer than most people realize. That alone gives it more value than it has now. In fact, the most recent all-time high for BTC should be broken in the not-so-distant future. 

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