Bitcoin is recovering from its recent price corrections. At the moment of writing this article, BTC is trading in the green and the king coin is priced at $57,134.
Glassnode reveals number of BTC addressees smashed all ATHs
It’s been revealed that despite Bitcoin’s price correction this month, the number of addresses with a BTC balance has surged to an all-time high, according to the crypto insights firm Glassnode.
The number of Bitcoin addresses with a non-zero balance hit a new all-time high last week, Glassnode said.
The number of #Bitcoin addresses with a non-zero balance has reached a new all-time high of 38.76 million addresses.
The previous high of 38.7 million was set seven months ago on April 23rd, taking 213 days to fully recover.
— glassnode (@glassnode) November 23, 2021
Check out this relevant tweet as well.
— glassnode alerts (@glassnodealerts) November 28, 2021
Bitcoin ownership is a hedge against inflation
The other day, we were revealing that Morgan Creek Capital Management’s Mark Yusko also said that owning Bitcoin and other digital assets is a means to escape the massive inflation.
This is extremely important because we live in a world where governments are in a race to devalue their currency.
“When you think about countries like Venezuela or Zimbabwe, where the countries themselves devalue their currency 99.99%, all of your wealth is destroyed…It’s not so much that Bitcoin is getting better relative to those currencies. Those currencies are just getting worse. And the same thing is happening all around the world. There’s a global race to the bottom.”
He continued and explained that when countries become very indebted, the only way out is to devalue the currency.