Bitcoin (BTC) is by far the biggest digital currency in the world. Its recent rally to over $9000 in market price has been one of the biggest financial news stories the past few days. The rally has sparked a renewed interest in crypto investors. It has also created more interest in how bitcoins can be used for everyday purchases.
The entire crypto industry remains a major mystery to the majority of consumers in the United States. It is a concept that is far ahead of its time, but the gap with the present is shrinking. In a recent post on ArmyOfBitcoin.com, active daily bitcoin addresses are on the rise.
A BTC address is created for any crypto transaction with no distinction between trading and actual bitcoin purchases. As reported by the blockchain statistics website ArmyOfBitcoin.com, there were more than one million active addresses on June 14.
Highly active on Twitter, crypto enthusiasts responded with mixed reactions. One Twitter response quickly pointed out that “using it and trading it are different things. Given the current market rally and the climb to the $9000 market level, many of these daily addresses do relate to trades. It was also debated how many of these new addresses can be attributed to new users.
Libra will be the USD of the internet. Bitcoin is the Gold of the internet. One does not invest in USD, but nearly eight trillion dollars is invested in Gold. If Bitcoin gets the market cap of Gold, one Bitcoin will be worth $345,000. #Libra #Bitcoin @APompliano @mdudas
— Clayton McDonald (@clayfromdabay) June 18, 2019
It is impossible to know how many daily addresses can be linked to the same end user. There is no real way to link new addresses to new users, so determining an increase in general market penetration is hard to do.
Facebook has also been in the news this week with its planned foray into cryptos with its Global Coin . This has created some major buzz throughout the industry. This news has also been linked to the recent BTC market surge. The upward climb in value slipped backwards a few weeks ago. However, it has climbed more that 20 percent since that point.
There have been some reports that suggest that bitcoin’s reach among different users has actually declined. JPMorgan Chase weighed in with the observation that there has been an increase in interest from traditional financial institutions. There is also an increase in transactions for bitcoin futures.
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