bitcoins and u s dollar bills

From Money Substitute to Lottery Substitute

Statistics

The average Bitcoin holding time for investors is estimated 3.1 years.

However, as a new Handelskontor infographic shows, there has recently been a change: More and more traders are appearing, while the relative proportion of long-term investors is falling.

According to research done by Handelskontor, at the beginning of March there were 5.41 million Bitcoin traders – more precisely, so many BTC addresses where Bitcoins were held for less than a month. In November of last year there were only 3.56 million.

The effect shown can be due to an increased use of cryptocurrency as a means of payment, as well as to increasing trading for speculative intentions. Judging by the advertising in the social media, however, when buying Bitcoin, the focus is on speculation about quick wins, and the payment function is hardly mentioned.

The addresses on which the Bitcoins are held for at least 12 months and are not transferred make up an ever smaller relative share of this popluation. This fell within the last 5 months from 64.79 to 58.88 percent.

In the social media these days, optimistic comments on the subject of Bitcoin predominate. In the last 7 days, 110,042 tweets with a positive connotation regarding the development of the crypto currency were posted, whereas the number of negative comments only amounts to 26,253. The vast majority, however, were neutral. This could be an indication that – in spite of all the highs – there is still no euphoria.

Google data shows that the demand for Bitcoin is extremely high, but that altcoins are also increasingly in demand. The search volumes for the crypto currencies Ethereum and IOTA also recently reached new highs.

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