{"id":402384,"date":"2019-10-25T23:00:46","date_gmt":"2019-10-25T23:00:46","guid":{"rendered":"https:\/\/wncen.com\/?p=402384"},"modified":"2024-06-11T13:31:30","modified_gmt":"2024-06-11T13:31:30","slug":"bitcoin-macro-bullish-after-transferring-11-trillion-in-wealth-over-past-decade","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-macro-bullish-after-transferring-11-trillion-in-wealth-over-past-decade\/","title":{"rendered":"Bitcoin Macro Bullish After Transferring $11 Trillion in Wealth Over Past Decade"},"content":{"rendered":"<p>Bitcoin (BTC) has been caught in the throes of a persisting bear market over the past several weeks and months, and it has failed to garner much significant upwards momentum throughout the course of its recent downtrend.<\/p>\n<p>It is important to note that a few fundamental factors are painting a very bullish picture for Bitcoin in spite of its recent bearishness, which may mean that its price will ultimately catch up to these fundamentals.<\/p>\n<h2><strong>Bitcoin Responsible for Massive Wealth Transfer Over Past Decade<\/strong><\/h2>\n<p>It\u2019s no secret that <a href=\"https:\/\/wncen.com\/2019\/10\/17\/bitcoin-testing-weekly-moving-average-that-sparked-last-crypto-bull-market\/\">Bitcoin<\/a> has been met with meteoric success in the time following its <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" rel=\"nofollow\">inception<\/a>, but looking beyond simply quantifying this success in terms of its price movements, it becomes increasingly clear as to just how impactful Bitcoin has truly been to society and the financial markets as a whole when looking towards how much wealth it has transferred.<\/p>\n<p>PlanB, a popular cryptocurrency analyst on Twitter, recently shared data that elucidates that a whopping $11 trillion in wealth has been transferred using Bitcoin during the past decade, further noting that it is \u201cstill going strong at $10 billion each day.\u201d<\/p>\n<blockquote><p>\u201c#bitcoin transferred $11 trillion in wealth (2009-2019). Still going strong at $10 billion each day,\u201d he explained while referencing data seen in the table below.<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a> transferred $11 trillion in wealth (2009-2019)<\/p>\n<p>Still going strong at $10 billion each day <a href=\"https:\/\/t.co\/jAphbfYUzh\" rel=\"nofollow\">pic.twitter.com\/jAphbfYUzh<\/a><\/p>\n<p>&mdash; PlanB (@100trillionUSD) <a href=\"https:\/\/twitter.com\/100trillionUSD\/status\/50148608?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 24, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><strong>BTC Supply Reduction May Fuel Next Price Surge<\/strong><\/h2>\n<p>In addition to currently having massive utilization, Bitcoin is also nearing its upcoming mining rewards halving, which is widely believed to be the catalyst that sparks the next major bull run.<\/p>\n<p>The reason why this even may spark a bull run is because of the massive supply reduction caused by the event.<\/p>\n<p>Crypto Rand, a popular <a href=\"https:\/\/wncen.com\/2019\/10\/04\/why-bloomberg-opinion-bitcoin-bull-run\/\">cryptocurrency<\/a> analyst on Twitter, spoke about this in a recent tweet, explaining that the 2020 halving will reduce the new supply by $63 million per week, making it the \u201cmost dramatic\u201d halving yet.<\/p>\n<blockquote><p>\u201c2012 halving reduced the new supply by $302,400 per week. 2016 halving reduced the new supply by $8,190,000 per week. 2020 halving will reduce the new supply by $63,000,000 per week. Making the next #Bitcoin halving the most dramatic yet,\u201d he explained.<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">2012 halving reduced the new supply by $302,400 per week.<\/p>\n<p>2016 halving reduced the new supply by $8,190,000 per week.<\/p>\n<p>2020 halving will reduce the new supply by $63,000,000 per week.<\/p>\n<p>Making the next <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> halving the most dramatic yet. <a href=\"https:\/\/t.co\/vqe06eAk04\" rel=\"nofollow\">pic.twitter.com\/vqe06eAk04<\/a><\/p>\n<p>&mdash; Crypto Rand (@crypto_rand) <a href=\"https:\/\/twitter.com\/crypto_rand\/status\/75321859?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 18, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Bitcoin\u2019s robust <a href=\"https:\/\/wncen.com\/2019\/10\/09\/bitcoin-consolidates-as-analysts-expect-multiple-altcoins-to-surge\/\">fundamentals<\/a> will likely help propel it significantly higher in the future, as its upcoming supply reduction and continually increasing utilization are definitively bullish factors that should be closely watched by investors and analysts alike.<\/p>\n<pre>Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) has been caught in the throes of a persisting bear market over the past several weeks and months, and it has failed to garner much significant upwards momentum throughout the course of its recent downtrend. It is important to note that a few fundamental factors are painting a very bullish picture for Bitcoin in spite of its recent bearishness, which may mean that its price will ultimately catch up to these fundamentals. Bitcoin Responsible for Massive Wealth Transfer Over Past Decade It\u2019s no secret that Bitcoin has been met with meteoric success in the time following its inception, but looking beyond simply quantifying this success in terms of its price movements, it becomes increasingly clear as to just how impactful Bitcoin has truly been to society and the financial markets as a whole when looking towards how much wealth it has transferred. PlanB, a popular cryptocurrency analyst on Twitter, recently shared data that elucidates that a whopping $11 trillion in wealth has been transferred using Bitcoin during the past decade, further noting that it is \u201cstill going strong at $10 billion each day.\u201d \u201c#bitcoin transferred $11 trillion in wealth (2009-2019). Still going strong at $10 billion each day,\u201d he explained while referencing data seen in the table below. #bitcoin transferred $11 trillion in wealth (2009-2019) Still going strong at $10 billion each day pic.twitter.com\/jAphbfYUzh &mdash; PlanB (@100trillionUSD) October 24, 2019 BTC Supply Reduction May Fuel Next Price Surge In addition to currently having massive utilization, Bitcoin is also nearing its upcoming mining rewards halving, which is widely believed to be the catalyst that sparks the next major bull run. The reason why this even may spark a bull run is because of the massive supply reduction caused by the event. Crypto Rand, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, explaining that the 2020 halving will reduce the new supply by $63 million per week, making it the \u201cmost dramatic\u201d halving yet. \u201c2012 halving reduced the new supply by $302,400 per week. 2016 halving reduced the new supply by $8,190,000 per week. 2020 halving will reduce the new supply by $63,000,000 per week. Making the next #Bitcoin halving the most dramatic yet,\u201d he explained. 2012 halving reduced the new supply by $302,400 per week. 2016 halving reduced the new supply by $8,190,000 per week. 2020 halving will reduce the new supply by $63,000,000 per week. Making the next #Bitcoin halving the most dramatic yet. pic.twitter.com\/vqe06eAk04 &mdash; Crypto Rand (@crypto_rand) October 18, 2019 Bitcoin\u2019s robust fundamentals will likely help propel it significantly higher in the future, as its upcoming supply reduction and continually increasing utilization are definitively bullish factors that should be closely watched by investors and analysts alike. Featured image from Shutterstock.<\/p>\n","protected":false},"author":499,"featured_media":400610,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,6664],"class_list":["post-402384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-crypto"],"acf":[],"yoast_head":"\n<title>Bitcoin Macro Bullish After Transferring $11 Trillion in Wealth Over Past Decade<\/title>\n<meta name=\"description\" content=\"It is important to note that a few fundamental factors are painting a very bullish picture for Bitcoin (BTC) in spite of its recent bearishness.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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