Will you ever be a wholecoiner? There is still an opportunity but as bitcoin’s real-world value rises, it will get harder and harder.
What is a wholecoiner? A surge in the number of “wholecoiners,” individuals who own at least one bitcoin, is underpinned by the digital asset’s limited supply. As of Q2, 2023, over one million Bitcoin addresses held at least one whole coin, suggesting that the peak of “wholecoiners” is imminent.
With the fixed supply cap of bitcoin at 21 million (minus approximately 1 million held by bitcoin’s creator Satoshi Nakamoto and an uncertain number of lost coins), only a few million individuals can ever own a whole bitcoin. This has led many, including Blockstream CEO Adam Back, to suggest that the peak of “wholecoiners” is imminent.
Related reading : Bitcoin Is Digital Scarcity
What Are “Wholecoiners”?
“Wholecoiners” represent a unique class of bitcoin holders who have managed to accumulate at least one whole bitcoin. The title is not only a badge of honor but also indicative of the holder’s confidence in bitcoin’s long-term value proposition.
Related reading : 97% of Institutional Investors Optimistic About Bitcoin
As bitcoin’s price has reached higher and higher heights, purchasing a whole coin is comparable to buying a new car, leaving most unable to make the lump-sum purchase and making the “wholecoiner” title even more scarce.
Will You Ever Be A Wholecoiner?
The number of “wholecoiners” is not bound by any limit other than the supply cap. However, given the current supply distribution, estimates suggest the theoretical maximum lies between one and ten million, with a realistic expectation of about five million or less.
Blockstream CEO Adam Back recently shared his insight into this situation, stating,
“I saw the graph and thought, very cool, now let’s go for 10 million whole coiners next!”
but quickly recoiled, adding,
“that may not be possible… because 10 million people trying to buy 1 BTC over a few years would push the price out of reach.”
His comment reinforces the concept that the limited supply of bitcoin is generating a scarcity effect, which could significantly influence the digital asset’s future valuation.
The rise of “wholecoiners” is a testament to the increasing demand for bitcoin amid its limited supply. As such, there may be an intense competition for the digital asset in the near future.
As bitcoin’s scarcity becomes increasingly evident, its appeal as a store of value will grow, potentially leading to increased demand and, consequently, price appreciation.
While the precise number of “wholecoiners” is uncertain, one thing is clear: Bitcoin’s limited supply makes it a unique asset.