Number of Unique Bitcoin Addresses Surged in October

As each day passes, adoption grows and grows leading us one day to the mainstream and when that happens – watch out!

The Number of Unique Bitcoin Addresses Surged in October

Analyst Willy Woo describes unique Bitcoin addresses with a balance above zero as ‘Bitcoin users.’ The metric does not include addresses on centralized exchanges and only counts individual addresses that are not associated with trading platforms.

According to Woo, the rate at which the number of Bitcoin users grew accelerated following Squares bitcoin purchase in October.

Back then, as the BTC Times reported, the $75.97 billion payments conglomerate allocated 1% of its assets to Bitcoin.

At the time, Square CFO Amrita Ahuja said the investment is a step forward on the journey of ‘building products based on a more inclusive future.’

Square’s investment in Bitcoin was unsurprising considering CEO Jack Dorsey’s previous investments in Bitcoin startups. In March 2018, Dorsey backed Lightning Labs, a startup that builds infrastructure around the Bitcoin Lightning Network.

The company’s Bitcoin allocation could have led the number of Bitcoin users to rise for two main reasons. First, it could have led people to believe that a new trend of institutional frenzy around Bitcoin would begin. Second, it might have encouraged retail investors to take a longer-term stance towards Bitcoin.”


Master Asked on November 9, 2020 in Bitcoin.
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