It’s been another interesting few weeks for Bitcoin, the world’s most popular cryptocurrency. Let’s take a look at what’s been going on.
19% of Bitcoin in total circulation actively traded
According to a report by crypto analytics company Chainanalysis, 3.5 million Bitcoin – around 19% of all in total circulation – are moved frequently between exchanges, or in other words, actively traded. The report also reveals that ”roughly 60% of that Bitcoin is held by entities — either people or businesses — that have never sold more than 25% of Bitcoin they’ve ever received”, so essentially being held for long-term investment or ‘digital gold’, and around 20% have not been moved from their current addresses for five years or longer, “lost Bitcoin.”
Singapore carpooling app lets users pay with Bitcoin
Ryde, a carpooling app serving Singapore, will of this week let passengers pay for their journeys with Bitcoin.
This will be possible by storing and converting Bitcoin to the app’s RydeCoin with no transaction costs. Customers will be able to top up to s$999 of Bitcoin on the app, and Ryde founder Terrence Zou said that the coronavirus outbreak had accelerated the move towards digital payments. Commenting on the implementation of Bitcoin payments on the app, Zou said:
“Covid-19 has accelerated the shift towards digital payments and Ryde is set to be a game-changer for cryptocurrency adoption in Singapore — As consumers get used to paying for ride-hailing services through Bitcoin, we envisage that this will be a catalyst that spurs the mass adoption of cryptocurrencies here.”
Bitcoin whale population hits three year high
A market report by Glassnode has revealed that the number of Bitcoin ‘whales’ (individuals with 1,000 Bitcoin or more in their wallets) has hit 1,882, up from around 1,650 in January and the highest number for three years.
In its weekly ‘week-on-chain’ report published on June 15, it was noted “the price of BTC is now more than 20x higher than it was when we first saw this many whales, implying that more wealth is being held by whales”, but also “the average balance held by each whale has decreased during this period, such that whales actually hold less BTC now than in 2016, and less wealth (in USD terms) than in 2017.”
$2.24 billion of Bitcoin transferred for less than $7
In other news involving Bitcoin whales, crypto tracking alert Whale Alert revealed on June 20 that a Bitcoin whale sent 241,000 BTC in seven different transactions in just one hour. Each transaction cost around $0.93, amounting to just $6.51 for the seven transactions. The last transaction was for 27,635 Bitcoins:
Movie focusing on Nakamoto in production
A dark comedy focusing on the creator of Bitcoin, Satoshi Nakamoto, is in production. According to IMDB, the British made movie Decrypted will be released in December 2020 and is about a “mismatched NSA team who kidnap the creator of Bitcoin – Satoshi Nakamoto – and attempt to torture him for the information they need to destroy crypto-currencies”. The movie was forced to suspend production in March when the coronavirus pandemic hit, but is according to producer Phil Harris in an interview with Coin Telegraph, “70% in the can”. Harris also said “we’re editing away. I think as a film producer and a keen crypto fan, I wanted to explore the emerging crypto space within the industry as a whole.”
Harris hopes to ultimately sell the movie rights to a major streaming platform such as Netflix or Amazon Prime, and went on to reveal that he aims for its initial release to release it to crypto video on demand platforms:
“We wanted this film to be part of the crypto revolution within the film industry. So we will be releasing it to some crypto video on demand platforms. I’m not sure if you know of any, LiveTree is one, then, you got Breaker, you got Movieschain, Cinezen, Cinema Well.”