Bitcoin, transactions are 71% of the US GDP

Despite the rise and then the halving of the price, bitcoin is confirmed as a decidedly interesting asset in this 2021, as evidenced by the transactions underway this year. 

According to a chart shown by Glassnode , in fact, in 2021 alone, bitcoin transactions amounted to 15.8 trillion dollars. , 71% of the gross domestic product of the United States equal to 22.24 trillion.

The singular thing is that transactions remained high even as the price of bitcoin fell. This shows that these are constant investors, and not just people who have taken advantage of the moment of the hype. Of course, not surprisingly, the highest number of transitions by amount transferred was reached in April, when bitcoin hit $ 65,000. But despite the retracement, the value of the transactions did not drop by much.

Institutional investors, from Tesla to Microstrategy, certainly contributed to this peak in transferred value .

In fact, Tesla had invested 1.5 billion dollars in bitcoin in February . Microstrategy, on the other hand, continues its “purchase campaign”, buying bitcoin from time to time. Currently, after the last purchase , Michael Saylor’s company owns over 105,000 BTC which at the current price (31,500 dollars is equivalent to 3.3 billion dollars. 

Because bitcoin transactions could grow further

Despite the halving of the price, which in any case is 2.5 times that of last year, bitcoin continues to keep the interest on itself high. 

This is due to the progressive ” institutionalization ” of bitcoin. In fact, from September BTC will be legal tender in El Salvador, where it will coexist with the dollar. In the United States, however, there are several projects by mayors to make their cities into bitcoin hubs.

The latest Scott Conger, Mayor of Jackson in Tennessee , but also the mayor of Miami, Francis Suarez, aims to do the same. And don’t forget the New York elections where Democratic candidate Eric Adams has openly declared that he wants to make the Big Apple a capital for BTC as well.

All this justifies the growing popularity among institutional and retail investors. In the long run, this could support the circulation of BTC and with it the growth of the overall value of transactions.

News Source