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The under-the-pillow era has now begun in Bitcoin. Market analysis shows that 14.5 million BTC remain under the pillow. Özgür Serkan USLU, CEO of the domestic cryptocurrency exchange Paritex, said: "investors are completely going to long-term storage and the number of available BTC is decreasing. The data shows an extra 1 million BTC will be axed in 2020, " he said.
*** This release is originally published in Turkish.
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İSTANBUL (TR) - Interest in cryptocurrencies is growing every day around the world. Bitcoin is undoubtedly one of the most widely used cryptocurrencies. In particular, Bitcoin, which has been attracting the eye with its growth since the first months of 2021, has increased its total market volume to over $ 1 trillion. Below this bullish course, there is a serious under-the-pillow effect that reduces liquidity. According to market analysis by Glassnode, 78 percent of the 18.7 million BTC in circulation are not accessible. Accordingly, a total of 14.5 million BTC are traded, while only 4.2 million bitcoins are traded.
“Investors are going into hiding and the number of bitcoins available is decreasing, " said Ozgur Serkan USLU, CEO of the domestic cryptocurrency exchange Paritex. The data shows that an extra 1 million bitcoins will go under the pillow in 2020. It is possible to read this situation as the hesitation caused by the pandemic. Cryptocurrency exchanges, which aim to bring investors with financial literacy to the ecosystem and offer cold wallets, also have a large share. As Bitcoin gains in value, it is obvious that investors will become more and more engaged in the search for safe havens to store the assets they own,” he said.
The index of investment and confidence of corporate firms in blockchain technology and cryptocurrencies is growing. As there are many technical reasons to view bitcoin as a protection against inflation, Ozgur Serkan USLU, who predicts that holding bitcoin in the company's Reserve will soon become a standard, said: "Paritex Information Technologies A.As sh, we play a global intermediary role in the investment of institutional investors in cryptocurrency and provide technological infrastructure services for the security of investments."they are closely following the developments," he said.
Analysts predict further supply shortages could occur if institutional investors continue to buy BTC at the same pace. First, BTC has a limited supply that is in circulation, and in this respect it mimics the fact that gold is a means of storing value. Moreover, there is no way to increase the supply of Bitcoin through mining. Large institutional investors, on the other hand, buy large amounts of BTC and move it into cold wallets, further reducing the supply in circulation.
As a domestic cryptocurrency exchange, they managed to gain the trust of more than 200 thousand users from all over the world, Ozgur Serkan USLU said: “as Paritex, we offer 10 different cryptocurrencies and 17 trading pairs, allowing investors to make safe and fast transactions. We store 95% of deposits in offline cold wallets spread across different geographies. We also protect each account with two-factor authentication (2FA) to ensure users ' data security. Together with our experienced business partners in the field of cryptocurrency, we regularly conduct security audits in our exchanges. In this way, we actively prevent attacks on our infrastructure. We have presented the new mobile app Paritex, which we have equipped with bank-level security measures, to the taste of our users on Android and IOS platforms. We are happy to meet our users with the most reliable and easy way to invest in Bitcoin and sub coins., ” he said.