• This year, the Bitcoin network has settled a staggering $12 trillion in transactions

  • In 2021, the Bitcoin network has been breaking and setting new records. According to Coin Metrics data, the Bitcoin network has settled more than $12 trillion in transactions so far this year.

    Dan Tapiero, the founder and CEO of 10T Holdings, highlighted the data, hailing the achievement as proof of hyperbitcoinization. Bitcoin proponents use the term “hyperbitcoinization” to describe the widespread adoption of Bitcoin. While Tapiero does not believe it has occurred yet, he believes it is happening gradually, as seen in 2021.

    This record follows a previous one in which the Bitcoin network set a new all-time high of $31 billion in daily transactions settled.

    In fact, 2021 has been a fantastic year for Bitcoin adoption. The first cryptocurrency has seen a significant increase in adoption among retail investors, institutional investors, and even governments. According to data from BuyBitcoinWorldwide, a Bitcoin holdings value monitoring tool, institutional investors such as private and public companies, ETFs, and the El Salvadoran government currently hold nearly $70 million in Bitcoin on their balance sheets.

    Michael Saylor’s MicroStrategy remains the leader among institutions holding Bitcoin, with over 121,000 Bitcoin worth approximately $6 billion, or approximately 0.5 percent of the circulating supply of Bitcoin.

    Bulgaria, Ukraine, Finland, Georgia, and, most notably, El Salvador are among the countries that own Bitcoin. According to BuyBitcoinWorldwide data, these countries collectively hold approximately 1.2 percent of the circulating supply of Bitcoin, or approximately 263,000 Bitcoin.

    On the retail front, El Salvador has a notable contributor to transaction volume. Bitcoin became legal tender in the Central American country in 2021, setting a record for being the only country to add Bitcoin to its currency reserve.

    This year, Bitcoin has also received a lot of media attention. While not all of the attention has been positive, there is no doubt that it has increased the visibility of the benchmark cryptocurrency, which has contributed to its adoption.

    Bitcoin is expected to grow in the future, leading to the expectation of hyperbitcoinization. The increased adoption has been at the forefront of Bitcoin’s price rise.

    Bitcoin’s price reached a new all-time high of $68,778 in 2021. Bitcoin is currently trading at around $46,947, a 3.78 percent decrease over the last 24 hours. According to several key analysts, the price of Bitcoin is expected to skyrocket in the future as demand grows due to its fixed supply of 21 million coins.

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