Coinspeaker
CryptoQuant CEO: Bitcoin Velocity Faces Stagnation
Despite a massive appeal and approval of spot Bitcoin exchange-traded funds, the blockchain network’s transaction rate harks back to what it was during its early stages. CryptoQuant CEO Ki Young Ju noted that the BTC velocity has stagnated, echoing the levels of 13 years ago.
In a post on social media platform X, Ju suggested that Bitcoin’s role has evolved more into that of “digital gold” rather than a medium for everyday transactions. This shift is significant, indicating that while Bitcoin has been adopted by many, its use as a daily transaction currency hasn’t met the initial high expectations.
According to the CryptoQuant executive, institutions and individuals are increasingly treating Bitcoin as a store of value, holding onto it rather than spending it frequently.
“Despite Satoshi’s vision of “P2P Electronic Cash”, Bitcoin is primarily used as “Digital Gold”, with institutions holdi
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