Home Cryptocurrency Retail is pushing the Bitcoin price up, says Ledger CEO

Retail is pushing the Bitcoin price up, says Ledger CEO

by Serge Shlykov

Ledger, the French cryptocurrency hardware manufacturer says that Bitcoin’s price is being pushed up by retailers. A senior market analyst at Bloomberg Intelligence said in an email to CNBC, “Bitcoin has been rising because of retail buying.”

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The “has bitcoin stabilized” is a question that has been asked many times. The answer is yes, but the price of Bitcoin is still going up and down. This has led to speculation that retail is pushing the Bitcoin price up.

Pascal Gauthier, CEO of crypto wallet company Ledger, responded to inquiries about the condition of the cryptocurrency market as prices for cryptocurrencies rose following a decline last week.

The way things are turning out with Bitcoin (BTC) is not surprising, according to Gauthier, who spoke with CNBC at the Crypto Finance Conference in St. Moritz, Switzerland. There is a noticeable retail pattern that is “always the same.” He clarified:

In contrast to the number of whales, the number of addresses with the fewest BTC is actually increasing. All throughout the globe, there is a significant retail trend where people are coming to trust Bitcoin more and more. The price will increase because of the people. 

The assertion is supported by recent data from on-chain market information vendor Glassnode. With a peak of just under 40 million, the number of BTC addresses with a non-zero balance is at an all-time high. 

Twitter, a source

The non-zero balance number, a perceptive statistic, provides a situational analysis of Bitcoin acceptance. More addresses suggest that more people are joining the Bitcoin network, which is clear evidence that the retail sector is gaining ground.

Related: The number of new Bitcoin wallet addresses reached a million in November

Regarding alternative currencies, Gauthier expressed concern about initiatives that recently outperformed Bitcoin. He predicted that various cryptocurrencies would see consolidation this year:

“They [cryptocurrencies] have to produce in terms of apps using these protocols this year; last year they were initiatives emerging from the shadows.”

According to Gauthier, Solana (SOL) is well-positioned to compete with Ether and has a strong value proposition for nonfungible currencies (ETH). The market expects “excellent things from these protocols,” even if several of the top 10 protocols had wild price speculation and price rises in 2021.

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“The token of a blockchain is the security of that blockchain,” he said in his concluding statement. The blockchain is more secure the more costly the token is.

Over 50 distinct protocols are now supported by the Ledger hardware wallet. Ledger, the first unicorn in the crypto space in France, will introduce a crypto debit card within the next three months. In order to compete with companies like Mastercard, which is also releasing crypto-linked cards, it will surely draw on its knowledge in the cryptocurrency space.

The “bitcoin is stabilizing get ready for its next big price move” is a statement made by the CEO of Ledger. He believes that retail stores are pushing the Bitcoin price up because they want to make money, not because it’s a good investment.

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