The loss of the private key is one of the reasons why the number of inactive wallets has grown. Laboure expressed concern about the poor regulation on cryptocurrencies and their possible harm to the environment but predicted Bitcoin would remain dominant.
An anonymous Bitcoin holder recently unlocked 400 BTC from his wallet, which had been dormant for almost nine years. According to WhaleAlert, that amount exceeds USD 17 million at the current price of the cryptocurrency on the market.
The 400 BTC of the inactive wallet was worth USD 4,355 in 2012, so its price grew by 4,000%. Reports on the activation of that portfolio are emerging in the crypto-asset market.
This year, the owners of many dormant Bitcoin wallets have activated them, thus turning into whales. On September 19th, 2021, a Bitcoin holder unlocked 616 BTC from a wallet inactive for nine years.
Investors who want to access their cryptocurrencies from their wallets could face a hectic task. According to 2020 data, nearly 3.6 million BTC has been idle for almost five years. The loss of the private key by Bitcoin holders has contributed to the growing number of inactive wallets.
Deutsche Bank Analyst Predicts that Bitcoin Will Turn Into Digital Gold
Marion Laboure, an analyst at Deutsche Bank, predicts that Bitcoin will play the role of digital gold in the future. She believes that such a situation will last for centuries and that no government will exercise any control over the cryptocurrency.
According to the Deutsche Bank website, Laboure said that she could see Bitcoin become the digital gold of the 21st century. However, the researcher warned investors about the volatility of the pioneering cryptocurrency. She believes that Bitcoin (BTC) purchases seek to invest and speculate rather than hold the coins as a medium of exchange.
Laboure stated that only a few additional large purchases or market outflows could significantly affect supply and demand. The economist explained that Bitcoin is too volatile to be a reliable store of value but expects it to remain that way.
The Deutsche Bank analyst expressed concern about the lack of regulation of cryptocurrencies and its possible harm to the environment. However, she hinted that Bitcoin could remain the dominant crypto asset in the cryptocurrency space.
She said Ether has more use cases in decentralized finance and non-fungible tokens. Of course, she recalled that Bitcoin has the advantage of being the first of its kind.
Yemeni Fights Hunger with Crypto Donations amid Civil War
A citizen living in Sana’a, the capital of Yemen, claims that he is fighting hunger with cryptocurrencies. He said he uses them to buy food packages for families who cannot access supplies amid a civil war.
According to Reddit, the Yemeni has raised about USD 12,000 in cryptocurrency donations to combat that problem in the Middle Eastern nation. He said he had provided 15 families with flour, rice, oil, and beans, hoping to help 30 more soon.
By Alexander Salazar
