✳️BTC has risen 132x in 10 years; active addresses are only up 30%
On September 19, Jason Calacanis compared BTC to the “CD of the Spotify era”: the payment experience is poor, and it’s not good at smart contracts. Michael Saylor replied: “Digital capital is the killer app.”
I pulled out the same-day data from a decade ago.
2016/9/18 → 2026/9/18:
Price: $611.53 → $80,944, ×132.4
Market cap: $9.71B → $1.626T, ×167.4
Previous 30-day average daily transactions: 217K → 693K, ×3.19
Average daily active addresses: 491K → 638K, ×1.30.
This set of data is closer to Saylor’s explanation: the market’s monetary premium for BTC is growing much faster than the expansion of underlying on-chain activity.
Active addresses don’t equal users; Lightning, ETFs, and internal transfers at exchanges also won’t all show up here. The conclusion is limited to one thing: the market has already been valuing BTC using another method.
#BTC #MichaelSaylor #on-chain data
On September 19, Jason Calacanis compared BTC to the “CD of the Spotify era”: the payment experience is poor, and it’s not good at smart contracts. Michael Saylor replied: “Digital capital is the killer app.”
I pulled out the same-day data from a decade ago.
2016/9/18 → 2026/9/18:
Price: $611.53 → $80,944, ×132.4
Market cap: $9.71B → $1.626T, ×167.4
Previous 30-day average daily transactions: 217K → 693K, ×3.19
Average daily active addresses: 491K → 638K, ×1.30.
This set of data is closer to Saylor’s explanation: the market’s monetary premium for BTC is growing much faster than the expansion of underlying on-chain activity.
Active addresses don’t equal users; Lightning, ETFs, and internal transfers at exchanges also won’t all show up here. The conclusion is limited to one thing: the market has already been valuing BTC using another method.
#BTC #MichaelSaylor #on-chain data
