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One is one bitcoin. Amid the falling bitcoin price, several users started to defend this maxim in social media posts, especially on Twitter.

And even the bearish moment doesn’t seem to have discouraged investors, as the market has reached an all-time high of accumulation. According to Glassnode data, there are already more than 900 thousand wallets with more than one bitcoin, which shows buyers perceive the drop in the quote as an opportunity.

“We have the largest number of wallets with more than one bitcoin in history. So this could be a long-term bullish indicator”, analyst Barbara Distefano told Criptofacil. According to her, the current value reflects the possibility of its traders accumulating bitcoin, expecting appreciation in a few months (or years).

It is worth noting that bitcoin has lost about 60% of its dollar value this year alone and has traded below US$19,000 recently, after peaking at nearly US$69,000 in late  2021.

New narrative?

According to a Bloomberg report published in Valor, the posts about 1 BTC = 1 BTC are an attempt to find a new narrative for bitcoin – until then understood as a store of value or protection against inflation.

Ilan Solot of Tagus Capital assesses that bitcoin never really had that role. Instead, “Bitcoin was a protection against irresponsible money printing by central banks”, he said.