Novogratz’s Bold Statement
Renowned billionaire Bitcoin bull, Mike Novogratz, recently claimed that Bitcoin’s popularity surpassed that of any other existing asset, including Google and Apple.
While the data may or may not support this assertion, it is certainly a fascinating concept to consider.
Regardless, the Ethereum Code storm’s success is not to be underestimated.
Novogratz’s Gold Rally
Mike Novogratz is well-versed in numbers. As a former Goldman Sachs partner turned Bitcoin advocate, his financial expertise commands attention.
In a recent Twitter post, Novogratz boldly stated that Bitcoin is now the most widely held financial asset in the world, even surpassing Apple and Alphabet stocks.
If this were true, it would be a groundbreaking revelation. Not only would it make Bitcoin the most sought-after asset worldwide, but it would also signify that cryptocurrency has already crossed the threshold of mass adoption, whether acknowledged or not.
While cryptocurrency adoption is typically measured against the prevalence of traditional fiat currency, this incredible statistic suggests that perhaps we have been measuring the wrong thing all along.
But is it True?
To find our way to the answer, we must first determine how many people actually own Bitcoin. However, this task is rather tricky.
Despite the existence of an open blockchain that anyone can explore using a block explorer, extracting meaningful information about the number of Bitcoin owners worldwide is nearly impossible.
Nevertheless, we can begin our journey by examining a chart showing the current number of blockchain wallets, encompassing Bitcoin and all other cryptocurrencies.
Although this doesn’t provide specific insights into Bitcoin alone, it sets the stage for the next visual data point from BitInfoCharts. The chart reveals the total number of existing Bitcoin wallets holding a value greater than $1.
Based on the metric of (BTC value => $1) commonly used to distinguish active users/holders from dormant wallets, there are currently 36,107,965 Bitcoin wallets in existence. Unfortunately, this is as far as the data goes.
Determining the number of these wallets belonging to unique individuals is impossible, rendering this figure insufficient to gauge the total number of Bitcoin users worldwide. However, we can extrapolate from this number that millions, if not tens of millions, of people around the world are currently using or holding Bitcoin.
But what about Google and Apple stocks?
The quest to determine the number of shareholders in these two mega-companies spans from the NASDAQ page for Alphabet to Apple’s SEC filing records. After days of scouring their books for insights, it slowly became evident that only information about institutional investments is readily available in public filings.
Further research led to independent options trader and economist Thomas Miller, who finally provided a straightforward and definitive answer to this specific question:
“You cannot find this number anywhere, and it would be impossible to estimate.”
Simply put, individual holdings and non-institutional stock portfolios are considered privileged information under US law and cannot be found in the public domain. In fact, making them public could even be illegal.
While Novogratz, as a former Goldman Sachs partner, may possess personal knowledge and access that could support his claim, in the absence of such information, it must be assumed that determining both the number of Bitcoin users and the number of shareholders in a publicly traded US company is impossible.
Similar to Bitcoin, the only available workaround is a broad and nonspecific solution that nonetheless provides insights otherwise unobtainable. The chart below is derived from a Gallup survey of American households conducted in June 2020.
The survey’s findings indicate that a significant percentage of American households own stocks, giving us a general idea of stock ownership levels. However, it is important to note that this data does not specifically pertain to Google and Apple.
While Novogratz’s claim about Bitcoin surpassing Apple’s popularity may be difficult to substantiate, it sparks an intriguing conversation about the future of cryptocurrency adoption.
As the crypto market continues to evolve, its impact on traditional assets and the global financial landscape cannot be ignored. And regardless of the outcome, Bitcoin’s journey remains an extraordinary phenomenon worth exploring.
So, what are your thoughts on Bitcoin’s popularity? Share your perspectives below!