The CEO of Ledger says that more retail buyers are continuing to look into Bitcoin with non-zero addresses on rise.
Pascal Gauthier is the CEO and Chairman of Ledger hardware wallet company Ledger. He believes it is people who are pushing Bitcoin’s price higher.
During an interview, the crypto executive mentioned this. interviewCNBC with CNBC, at the Crypto Finance Conference St. Moritz Switzerland.
On the issue of Bitcoin’s price growing exponentially over the past year, Gauthier said that all this is down to retail interest in the cryptocurrency. He believes that people want Bitcoin more, and so prices are rising.
He said that there has been a trend in the last few weeks to see more addresses being created with a smaller number of people holding the minimum amount. In November, the Bitcoin network was home to almost 1,000,000 new addresses. The Bitcoin price reached its highest point of $69,000.44 on October 10.
The Ledger chief also added that the number of retail holders was increasing relative to whales, suggesting it’s the small buyers that continue to push the price of Bitcoin higher.
“There is a profound retail trend everywhere in the world; they trust Bitcoin more and more. It’s the people that will push the price up,” he said.
Bitcoin traded at around $43,700 on Monday, after falling to $40,000 the previous Monday. The rising pressure comes at a moment when US inflation data shows an increase of 7% year on year, the fastest rate in a decade since 1982.
Despite recent sell-offs, Bitcoin flows to exchanges have continued. Santiment, an online data analysis platform, believes this to be a sign of less selloff pressure.
👌Despite #Bitcoin36% less than the average #AllTimeHighTwo months ago, coins moved at an amazing rate away from exchanges. The 26.3k $BTCAn encouraging sign that there is less ongoing risk of selloff is the difference between yesterday’s inflow and outflow. https://t.co/GZWYrAWvY7 pic.twitter.com/qiUQ6ntWfD
— Santiment (@santimentfeed) January 12, 2022
Gauthier also spoke out about the wider crypto space, noting that there was an explosion in projects that have outperformed Bitcoin.
Last year saw Ethereum, which notched more than 455% in yearly gains, outpace Bitcoin’s +75% upmove. The Ledger founder believes that ETH will see a new peak in institutional inflows and that ETH will continue to grow. However, the crypto industry is also likely to be interested projects such as Solana and other top ten ones.
Solana, Ledger CEO, says that the company already offers a tremendous value proposition for its non-fungible token offering (NFT). He noted that this could be expected from many protocols as they mature, driving adoption, and pricing.
Gauthier however says that last year’s massive rally could see several cryptocurrencies settle into a consolidation phase.
On blockchain networks, his main takeaway was that tokens are the “security” of the blockchain network. According to him, a network can only be as secure and as secure the native token it is traded at.