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In The Media

The Velocity Of Bitcoin

by Larry Chiang on October 29, 2018

By Larry Chiang
Where is crypto going
What to pay attention to
Check out this analysis…

Willy Woo (@woonomic)
Bitcoin quarterly monetary velocity at its lowest point since Sep 2010. Back then we were in the mining era [1] of the coin. Silk Road had yet to appear to drive velocity up and Mt Gox was 2 months old, speculation had barely begun.


Willy Woo (@woonomic)
One does not simply turn a bear market around without sufficient monetary velocity as its fuel. [2]

Willy Woo (@woonomic)
Footnote [1]:

An illustrated history of Bitcoin outputs:
2009-10 mining, Satoshi and friends 
2011-12 spending, hello Silkroad
2013- trading

(live chart here:…


Willy Woo (@woonomic)
Footnote [2]:

Before the CryptoTwitter troll army erupts, the data is bearish on so many touch points, we gotta be realistic in the medium term. Long term however Bitcoin is on the base of an adoption curve that will continue to drive one of the biggest bull runs in history.

Willy Woo (@woonomic)
Another way to look at this velocity chart is how it compares BTC to USD M1 (spending) & USD M2 (savings). We are now in even longer term savings, deep cold HODL.

– In bullish conditions coins change hands freely, higher velocity.
– Bottoms are synonymous with rising velocity.


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