Sign up for our daily briefing
Make your busy days simpler with the Axios AM and PM newsletters. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to the Axios Closer newsletter for insights into the day’s business news and trends and why they matter.
Sign up for Axios Pro Rata
Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with the Axios Sports newsletter. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with the Axios Des Moines newsletter.
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with the Axios Tampa Bay newsletter.
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Want a daily digest of the top Nashville news?
Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.
Want a daily digest of the top Columbus news?
Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.
Want a daily digest of the top Dallas news?
Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.
Want a daily digest of the top Austin news?
Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.
Want a daily digest of the top Atlanta news?
Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.
Want a daily digest of the top Philadelphia news?
Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.
Want a daily digest of the top Chicago news?
Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
Want a daily digest of the top DC news?
Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.
Now more than ever, bitcoin as "digital gold" is the prevailing narrative fueling big-name adoption, writes Coindesk. Bitcoin is something to be bought and stored, not something to be spent or used.
Why it matters: Bitcoin as a store of value is trouncing bitcoin as a medium of exchange. While the price of bitcoin is near its all-time highs, usage of bitcoin for anything other than investing has slowed.
By the numbers: Roughly 60% of all bitcoins have not moved in at least a year. The average time bitcoin is being held in individual wallets recently surpassed 1,000 days for the first time.
Between the lines: That said, bitcoin does function as a currency in two key places: darknet e-commerce and countries with economic instability.
- Darknet volumes are still seeing a steady upward trend. Such marketplaces drew roughly $1.5 billion in revenue in 2020, up from just under $500 million in 2015. Overall, about 1% of crypto transactions last year were for illicit purposes.
- Kenya, Venezuela, Nigeria and Colombia lead the pack in peer-to-peer exchange volume, which is the sector’s best proxy for grassroots activity. Even among the leaders, however, volumes remain tiny. Nigeria, the leader, saw $353 million in P2P volume in 2020 — a number that’s been fairly flat for the past three years.
The bottom line: For now, bitcoin is more cryptoasset than cryptocurrency. Take it from Coinbase, the San Francisco crypto exchange prepping to go public:
- "The fact that wallet-count is outpacing the volume of on-chain transactions illustrates the market’s belief that Bitcoin’s primary application is as a store of wealth," Coinbase wrote in an annual report published last week. "In short, people are holding their Bitcoin rather than sending or spending them."
Interested in more Axios crypto content? Please click here to be on our list if we launch something in the space.