Retail is pushing the Bitcoin price up, says Ledger CEO

With cryptocurrency prices recovering from last week’s recession, Pascal Gauthier, CEO of crypto wallet firm Ledger, addressed questions regarding the state of the cryptocurrency market.

In an interview with CNBC at the Crypto Finance Conference in St. Moritz, Switzerland, Gauthier said that the situation with Bitcoin (BTC) is not surprising. The retail trend is prominent and is ‘always the same’. It is to explain:

“The number of addresses with minimal BTC is already increasing compared to the number of whales. There is a deep retail trend everywhere in the world; they trust Bitcoin more and more. People are going to raise the price.”

The latest data from Glassnode, a cross-chain market intelligence provider supports claim. The number of BTC addresses with a non-zero balance is at an all-time high, topping just under 40 million.

Source: Twitter

An insightful metric, the non-zero balance number reports the status of Bitcoin adoption. More headlines indicate that more users are entering the Bitcoin network, which is a telltale sign that retail is on the march.

Related: The number of Bitcoin wallet addresses generated in November has risen to 1 million

On altcoins, Gauthier made a note of panic over projects that have recently outperformed Bitcoin. He suggested that this year could be a year of consolidation for some cryptocurrencies:

“Last year (cryptocurrencies) were projects that came to light; this year, they have to deliver in terms of applications running on top of these protocols.”

Gauthier said Solana (SOL) has a good value proposition for non-fungible tokens and is well placed to compete with Ether (ETH). While some of the top 10 protocols have enjoyed significant price speculation and price increases in 2021, the market expects “good things from these protocols.”

He concluded with a fixed rule for blockchain: “Blockchain token is the security of the blockchain. The higher the token cost, the more secure the blockchain.”

Ledger hardware wallet currently supports more than 50 different protocols. Ledger, France’s first cryptocurrency, will launch a crypto debit card within the next three months. It will undoubtedly make use of its crypto experience in order to compete with the likes of Mastercard, which also offers crypto-linked cards.