Bitcoin Millionaires on the Rise
Bitcoin (BTC) is experiencing a surge in value, propelling it toward a new all-time high and leading to an increase in millionaire holders. As of November 12, there were 88,628 Bitcoin millionaires, showing a substantial increase from the 28,084 millionaires reported on January 5. This marks a threefold increase and a remarkable 215% growth in 2023.
The number of addresses holding at least $1 million in Bitcoin is 81,962, while those with at least $10 million worth of the asset amount to 6,666. In contrast, on January 5, the count of Bitcoin millionaires was significantly lower, with only 24,279 addresses holding at least $1 million worth of BTC.
The Surge in Bitcoin Millionaires
The surge in Bitcoin millionaires is linked to the rally in the asset’s price, which has propelled the digital currency to $37,000 after lingering below the $30,000 threshold for most of the year. In January, Bitcoin millionaires constituted a rather exclusive group grappling with prevailing bearish sentiments in the cryptocurrency market.
Bitcoin Aiming for New All-Time High
By press time, the value of Bitcoin stood at $37,050, representing a year-to-date growth of over 120%. The surge can be attributed to several factors. Notably, there is potential approval for 12 separate Bitcoin ETF spots over the next week by the U.S. Securities and Exchange Commission (SEC), which could significantly impact the market upon approval. Meanwhile, analysts maintain that Bitcoin’s current momentum could lay the foundation for the potential largest bull run in the asset’s history.
Hot Take: The Future of Bitcoin
With Bitcoin’s current rally and growing number of millionaires, it seems that the cryptocurrency is on track for significant milestones. The anticipation of potential ETF approvals and increasing investor interest point towards a promising future for Bitcoin’s value and adoption. If this momentum continues, we may witness historic highs and increased wealth distribution within the crypto space.
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