Bitcoin Millionaire Holders Surge as BTC Targets Record High
As 2023 draws to a close, the value of Bitcoin (BTC) has skyrocketed, surpassing the critical resistance level of $40,000 as it seeks to reach a new all-time high. This upward momentum has also led to an increase in the number of millionaire Bitcoin holders.
According to data from December 25, there were a total of 97,280 addresses holding at least $1 million worth of Bitcoin. Out of these addresses, 7,450 held Bitcoin valued at $10 million or more.
Data retrieved on January 5, 2023, revealed that there were 28,084 Bitcoin millionaire addresses. Among these addresses, 24,279 held at least $1 million worth of BTC, while 3,805 possessed at least $10 million worth of the cryptocurrency.
This growth represents an addition of 69,196 millionaire addresses in 2023, indicating a percentage growth of nearly 250%.
The Challenge of Determining the Exact Number of Bitcoin Millionaires
It is important to note that accurately determining the number of individuals who possess over $1 million in Bitcoin is challenging. While information about the number and balance of Bitcoin accounts is publicly available, ownership details remain undisclosed. It is possible for multiple accounts to belong to the same individual or for one account to be jointly held by multiple people.
The Journey from Exclusive Circle to Increased Numbers
At the beginning of the year, being a Bitcoin millionaire was a distinction reserved for a select few. The bear market that extended from 2022 had taken its toll on the cryptocurrency market due to various factors such as macroeconomic conditions and events like the collapse of the FTX crypto exchange.
However, as Bitcoin’s value surged and broke through the $40,000 resistance zone, the number of Bitcoin millionaires increased. Speculation about the potential approval of a spot Bitcoin exchange-traded fund (ETF) had a positive impact on the value of Bitcoin and the overall cryptocurrency market, as institutional investors were expected to pour in funds if approved.
One notable applicant for a spot Bitcoin ETF is BlackRock Inc., the world’s leading investment management firm. If approved, this could significantly influence the market and attract more institutional investors. Reports suggest that approval is expected in January 2024.
Bitcoin’s Current Performance
As of now, Bitcoin is trading at $43,640 with weekly gains of over 5%, despite a slight correction of less than 1% in the past 24 hours.
The Fluctuating Nature of Bitcoin Millionaires
The count of Bitcoin millionaires, much like the volatile price of the digital asset itself, experiences frequent fluctuations. Therefore, the number of individuals holding over $1 million in Bitcoin wealth may not remain constant.
Hot Take: The Rise of Bitcoin Millionaires Reflects Growing Adoption
The increasing number of millionaire holders in Bitcoin showcases the growing adoption and acceptance of cryptocurrencies as a legitimate investment option. As Bitcoin continues to break barriers and reach new all-time highs, more individuals are drawn to its potential for significant returns. The anticipation surrounding the potential approval of a spot Bitcoin ETF further fuels this interest from both retail and institutional investors. While the exact number of Bitcoin millionaires may fluctuate, their presence highlights the transformative power of cryptocurrencies in creating wealth and financial opportunities for those who embrace them.
By
By
By
