Bitcoin Births Over 100,000 Millionaires: A 300% Surge in Crypto Wealth
Summary:
As Bitcoin enters its sixteenth year, data shows a nearly 300% increase in wallets holding at least $1 million of Bitcoin. This pushes the total estimate of "Bitcoin millionaires" past the 100,000 mark. The coin, currently the world's ninth most valuable asset, has gained 160% in USD value over the past year. Also, there's a noted increase in the number of crypto-millionaires seeking financial-geographic stability in case of future trading restrictions or digital asset taxation. 'Wholecoiners' (those owning at least 1 Bitcoin) have also exceeded 1 million for the first time.
Bitcoin has reportedly created more than 100,000 dollar millionaires as it heads into its sixteenth year. Statistics reveal a near 300% rise in the number of wallets holding at least $1 million worth of Bitcoin since the start of 2023. As Bitcoin enters its fifteenth year, it stands as the ninth most valuable asset in the world with a market capitalization approximating $900 billion. Bitcoin hodlers have experienced a resurgence over the last year, with Bitcoin recovering from its longest bear market and clocking a 160% increase in US dollar value.
According to blockchain analysis firm Glassnode, the present count of Bitcoin "millionaires" is more than 91,000. This figure, while not matching November 2021's all-time highs, is still nearly four times greater than the count in early 2023. As Oliver Velez, a crypto commentator, noted, Bitcoin has skyrocketed to become the world's ninth most valuable asset in less than 15 years, surpassing close to 8,000 other assets.
The significant uptick in Bitcoin millionaires has interesting implications for Bitcoin enthusiasts and industry veterans alike. Despite its finite supply of 21 million units and the fact that several million are presumed unrecoverable, continued exposure from the world's roughly 60 million dollar millionaires could prompt a Bitcoin supply crunch.
A September survey by Henley & Partners, an investment migration consultancy firm, suggests that there could be an additional 40,500 people whose wealth is Bitcoin-based. According to them, there have been an increasing number of enquiries from cryptocurrency millionaires looking for a backup plan against potential restrictions on cryptocurrency usage and trading in their respective countries over the last six months.
As per the data compiled by the same firm, as of September, there were supposedly just six Bitcoin billionaires. On a different note, Glassnode's statistics indicate that the number of 'wholecoiners' (unique addresses holding at least 1 Bitcoin) exceeded the 1 million mark for the first time. As always, potential investors should conduct thorough research and consider all risks involved before making any financial decisions or taking any financial risks.
Published At
1/3/2024 1:50:45 PM
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