With Bitcoin’s value doubling in less than five months, the number of investors holding more than $1,000,000 worth of Bitcoin in their wallets has tripled in that time.
At the time of writing, there are 74,246 Bitcoin millionaires in the world. Previously, in November 2022, the number was only 23,351 millionaires. That is, an increase of ~3.2 times.
One of the reasons may be the patience of such investors. After all, other on-chain data shows that more than half of investors have not moved their bitcoins in the past two years, holding steady in the bear market.
The number of Bitcoin millionaires is growing
In addition to the growing number of Bitcoin millionaires, i.e. wallets worth more than $1 million, smaller investors are also benefiting from the rise of the largest cryptocurrency in the market.
According to data from BitInfoCharts, on November 11, 2022, 771,011 wallets had balances between 1 and 10 BTC, but now there are 837,824 investors with such amount at their address. In direct conversion, the amounts are between US$ 31,000 and US$ 310,000.
Addresses with balances between 10 and 100 BTC ($310,000 – $3.1 million) increased from 135,061 to 139,945. Namely, nearly 5,000 new whale addresses are benefiting from Bitcoin’s 100% rally over the past five months.
Finally, the number of portfolios with balances in excess of $10 million increased by 53% during the same period. However, it is worth noting that many of these addresses are owned by brokerage firms.
Bitcoin for $1 million
Balaji Srinivasan, former chief technology officer at Coinbase, is so confident that Bitcoin will reach $1 million per unit that he has bet $2 million on it. Dan Tapiero, founder of the 10T fund, has set a goal of $500,000 for Bitcoin.
If Bitcoin reaches Balaji’s goals, that means we would have 993,599 Bitcoin millionaires, according to current on-chain data.
Such a number may seem high at first. However, it is worth noting that studies indicate that there are 56 million millionaires in the world. That is, this would equate to just 1.7% of all millionaires, a number below the percentage of Bitcoin investors.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
