The Number Of Bitcoin Millionaires Doubles In 2023

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Quote from: Dr.Bitcoin_Strange on April 16, 2023, 03:16:45 PM

What!!? Millionaires in Bitcoin are emerging with just $30+, so technically, if the price hits $60 or $70k, we will be talking about trillionaires, right?

Well, I doubt the information, but Microstrategy is someone who I am sure purchased a lot of bitcoin, and he had also been buying more bitcoin with the DCA strategy.

Over the years the trend of accumulating Crypto have increased among the young generation. This is the reason for such a growth compared to the other years. If the price hits $60k+ we will not see much of trillionaires, once again the millionaire count could increase.

Microstrategy already used to the accumulation of Bitcoin amidst all the forms of negative thats been thrown over it. The company believes in it and had profited big through it. Most of the millionaires out of bitcoin seems to be early investors or the one's who keeps following the DCA strategy unlike the market price for longer time period.

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Quote from: cr1776 on April 20, 2023, 04:57:22 PM

It would be interesting to see the same stats but leave off coins that were never moved after being mined. I suspect there were many people who mined the coins and then didn't care enough to save the private keys. Or they did and then lost them.

definitely, there is a lot of such cases like that, lost keys, forgotten wallets. and more then likely, some are regretting for just not taking this market seriously when it was still at the 10k level and below.
but getting such stats for those cases, that's too difficult as you don't know how many people have such situation, even if surveys are conducted to get the figures out of it.

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Quote from: stompix on April 16, 2023, 06:31:25 AM

Again some bored blogger had nothing to do and went with this clickbait-ish headline!

The reason for the stat showing but also misleading millionaire numbers going up is pretty simple, there were around point around ~36000 addresses with a balance between 50BTC + a few satoshi, most of them being from old blocks that have been mined and never moved.
Once bitcoin passed back over 20k, those addresses become richer than 1 million, but it's highly probable that there aren't 30 000 new millionaires but more like in the thousand if not hundred since a ton of those coins are most likely lost, and quite a few should belong to the same individual, Satoshi!

Well, you do have a good point, but still, I don't think there is anything wrong in having those addresses added as new bitcoin millionaires, as long as the amount of bitcoin contained In the wallet have reached the worth of a million dollar or more..
Whether those wallets, and bitcoins In it be lost forever, is up to their respective owners, for we the on-lookers, there is no way to be 100 percent sure that those bitcoins are no longer accessible to their owners, but as long as they remain on the richlist and holds bitcoin worth millions in dollars, it is completely normal to give them the millionaire title.

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It would be interesting to see the same stats but leave off coins that were never moved after being mined. I suspect there were many people who mined the coins and then didn't care enough to save the private keys. Or they did and then lost them.

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Quote from: Merit.s on April 16, 2023, 06:09:32 AM

Quote from: Bitcoinmoon12 on April 16, 2023, 04:57:11 AM

The recent surge in Bitcoin’s price, which has reached an all-time high of $31,000, is likely the reason for Bitcoin millionaires

Bitcoin price hasn't reach ATH yet,which will come up at 2025 after bitcoin halving next year April,2024 from analysis. Bitcoin price will still dump below 30k,which makes it not ATH. There must be an halving event before ATH,this makes me think that the author of this article doesn't understand bitcoin movement and cyclic,that it is historical.

I was thinking exactly the same thing. Making such a big mistake really shows how the author had no idea what he was talking about, and he didn't even spend some time doing a proper research.

And I agree with you also about the possible new ATH in 2025, after the halving. It's crazy to think that if BTC will reach $100k you "only" need 10 BTC to be a millionaire Shocked

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Quote from: Synchronice on April 19, 2023, 05:39:28 AM

in trading, no one becomes a millionaire out of thin air. When the price is rising, it's like a pool where people put and put a lot of money, then some people start to take the money out of the pool while others are putting and putting. The one who takes the first, is the winner and millionaire. So, if someone become a millionaire by bitcoin, this means that someone also lost money.
What I want to say is that bitcoin is not a magical money printing machine, trading and holding is a game and in game, we can't have winner without loser.

To what? To confiscate an address with BTC inside? But if the criminal stole it yes and then the BTC or the address must be handed out again to its real owners. Bitcoin trading is highly profitable due to the unstableness of BTC but one must also be familiar on how the price moves.

It's possible for a trader to become a millionaire especially if they are doing this for a long time already or they also bought their BTC once it was still dirt cheap. The same can go with the Bitcoin investor. If you only have 1 BTC now, you can be a millionaire already if you are living on some underdeveloped countries where US dollar rates are high against their local currency.

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Quote from: kryptqnick on April 16, 2023, 06:39:01 AM

This is based purely on the addresses, from what I see, and it's hard to think what to make of it. If it's purely based on the price, then there were more 'millionaires' when the price was around $50k, $60k, right? In that case, there's no trend to be observed here. But more importantly, it's hard to estimate how many of these addresses belong to individuals and various of them are known to belong to businesses (like crypto exchanges), so they don't reflect the number of millionaires (as individuals having at least $1 million). Also, if it's based purely on the price change, then it means that the distribution of coins isn't really changing, but if it is (and more addresses are crossing a certain threshold in Bitcoin), then it's of more significance.

This is so true! Also, we have to keep in mind that some addresses are lost addresses and will never be recovered, some of them can also be confiscated.

But in bitcoin world, in trading, no one becomes a millionaire out of thin air. When the price is rising, it's like a pool where people put and put a lot of money, then some people start to take the money out of the pool while others are putting and putting. The one who takes the first, is the winner and millionaire. So, if someone become a millionaire by bitcoin, this means that someone also lost money.
What I want to say is that bitcoin is not a magical money printing machine, trading and holding is a game and in game, we can't have winner without loser.

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Quote from: Don Pedro Dinero on April 16, 2023, 11:53:20 PM

Quote from: Accardo on April 16, 2023, 11:33:13 PM

Maybe he just made it up to correct the OP kinda sarcastic reply. But looking into it, he could have mistaken billion to trillion, yet it's not achievable with the price rate of bitcoin mentioned on his comment.

It doesn't look as a sarcasm to me. And anyway, even if he wanted to say billion, his argument doesn't work either. A x2 does not turn a million into a billion, but into two million, as I explained before. All it would do is make his argument seem a little less crazy, of a lower order of magnitude, but it doesn't hold up anywhere.

It's under his jurisdiction to determine what he meant by that, not on his side, yet it's his opinion. You are right the digits there doesn't seem right in anyway, which is another reason why I tagged it sarcastic. It's rare to see such a number written out of pure auguement, as the writer should be away that his comment and digits are not feasible even without any mathematical knowledge or background.

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Quote from: Accardo on April 16, 2023, 11:33:13 PM

Quote from: Don Pedro Dinero on April 16, 2023, 10:44:23 PM

Quote from: Dr.Bitcoin_Strange on April 16, 2023, 03:16:45 PM

What!!? Millionaires in Bitcoin are emerging with just $30+, so technically, if the price hits $60 or $70k, we will be talking about trillionaires, right?

It seems to me that mathematics is not your strong suit. If at the current price there are x number of millionaires, if the price doubles, they will not become trillionaires, which I doubt you know what that means, but instead of one million in fiat equivalent they will have two million. Another consequence is that those who at current prices have between half a million dollars and $999,999 will also become millionaires.

Think that a trillion is a million million, so multiplying a million by two is not even close.

Maybe he just made it up to correct the OP kinda sarcastic reply. But looking into it, he could have mistaken billion to trillion, yet it's not achievable with the price rate of bitcoin mentioned on his comment. Aside that, what OP said, I thought about and realized that many investor made profits out of the recent pump in price of bitcoin. Some bought at 16k, so the amount of bitcoin they bought has to do with the profits they'll realize. The bull run came earlier than expected, hoping it hangs around that amount or increases again, at least those who lost a lot of money in bitcoin during the bear market could regain from the losses.

what needs to be highlighted is the increase in bitcoin, if such a drastic increase logically might be difficult to happen, but no one knows what will happen in the future. Of course, with an increase to $ 29k at this time from a price of $ 16k, it has made the heart calmer, and for traders, of course, now many have made profits, although not that much. therefore it does not need to be debated seriously

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Quote from: imamusma on April 16, 2023, 12:08:32 PM

Of course, remember not keeping your eggs in one basket? If you remember, it is quite possible for some people to diversify their bitcoin storage in several different wallets.

I believe there are many new millionaires in this industry regardless of the role of the institutions that own lots of bitcoins. Many people have chosen bitcoin as a long term investment asset, store of value and such. But data may not matter because it will only change over time, but of course it makes people more optimistic about bitcoin.

Obviously there are many reasons why storing eggs in multiple baskets is far better than storing eggs in one basket. This is just a mathematical number of course one can believe it or not.

There are many new millionaires born in this industry and also many reasons why bitcoin is the most rational choice to choose. A lot of people have understood the advantages of bitcoin and it's exactly what you said, so it doesn't matter to me how many new millionaires are born in this industry. Historically what the OP said is also most likely a longtime investor affiliated with many new wallets.

Quote from: imamusma on April 16, 2023, 12:08:32 PM

Of course, but still address data strongly supports the asumtion that many people choose bitcoin as an investment regardless of whether they are new investors, existing investors, institution wallets, exchange or so on.

No one can guarantee whether they are new investors or old investors? and for me it doesn't really matter because awareness of bitcoin adoption has grown far from before, this is good for all of us in utilizing bitcoin as an investment.

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We should be proud, bitcoin will be the investment that will create many millionaires fastest in financial history. What if these people can hold when bitcoin hits $1 million? That's why billionaires hate bitcoin, they've worked hard all their lives to become millionaires, billionaires. But with bitcoin in just a few years, everything has changed.

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Quote from: Accardo on April 16, 2023, 11:33:13 PM

Maybe he just made it up to correct the OP kinda sarcastic reply. But looking into it, he could have mistaken billion to trillion, yet it's not achievable with the price rate of bitcoin mentioned on his comment.

It doesn't look as a sarcasm to me. And anyway, even if he wanted to say billion, his argument doesn't work either. A x2 does not turn a million into a billion, but into two million, as I explained before. All it would do is make his argument seem a little less crazy, of a lower order of magnitude, but it doesn't hold up anywhere.

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Quote from: Don Pedro Dinero on April 16, 2023, 10:44:23 PM

Quote from: Dr.Bitcoin_Strange on April 16, 2023, 03:16:45 PM

What!!? Millionaires in Bitcoin are emerging with just $30+, so technically, if the price hits $60 or $70k, we will be talking about trillionaires, right?

It seems to me that mathematics is not your strong suit. If at the current price there are x number of millionaires, if the price doubles, they will not become trillionaires, which I doubt you know what that means, but instead of one million in fiat equivalent they will have two million. Another consequence is that those who at current prices have between half a million dollars and $999,999 will also become millionaires.

Think that a trillion is a million million, so multiplying a million by two is not even close.

Maybe he just made it up to correct the OP kinda sarcastic reply. But looking into it, he could have mistaken billion to trillion, yet it's not achievable with the price rate of bitcoin mentioned on his comment. Aside that, what OP said, I thought about and realized that many investor made profits out of the recent pump in price of bitcoin. Some bought at 16k, so the amount of bitcoin they bought has to do with the profits they'll realize. The bull run came earlier than expected, hoping it hangs around that amount or increases again, at least those who lost a lot of money in bitcoin during the bear market could regain from the losses.

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Quote from: Bitcoinmoon12 on April 16, 2023, 04:57:11 AM

~

It's a good number, But we cannot rely on Bitcoin addresses since there are a lot of Bitcoin addresses that have never been moved or could easily be dead bitcoin. But it's a good thing that the number is increasing since it usually means that there are a lot of people that are investing in cryptocurrency, but that could also mean that there could be a lot of movement in the market. The price of Bitcoin does not even reach a time high yet but we already have an increasing number of investors, it's already a good indicator.

A lot of investors are already accumulating Bitcoin, so there might be a lot of opportunity for profit in the future, so its better to accumulate more bitcoin while the Bitcoin market price is still not reaching ATH.

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indeed, if you look at the exchange of people investing in btc, it seems that it is getting crowded in 2023 when compared to the year
2022, I think the trigger for the increase in bitcoin investors is because of the news about the bitcoin halving. so it's certain that old investors will come in again to start doing business and want to profit from investing in BTC.
and new investors will definitely continue to increase, so now the price of btc is getting better.

I hope that the price of btc will increase quickly.

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Quote from: Dr.Bitcoin_Strange on April 16, 2023, 03:16:45 PM

What!!? Millionaires in Bitcoin are emerging with just $30+, so technically, if the price hits $60 or $70k, we will be talking about trillionaires, right?

It seems to me that mathematics is not your strong suit. If at the current price there are x number of millionaires, if the price doubles, they will not become trillionaires, which I doubt you know what that means, but instead of one million in fiat equivalent they will have two million. Another consequence is that those who at current prices have between half a million dollars and $999,999 will also become millionaires.

Think that a trillion is a million million, so multiplying a million by two is not even close.

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Quote from: satscraper on April 16, 2023, 09:19:08 AM

(...)
Why do millionaires prefer to consolidate their BTC?

They know what is the future of Bitcoin. For sure some of these people also became a millionaire because of Bitcoin also and that's why they just hold their Bitcoin instead.
I also believe that there are still a lot of people who are considered millionaires because maybe they scattered their Bitcoins in multiple wallets/addresses.

With all this data, it is just showing that a lot of people trust Bitcoin!

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Quote from: Sarah Azhari on April 16, 2023, 08:20:05 PM

This data is quite a relief because they still believe in Bitcoin even in a crisis, but this data is not guaranteed if next in the future they still hold Bitcoin because as I know, some of them is a businessman or former stock investor who just invest if the asset is profitable. I am really sure by time will reduce significantly after halving y+1, and grow again on y-1 like today. because of many of them as seasonal investors, so we shouldn't rely on it if want to know who the real richest bitcoiners.

Experienced bitcoiners will accumulate cheap bitcoins in bear market and hold it till a next block reward halving because they know after each halving, price will have good growth.

For people who have plans to invest in bitcoins a few years, they will take profit after halving and its consequence price growth. However, you don't have to think of what they do. Your biggest task is whether you own bitcoins and take profit with its block reward halving. Focus on yourself is better than looking at others' activities and what bitcoin whales do.

We are going to a fourth halving in Bitcoin history that would be one of great chance for you before it becomes too late when block reward becomes too small and halving effects become smaller.

If you want to see how bitcoin distributions changed with time by addresses, lookintobitcoin website has some charts for you.
Hodl waves: https://www.lookintobitcoin.com/charts/hodl-waves/

0.1+ BTC: https://www.lookintobitcoin.com/charts/hodl-waves/
1+ BTC: https://www.lookintobitcoin.com/charts/addresses-greater-than-1-btc/
10+ BTC: https://www.lookintobitcoin.com/charts/addresses-greater-than-10-btc/
100+ BTC: https://www.lookintobitcoin.com/charts/addresses-greater-than-100-btc/
1000+ BTC: https://www.lookintobitcoin.com/charts/addresses-greater-than-1000-btc/

landheer

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In my opinion, the number of people investing in bitcoin will surely increase by itself from time to time, because surely many people are starting to see it
successful people investing in btc.

Indeed, if you look at the current BTC price, people definitely don't want to be left behind in investing in BTC, and surely many people are speculating that the BTC price will be more than 60,000 in 2024 or 2025.

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Quote from: Bitcoinmoon12 on April 16, 2023, 04:57:11 AM

The recent surge in Bitcoin’s price, which has reached an all-time high of $31,000, is likely the reason for the appearance of many new Bitcoin millionaires. Despite the banking crisis that occurred in March and negative news surrounding Binance, people are still turning to Bitcoin as their top investment choice.

This data is quite a relief because they still believe in Bitcoin even in a crisis, but this data is not guaranteed if next in the future they still hold Bitcoin because as I know, some of them is a businessman or former stock investor who just invest if the asset is profitable. I am really sure by time will reduce significantly after halving y+1, and grow again on y-1 like today. because of many of them as seasonal investors, so we shouldn't rely on it if want to know who the real richest bitcoiners.

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