Topic: The Number Of Bitcoin Millionaires Doubles In 2023 - page 2. (Read 395 times)

It is not surprising to see the number of addresses qualifying for being Bitcoin Millionaires.  There are more people getting involved and the price had increased by more than 30% between the comparison date.  So it is obvious that we will be seeing more and more addresses getting qualified to be labeled Bitcoin Millionaires as the price of Bitcoin surges.


I think the qualification assumes that each address is owned by different people or the computation is per address regardless of the owner being the same.

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.

There are two points to consider regarding this submission. Firstly, it's possible for individuals to hold more than one wallet, which means that the reported number of new millionaires may not be entirely accurate. Secondly, some of the wallets may be old and inaccessible, which could raise doubts about the credibility of the reported number. While these are just possible premises, it would be helpful to have the actual number of new wallets with such accumulations since 2021

If the basis is bitinfocharts, I think that's not a lot of details to be said of that bitcoin millionaires have been doubled for this year. It can be that those wallet addresses comes from exchanges and they've distributed it to another addresses just for them to have it scattered as that's what the majority does. But going to the main point, I do agree that there have been a lot of new bitcoin millionaires during the past years and one more thing is that there will be more bitcoin millionaires for the next years as per the bull market each cycle runs.

Without even looking closely at data or economic analysis Bitcoin has indeed made many people millionaires if not in dollars it could be in their local currency. If one bought 500,000 dollars worth of bitcoin when the price was $15,000, you are already a millionaire because the price is almost double. But it is good to see that people are getting a profit from their investment in Bitcoin. It could also attract more people to the bitcoin sector.

All this analysis is based on projections by different bitcoiner that seems to have understood the market movement of Bitcoin. But from my little observation, the price of Bitcoin is unpredictable so nobody can claim mastery over the sector. It is affected by global economic and political events and these events are unpredictable. So I have decided to accept the movement of the market the way it works out because it can not be perfectly observed.

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.


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.

Quite had a good run for sure. The market value of Bitcoin again showed a massive increase after being down for more than a year. Many people for sure made profit given that it only took 3 months from $15k to reach $30k. But the samme reason could be a warning. There is a huge and long over bought on Bitcoin's chart which could be a sign that a correction may take place to give way for altcoin season which is believed to start this year as well. Bitcoin's market price is expected to again break its ATH next year if not this year, due to the anticipated bitcoin halving. Things won't go smoothly so expect for things to not be consistent on its way, in terms of its market value. You may take profit and wait for the correction but ofcourse you could also just hold through ups and downs; depends on your preference.

That means it's good and it's the news we most want to see the statistics on the G20 meeting screen in India later. lol

With the enthusiasm and confidence of investors in Bitcoin, they show that they believe in saving their money in assets they control. It is not surprising that this data will continue to grow along with the following year's ATH. Bitcoin is not as foreign as it used to be and many institutions have invested heavily. Both individuals and companies have come to realize that they have anticipated stores of business value in places where they can provide long-term benefits. With the current Bitcoin price, of course we will still see an increase and it is certain that the adoption rate is different from last year.

Intresting data.

It shows that the number of wealthy addresses is significantly lower than those associated with smaller balances.

Why do millionaires prefer to consolidate their BTC?

It was good to see bitcoin reach an all-time high a couple of days ago. The eyes and knowledge of people are opening up to the potentials of bitcoin and that it why we see that there has been increase in the demand for bitcoin, more institutions are moving towards its adoption and in the general public, too many economic woes and recession happening and forcing people to adopt it to protect their assets from inflation.
This increase in the number of bitcoin millionaires will not stop here, we will see a surge of it in the future because the ROI is crazy. Imagine people who but bitcoin in December 2022 when the price was around 16K plus. Right now, they have 100% ROI.

I have little doubt that they are new bitcoin millionaires and I suspect they are old investors affiliated to several wallets. We have been faced with a complicated situation after the pandemic, people have difficulty getting out of financial problems and economic stability is really disrupted because there is no stability of normal income per capita. Then a question arises from me, how is it possible that people are taking huge investment opportunities in bitcoin, while the economy is really taking a hit with some of the chaos going on, they were very difficult to make ends meet and many businesses went bankrupt

Increasing the number of addresses holding more than $1 million does not give any guarantee that they are new millionaires in bitcoin and I am more sure they are old investors using lots of new storage addresses and there is a reason why they are trying to create lots of new wallets.

These banking crisis and bad news were the main reasons behind great emergence of millionaire because people were left no choice other than to move there assets from banks to BTC.

I just don't understand what are your concerns. Because it is not necessary for a human being to become a Bitcoin millionaire using the mining method only. They can also buy 1 million BTC with their fiat, plus the mining reward is very big enough to make anyone a millionaire. 

If your concerns are about, Innovation of BTC towards advanced science then I must say so far BTC has had no impact on advanced sciences indirectly but if I say directly, then it has a great impact on advanced sciences because it came up with its own blockchain technology which has a mechanism of decentralization and this blockchain is mainly used in advance sciences to provide tamper-free and decentralized protocols such as the following companies has been using it.

• Golem
• Ocean Protocol

These are just few from the huge list.

What if I say all of the addresses that contain Bitcoin worth of $1 Million is owned by one person? one person looks impossible, but what if 1,000 people? that's possible.

One Bitcoin address doesn't mean it's owned by one person because anyone can install many wallets and create address as much as they want. Not to mention the person who own the address is lost his private key or seed phrase, so he's not able to control his address.

Anything is possible.

It is better to talk at the level of addresses and bitcoins, not people and the dollar, as all numbers will be just a guess due to the fluctuation of the bitcoin price and the possibility of one person obtaining more than one bitcoin address.

Therefore, the tax reporter is the only one who has data on the assets of many individuals, and even this information will not be accurate, as some tend to hide their wealth from the tax authorities.

Increasing the number of addresses holding more than 1 BTC does not mean anything because a single individual or service can divide their assets into thousands of addresses, as was the case with the Chipmixer service.

The only confirmation is the number of coins withdrawn from the platforms.

How is it possible for Bitcoin to make so many millionaires when people do not even realize that Bitcoin does not even have a mining algorithm that is designed to advance science?

The number of Bitcoin Millionaires doubles in 2023 is very misleading, it is like you are saying many new addresses holding BTC worth 1 million dollars and above emerged in 2023:
But many of these addresses are old once that have been holding a lot of BTC, and whenever BTC price surges, their value in dollars increases so high into millions of dollars, not that many millionaires started buying BTC in 2023 as the misleading article reads.
If you are going to be writing articles about BTC, get the facts right, $31,000 is not a new all time high.

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.

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!

LE:
I just realized, it's your website. The point still stands!

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. It is true that the new bitcoin millionare will double that of last year because bitcoin faced the bearish market due to the crash of exchanges like Luno and FTX a big exchange last year,this had a bad effect on bitcoin price. Social medias and government went on to spread the FUD on bitcoin, which added a negative impact on the adoption of bitcoin and its price. This year bitcoin price started the pump,SVB e.t.c crashed and USD depreciated due to some economy challenges which was caused by inflation. All these put together made many investors withdraw their funds from the banks and invested it on bitcoin, since bitcoin is use as a store of value. Bitcoin adoption is a continuous exercise that is ongoing and will not come to an end,only if bitcoin fails.

Bitcoin continues to make impressive gains as we enter the second quarter of 2023, surging more than 80% from the beginning of the year until now. This increase in value has sparked new optimism about cryptocurrency, resulting in a doubling of the number of Bitcoin millionaires. As of April 16th, over 50,000 new Bitcoin millionaires have emerged, with a total of 80,659 millionaire addresses recorded.


According to data provided by BitInfoCharts.com, 74,550 different addresses currently hold a balance of Bitcoin worth more than $1 million. Additionally, 5,708 addresses hold BTC worth more than $10 million.


Using the Wayback Machine web archive, on January 5th, 2023, there were about 24,279 addresses owning Bitcoin equivalent to at least $1 million, while 3,805 addresses owned BTC worth more than $10 million.

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.

As investors look for ways to diversify their portfolio, Bitcoin continues to be a top option for many, offering a sense of stability and potential for significant returns. This increase in the number of Bitcoin millionaires highlights the growing interest and confidence in cryptocurrency as a viable investment option.

Source: https://azcoinnews.com/the-number-of-bitcoin-millionaires-doubles-in-2023.html