Topic: The Number Of Bitcoin Millionaires Doubles In 2023 (Read 396 times)

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.

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.

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.

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.

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 

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.

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.

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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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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!

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/

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.

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.

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