Bitcoin Adoption: $1 Million or More in BTC now Held by Over 13,000 Cryptocurrency Addresses

There are currently more than 13,000 Bitcoin addresses that are now holding at least $1 million worth of BTC, according to Glassnode data.

You would have to own around 108 BTC, at current prices, to become a US dollar millionaire (in Bitcoin). The number of Bitcoin addresses with balances of more than $1 million reached a record high during the historic crypto market bull run of 2017. In December of 2017, the BTC price had surged to nearly $20,000 and the market cap of all crypto-assets had surpassed the $800 billion mark by early January 2018.

It’s worth noting that the digital currency market has not been able to reach these historic highs, or even get close to them, during the past few years. Despite Bitcoin (and the larger crypto market) prices not being able to break previous highs, Glassnode data confirms that the number of addresses holding at least 100 BTC have remained at about the same levels in recent years.

It’s possible that many of these BTC addresses belong to large cryptocurrency exchanges and digital asset custodians, who have consistently maintained large amounts of Bitcoin (and other cryptos) in their reserves. Notably, there are more than 1 million Bitcoins which were most likely mined by Satoshi Nakamoto, the pseudonymous inventor of the flagship cryptocurrency. Satoshi’s coins have not moved during the past 10 years.

Although it’s possible to check how many BTC addresses hold at least $1 million worth of the digital currency, it can’t really be determined just how many individuals are actually Bitcoin millionaires.

We would have to find out how many people or entities control the 13,290 BTC addresses with $1 million (or more) in Bitcoins, in order to estimate out how many Bitcoin millionaires there are. This may not be practical because many people don’t publicly disclose their wealth.

As reported recently, UK Millennials with £25,000+ in investable assets are increasingly investing in cryptocurrencies, according to a recent survey.

Global P2P Bitcoin (BTC) exchange LocalBitcoins has reported over $29 million in annual revenue for 2019. But P2P Bitcoin marketplace Paxful recently overtook LocalBitcoins in BTC trading volume.

Last month, it was revealed that Grayscale Investments is buying 1,190 Bitcoins per day, and is on track to control 10% of the BTC supply by the next Bitcoin halving in 2024.

Sponsored Links by DQ Promote


You may also like...

Send this to a friend