As the year 2023 nears its end, Bitcoin's value has surged, exceeding the important barrier of $40,000, as it strives to reach a record-breaking high. With an impressive increase of over 150% throughout the year, this upward trend has also given rise to a growing number of people who have become millionaires because of their Bitcoin holdings.
To be more precise, as of December 25th, the available data reveals that there were a total of 97,280 addresses possessing a minimum value of $1 million. Among these addresses, 7,450 of them hold Bitcoin valued at a minimum of $10 million.
According to data retrieved on January 5, 2023, on a different platform, the number of Bitcoin millionaire addresses was reported to be 28,084. Out of these addresses, 24,279 were estimated to hold BTC worth at least $1 million, while 3,805 addresses were calculated to possess at least $10 million worth of Bitcoin. This information was collected through the Wayback Machine web archive tool.
However, it is important to mention that accurately determining the exact number of people who own more than $1 million in Bitcoin poses difficulties. Although information about the number of Bitcoin accounts and the balance in each account is publicly accessible, ownership details remain secret. It is noteworthy that one person may own multiple accounts, or conversely, multiple people may share one account.
BTC targets a new all-time high
As BTC targets a new all-time high, the number of Bitcoin millionaires has seen a significant surge. In the past, these people were part of an exclusive group due to the negative impact of the bear market in 2022 and other external factors, such as the collapse of the FTX crypto exchange. However, with the recent increase in Bitcoin's value, more persons have joined the ranks of Bitcoin millionaires. This surge is also valued to the anticipation of a potential approval of a spot Bitcoin ETF, which has sparked positive reactions in the cryptocurrency market and increased the possibility of institutional investments in Bitcoin.
BlackRock Inc. (NYSE: BLK), the world's leading investment management firm, is among the applicants and its approval could have a significant impact on the market. It has the potential to attract institutional investors and increase the number of millionaire addresses. Reports suggest that approval might be granted in January 2024.
At present, Bitcoin is trading at $43,640 and has recorded weekly gains of over 5%, despite a minor correction of less than 1% in the past 24 hours.
The count of Bitcoin millionaires, much like the volatile price of the digital asset, is subject to frequent fluctuations. Therefore, the number of people holding over $1 million in Bitcoin wealth may not be stable.
