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In 2023, there will be over 60,000 Bitcoin millionaires—three times as many as in January


Bitcoin (BTC) continues to trade in the green zone as the maiden cryptocurrency endeavors to surge toward a new all-time high, bouncing back from the downturn experienced in 2022. With the resurgence in value, Bitcoin is concurrently fostering an increase in millionaire holders.

Specifically, as of November 12, the number of Bitcoin millionaires stood at 88,628, signifying a substantial increase of 60,544 from the 28,084 millionaires reported on January 5, according to data retrieved by Finbold. 

This surge in Bitcoin millionaires marks a threefold increase in 2023, equivalent to a remarkable 215% growth.

Bitcoin distribution among addresses on November 12, 2023. Source: BitInfoCharts

Breaking down the millionaires, the number of addresses holding a minimum of $1 million in Bitcoin sits at 81,962, while addresses with at least $10 million worth of the asset amounts to 6,666.

In contrast, on January 5, 2023, the count of Bitcoin millionaires was 28,084. Among them, 24,279 addresses held a minimum of $1 million worth of BTC. In comparison, 3,805 addresses possessed at least $10 million worth of Bitcoin per data accessed through the Wayback Machine web archive tool.

Bitcoin distribution on January 5, 2023. Source: BitInfoCharts/Wayback Machine

The surge in Bitcoin millionaires is linked to the rally in the asset’s price, which has propelled the digital currency to $37,000 after lingering below the $30,000 threshold for most of the year.

In January, Bitcoin millionaires constituted a rather exclusive group grappling with the prevailing bearish sentiments in the cryptocurrency market. Notably, during that time, Bitcoin faced challenges stemming from macroeconomic conditions and fallout from incidents such as the collapse of the FTX crypto exchange.

Bitcoin aiming for new all-time high

By press time, the value of Bitcoin stood at $37,050, representing a year-to-date growth of over 120%. 

Bitcoin YTD price chart. Source: Finbold

Currently, Bitcoin’s surge can be attributed to several factors. Notably, the anticipation of the approval of the first Bitcoin spot Exchange-Traded Fund (ETF) has served as a key catalyst for the ongoing rally. 

According to a Finbold report, there is potential approval for 12 separate Bitcoin ETF spots over the next week by the U.S. Securities and Exchange Commission (SEC). Among the applicants is BlackRock (NYSE: BLK), the world’s leading investment firm, which could significantly impact the market upon approval.

Meanwhile, analysts maintain that Bitcoin’s current momentum could lay the foundation for the potential largest bull run in the asset’s history.

Sources


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