With 2023 coming to a close, the value of Bitcoin (BTC) has surged, surpassing the crucial resistance level of $40,000 in search of a new all-time high. With Bitcoin gaining over 150% in 2023, the upward momentum is also fostering a new number of millionaire holders.
Specifically, as of December 25, data indicates that the total number of addresses holding a value of at least $1 million stood at 97,280. Of these addresses, 7,450 hold Bitcoin worth at least $10 million.
Elsewhere, data retrieved on January 5, 2023, indicates the number of Bitcoin millionaire addresses stood at 28,084. Among these, 24,279 addresses held at least $1 million worth of BTC, and 3,805 possessed at least $10 million worth of the cryptocurrency, according to data accessed through the Wayback Machine web archive tool.
Therefore, the growth represents an addition of 69,196 millionaire addresses in 2023 or a percentage growth of almost 250%.
It is worth noting that determining the precise number of individuals possessing over $1 million in Bitcoin proves challenging. While information about the number of Bitcoin accounts and the balance in each account is publicly available, ownership details remain undisclosed. Notably, multiple accounts may belong to the same individual; conversely, one account may be jointly held by more than one person.
Bitcoin millionaire holders surge as BTC targets record high
Nevertheless, at the start of the year, Bitcoin millionaires remained part of an exclusive circle, with the maiden cryptocurrency contending with extended effects of the bear market that spread from 2022. Notably, the market was affected by headwinds, including macroeconomic conditions and repercussions from events such as the collapse of the FTX crypto exchange.
Fast forward, the number has increased, aligning with Bitcoin’s surging value that breached the $40,000 resistance zone. Notably, with speculation about the potential approval of a spot Bitcoin exchange-traded fund (ETF), the value of Bitcoin and general cryptocurrency reacted positively over the possibility of institutional investments pouring into the maiden crypto.
Among the applicants is BlackRock Inc. (NYSE: BLK), the world’s leading investment management firm, which could significantly impact the market upon approval, considering the lure of attracting institutional investors. Indeed, there is a likelihood that the number of millionaire addresses will rise, with reports indicating that the approval is slated for January 2024.
In the meantime, Bitcoin was trading at $43,000 by press time with daily gains of over 2%, while on the weekly chart, it remains in the green zone with gains of 5%.
Overall, the count of Bitcoin millionaires, much like the volatile price of the digital asset, experiences frequent fluctuations. Consequently, the figure for individuals holding over $1 million in Bitcoin wealth could be transient.
