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There are approximately 17,000 bitcoin millionaires in the world

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There are approximately 17,000 bitcoin millionaires in the world

There are approximately 17,000 bitcoin millionaires in the world
CONTENT

  • Long-term rise in bitcoin rate has allowed many of its owners to get rich.

  • However, it is not an easy task to accurately determine the number of Bitcoin millionaires..

  • The distribution of wealth on the bitcoin network is more even than the US dollar.

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In the Bitcoin segment, the distribution of wealth is more even than in the US dollar, although it is rather difficult to accurately determine the number of Bitcoin millionaires..

During its existence, bitcoin (BTC) has come a long way. At one time, its cost did not even reach one cent, but then it almost reached the $ 20,000 mark. It is not surprising that such dynamics allowed many lucky people to become significantly rich. However, their exact number is rather difficult to calculate..

There are approximately 17,000 bitcoin millionaires in the world

How to identify a Bitcoin millionaire

The easiest way is to count all addresses with at least $ 1 million worth of bitcoins on their balance. Since the BTC network is an open and transparent distributed ledger, collecting such statistics should not be difficult..

Based on the BTC rate of $ 10,310 (as of September 11, 2020), every owner of a wallet that stores at least 97 BTC can be considered a bitcoin millionaire..

You can read about the most popular cryptocurrency wallets here and here.

Let’s add a volatility discount here. According to data from Buy Bitcoin Worldwide, the 60-day averaged intraday volatility of bitcoin is 2.39%. This means that, on average, over the past two months, the cryptocurrency rate has fluctuated by this amount every day. Accordingly, this could have an impact on the current number of millionaires..

In addition, we must not forget that the rule of 1 wallet = 1 owner does not apply in the crypto industry. Not every address is backed by an individual – a wallet may belong to an exchange or a custodian service. At the same time, another popular practice in the crypto market is crushing large amounts and their distribution at numerous addresses. This allows users to better maintain their privacy..

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So how many are there?

In any case, analysts are left with the assumption that each address that stores more than 97 BTC represents either a Bitcoin millionaire or a company that controls client funds of at least $ 1 million..

There are approximately 17,000 bitcoin millionaires in the world

According to BitInfoCharts, there are currently 17,005 such addresses. However, due to the factors listed above, this figure is very approximate.

Meanwhile, according to statistics, 158,545 wallets hold bitcoins worth over $ 100,000, and 869,463 wallets store at least $ 10,000. As a result, according to BitInfoCharts, at the moment, only about 0.11% of all 16 million addresses tracked by analysts.

This indicates a more even distribution of wealth among Bitcoin users. For example, in the United States, the number of dollar millionaires is about 9% (18.6 million people) of the country’s adult population. Thus, the share of bitcoin millionaires among bitcoin users is about 82 times less than the percentage of dollar millionaires in the United States..

Note also that there are now only 104 addresses in the MTC network, which store bitcoins worth more than $ 100 million. Only one address can boast that the amount on its balance sheet has exceeded one billion. It is owned by crypto exchange Huobi and is a cold wallet holding 237,502 BTC (about $ 2.44 billion).

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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