According to the cryptocurrency data-tracking firm bitinfocharts, there are currently as many as 100,000 individuals who have $1 million or more in bitcoin. Three months ago, there were only 25,000 bitcoin millionaires. About 15,000 millionaire bitcoin accounts existed a year ago.
The most important reason is the highly volatile price of bitcoin, which has recently risen, in part because Elon Musk’s car firm, Tesla, announced last month that it had purchased $1.5 billion in bitcoin. Other businesses may follow suit and invest more of their idle cash in bitcoin as a result of this action.
Earlier this month, the price of bitcoin surpassed $50,000, and on Sunday, it reached a high of just over $58,000. According to bitinfocharts, this price increase is what caused the six-figure bitcoin club to possibly reach seven figures for the first time in the past week.
It’s difficult to estimate how many people have more than $1 million in bitcoin. The number of bitcoin accounts and the amount of money in each account is public information; however, who controls those accounts is not. A single person could have multiple accounts, or a single account could be shared by several people.
Despite this, according to bitinfocharts, there are now 101,554 bitcoin accounts with a value of $1 million or more. There are 8,110 accounts with a total value of more than $10 million in bitcoin.
Even still, the vast majority of bitcoin accounts have much less. According to bitinfocharts, the bitcoin blockchain, which is the database that keeps track of the cryptocurrency, has more than 55,000,000 accounts registered. According to bitinfocharts, nearly 45 million of them have an account value of less than $100.
The number of bitcoin millionaires fluctuates a lot, just like the price of bitcoin. As a result, the number of persons with bitcoin wealth above $1 million may be limited. Bitcoin dropped more than $6,500 to little under $47,700 on Tuesday. This came after an almost 10% drop from Sunday’s record high on Monday.