{"id":240070,"date":"2019-10-14T08:40:24","date_gmt":"2019-10-14T12:40:24","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=240070"},"modified":"2019-10-14T09:53:06","modified_gmt":"2019-10-14T13:53:06","slug":"new-data-shows-a-surge-in-bitcoin-millionaire-count","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/new-data-shows-a-surge-in-bitcoin-millionaire-count","title":{"rendered":"New Data Shows a Surge in Bitcoin Millionaire Count"},"content":{"rendered":"

The number of Bitcoin millionaires is on the rise, with trends beginning to mirror the growth experienced back in the early days of the asset\u2019s prominence.<\/span><\/p>\n

On October 11, Willy Woo, a popular cryptocurrency statistician, and analyst, uploaded a <\/span>chart<\/span><\/a>\u00a0on his Twitter account, which showed that there seems to be a steady increase in the number of Bitcoin millionaires around the world.\u00a0<\/span><\/p>\n

The chart showed the growth in the balances on Bitcoin addresses over time, revealing that the number of Bitcoin addresses, which contain over 1 thousand BTC (approximately $8.3 million, according to current prices from CoinMarketCap) is about 12,000. As Willy Woo states it, this trend is increasing in the same manner as it did back in 2014.\u00a0<\/span><\/p>\n

Rich folks are propping up crypto<\/span><\/h2>\n

\u201cThe rate of growth of 1000BTC addresses now matches the early growth in Bitcoin\u2019s network,\u201d Willy Woo summarized.<\/span><\/p>\n

The data showed by Woo serves as an expatiated on the primary statistics provided by fellow analyst Glassnode. According to a <\/span>tweet<\/span><\/a>\u00a0by the latter on the same day, there has been a renewed desire for Bitcoin balances at significantly higher prices than what was recorded, say, five years ago. As he summarizes, this is indicative of the entry of high net worth individuals into the crypto space.<\/span><\/p>\n

If the people who were generating addresses that held over a thousand BTC were doing so just to test Bitcoin at the time, then the people doing so now are those who seek financial gains from the asset.\u00a0<\/span><\/p>\n

\u201cIMO we\u2019re likely in a new renaissance of Bitcoin, this one is powered by capital influx of high net worth investors, while the early one was from the tech-savvy who were bootstrapping the network. Super Bullish,\u201d<\/div><\/div> Woo concludes.<\/span><\/p>\n

The number of addresses containing large balances in Bitcoin is definitely on the rise. On September 17,\u00a0<\/span>Bitcoin Rich List<\/span><\/a>, a subsidiary of BitcoinInfoCharts, showed that there are 157,210 addresses holding between 10 and 1,000,000 BTC. The number represented an all-time high, while the list also revealed that the holdings of the group (those who held between 10 and 100 BTC) are worth over $46.1 billion.\u00a0<\/span><\/p>\n