- New data shows an increase in the number of addresses that have surpassed the thousands of Bitcoin. The increase is over 30%.
- It delves into the reasons that could explain the expansion of millionaires in recent times.
While the adoption of Bitcoin is on the rise, so is the “list of bitcoin millionaires”. The number of users using the King of cryptocurrencies, Bitcoin, has grown by millions since its creation. Just a decade ago. Recent data delve into the possible reasons for this phenomenon.
Why are there more and more millionaires with Bitcoin?
The growth recorded by the analyzed data shows that, since last year, accounts with more than 1000 BTCs have grown by about 30%. This data also applies to exchanges of cryptocurrencies that are in possession of BTC addresses.
These entities only guard the BTC of their clients, but they continue to be involved in the evolution of Bitcoin. According to BitIfnfoCharts, the list of millionaires with Bitcoin has grown exponentially over the last decade.
The sustained growth of addresses with more than 1000 BTC can be traced back to July 2010. At that time, the price of Bitcoin still did not reach 2,000 USD. The increase in the price of Bitcoin is disproportionate to the growth of the +1000BTC addresses. The latter grow steadily until the bullrun of 2017, when it experiences a slight decrease.
The number of millionaires or +1000BTC addresses has had its first significant increase since the end of 2013. Until now, when the historical maximum of more than 2000 addresses with +1000BTC is recorded, at the time the article was published, the BTC +1000 addresses had not passed the 1500 barrier.
These addresses have grown indistinctly, in the last year, from the price of Bitcoin. Some members of the cryptocommunity have said that this phenomenon is explained by the intervention of more investors in the market.
Bitcoin movement between great players
The explanation for the growing interest in Bitcoin by more investors has not been enough for another part of the cryptocommunity. The movement of BTC by part exchanges to different directions, could create the increase explained. This would put in between said who is actually in possession of these addresses with +1000BTC.
It is necessary to consider the increased exchanges in this dynamic and the potential entry of more investors into the cryptomarket due to the halving that will take place the following year. It is expected that this event will drive a new bullrun in Bitcoin prices.
The price of Bitcoin, at the time of this publication, stands at $ 9,331.80 with a loss of 0.38% in the last 24 hours.
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