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There can now be up to 100,000 Bitcoin millionaires

According to cryptocurrency data tracking company bitinfocharts, there are now up to 100,000 people who have $ 1 million or more hidden in Bitcoin. This is an increase from just 25,000 Bitcoin millionaires three months ago. A year ago, there were around 15,000 millionaire bitcoin accounts.

The main reason has to do with the highly volatile price of bitcoin, which has skyrocketed recently, in part because Tesla, the car company of Elon Musk, said last month bought $ 1.5 billion in bitcoins. The move suggests that other companies may also decide to transfer more of their unused cash to bitcoin.

The price of a bitcoin surpassed $ 50,000 earlier this month and hit just over $ 58,000 on Sunday. This price hike is what led the six-digit Bitcoin club to likely hit seven digits for the first time in the past week, reports Bitinfocharts.

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It’s hard to say exactly how many people have over a million dollars in bitcoin. The number of existing Bitcoin accounts and the amount of each account are public data; who owns these accounts, however, is not. Several accounts can be held by the same person or an account can be held by several people.

Nonetheless, according to bitinfocharts, there are now 101,554 Bitcoin accounts that have $ 1 million or more in Bitcoin. Of these, 8,110 accounts contain more than $ 10 million worth of bitcoin.

Still, the vast majority of Bitcoin accounts have much less. According to bitinfocharts, there are over 55,000,000 accounts registered on the Bitcoin blockchain, which is the database that keeps track of cryptocurrency. Of those, about 45 million have an account value of less than $ 100, according to bitinfocharts.

The number of Bitcoin millionaires, like the price of Bitcoin, is climbing a lot. As a result, the number of people with over $ 1 million worth of bitcoin wealth could be fleeting. On Tuesday, the price of bitcoin fell from over $ 6,500 to just under $ 47,700. This follows a drop of almost 10% on Monday from Sunday’s record.

Over the weekend, Musk indicated that he believed the price of bitcoin, which was just $ 6,000 just 11 months ago, was likely to come down, despite the recent investment of his company. “Having said that, BTC and ETH seem high lol,” Musk tweeted Saturday, in reference to bitcoin and its digital currency rival ethereum, which has also seen its price rise recently.


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