Bitcoin Millionaires Triple in 2023 as Price Hits 18-Month High

Bitcoin has been on a tear in 2023, reaching its highest level in 18 months and notching a 130% gain over the past year creating 60k new Bitcoin Millionaires along the way. The cryptocurrency’s rally has been fueled by several factors, including the anticipation of the first spot bitcoin exchange-traded fund (ETF) approval by the U.S. Securities and Exchange Commission (SEC).

But what does this mean for the holders of bitcoin? How many of them have become millionaires or even billionaires by investing in the digital asset?

According to data from BitInfoCharts, as of November 12, 2023, there were 88,628 bitcoin millionaires, meaning addresses that held at least $1 million worth of bitcoin. This is a threefold increase from the 28,084 bitcoin millionaires reported on January 5, 2023, when the cryptocurrency was trading below $30,000.

Among the bitcoin millionaires, 6,666 addresses held at least $10 million worth of bitcoin, while 81,962 addresses held between $1 million and $10 million. The top 10 richest bitcoin addresses, which are mostly owned by exchanges and custodial services, held a combined 1.2 million bitcoins, worth over $44 billion.

The surge in bitcoin millionaires is not surprising, given the cryptocurrency’s impressive performance in 2023. Bitcoin has defied the predictions of many skeptics, including CNBC host Jim Cramer, who called for a sell-off in September, only to see the price soar by 37% in the next 40 days.

Bitcoin’s resilience and growth have also attracted the attention of institutional investors, who see it as a hedge against inflation and a store of value. According to a recent report by Henley & Partners, a wealth and investment firm, there are currently 12 bitcoin billionaires, with a combined net worth of over $100 billion. Some of the most notable names on the list include Satoshi Nakamoto, the anonymous creator of bitcoin, who is estimated to own 1.1 million bitcoins worth over $40 billion; MicroStrategy holds an aggregate of approximately 158,400 bitcoins, which were acquired at an aggregate purchase price of approximately $4.69 billion and an average purchase price of approximately $29,586 ; and the Winklevoss twins, the co-founders of Gemini, a regulated cryptocurrency exchange and custodian, who are worth $6 billion each.

The number of bitcoin millionaires and billionaires is likely to grow as the cryptocurrency continues its upward trajectory and gains more mainstream adoption. Bitcoin is currently trading at around $37,000, but some analysts believe it could reach $100,000 or even $500,000 in the future. Whether these predictions come true or not, one thing is certain: bitcoin has created a new class of wealthy individuals who have bet on the future of money.