BTC Price Crossed 140%, Increasing The Number Of Bitcoin Millionaires

March 1, 2023


Bitcoin‘s 2017 all–time high prices are still a key level when it comes to thinking about long–term investment. According to the reports published in CoinTelegraph Bitcoin Millionaires are generally made when the prices of BTC go beyond $ 20,000. As a result, Bitcoin is famous for its relationship with the tag of $20,000.

Furthermore, from the reports from Glassnode, the on–chain analytics, there are more than 67,000 BTC wallets worth $1 Million or more. Alongside, the Glassnode shows that when BTC/USD crossed this price point, a large number of hodlers would either gain or lose US dollar millionaire status.  As seen in late 2022, when Bitcoin fell below $20,000 amidst the FTX scandal, the number of “millionaire” wallets jumped exponentially.

Fast forward to the year 2023, the opposite scenario was observed; the BTC/USD reclaimed the mark of $20,000. Alongside, in the mid of January 2023, the BTC/USD went under $20,000 when there were around 27,000 wallets with a balance worth $1 Million and more. Going further in the month of January itself the wallet cohort increased to 65,000 while the price traded $1,000 higher. Most of these wallets appeared to contain exactly 50 BTC. As reported by Cointelegraph, the fortune of hodlers has increased drastically in the first month of 2023 itself.

Both long-term and short-term holders have knuckled down and refused to cash out their holdings. Thus, it is not just the millionaires who regained their financial buoyancy on the market which was lost during the bear market in 2022, but also the others. However, the number of whole-coiners who hold a minimum wallet balance of 1 BTC continues to move towards 1 Million for the first time in the history of Bitcoin.

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