News - BTC creates 48,000 new crypto millionaires

By Mike Hesp

BTC creates 48,000 new crypto millionaires

Bitcoin (BTC)
Wallets and Whales

Bitcoin creates 48,000 new crypto millionaires by 2023, defying negative short-term sentiment.

De Bitcoin price has been pulled down in recent days. The events surrounding Binance, Coinbase and the U.S. Securities and Exchange Commission (SEC) caused turbulence in the crypto market. However, short-term uncertainty should not obscure long-term trends: all in all, things are not looking too bad for Bitcoin and the crypto market.

Bitcoin creates 48,000 millionaires by 2023

According to Bitinfocharts data, the number of crypto millionaires increased by 48,000 in the first half of the year alone. At press time, there were 76,078, up 47,994, or 170.89 percent, from Jan. 5.

However, the numbers can be misleading. After all, crypto holdings may be spread across different wallets, and the actual number of "Bitcoin millionaires" is probably much lower.

It all depends on perspective

While looking at the regulatory landscape right now may cause gnashing of teeth, it helps to zoom out a bit. For example, the price of Bitcoin has risen 65 percent from its all-time low of just under $15,700 in December 2022. The current Bitcoin price is $25,574.00. Over the entire week, the price has fallen 3.88 percent. Over the past month, the price has fallen 5.32 percent. In short, it doesn't look that bleak.

It also seems that there are mostly "strong hands" in the market. As the latest data from Glassnode shows, the number of Bitcoin hodders is steadily increasing over the long term.

As you can see from the Twitter post, the number of wallets holding onto their Bitcoin despite everything is at its current all-time high.

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