Bitcoin (BTC) continues to trade below its all-time high of over $73,000, yet in 2024, there has been an increase in the number of holders with more than one million dollars in their accounts.

Growth in the Number of Bitcoin Millionaires

Currently, there are 121,089 #bitcoin addresses holding #BTC valued at least at $1 million. Among these, 10,434 addresses contain amounts exceeding $10 million, according to data from BitInfoCharts as of September 23. Looking at statistics from January 4, 2023, the number of bitcoin millionaires has increased by 25.21%, as reported by Finbold.

At the beginning of the year, there were 96,736 addresses holding bitcoin worth over $1 million, representing 89,322 addresses. This means that to date, there have been 24,353 new millionaire addresses.

 Difficulty in Determining Individual Holders

However, it is nearly impossible to accurately determine how many individuals hold more than $1 million in bitcoins. While the balances of individual addresses are publicly available, details about the actual owners are not known. Many addresses may belong to the same person.

 At the beginning of the year, bitcoin was trading at $42,280, reflecting a 49% increase since the start of the year. This indicates that holders still possess the same amount of bitcoins, which are now valued at approximately $20,000.

 Implications of the Increase in Bitcoin Millionaires

This rise in the number of millionaire investors highlights Bitcoin's resilience in recent months. The cryptocurrency reached its all-time high earlier this year, thanks in part to the introduction of a spot exchange-traded fund (ETF) in the United States.

 Although bitcoin experienced a correction, it has mostly traded above $60,000, which some analysts view as a signal of ongoing growth. Investors are now anticipating further price increases for bitcoin that could surpass $70,000, likely increasing the number of millionaire holders. Cryptocurrency expert Ali Martinez noted that bitcoin has historically seen significant price increases during its halving years, and 2024 could follow this trend.

 Analysis shows that bitcoin increased by 61% in Q4 2016 and by 171% in the same period in 2020. Comparing price trends from 2012, 2016, 2020, and 2024 indicates that current price movements in 2024 reflect similar patterns observed in the past.

 Market Expectations and Capital Inflow

The market is already showing signs of anticipated recovery, with Tether (USDT) experiencing a significant capital inflow that could push the market to new records. This development is important, as USDT and stablecoins in general are considered gateways into the cryptocurrency world.

 Criticism of Bitcoin's Rally

On the other hand, not all market players believe in bitcoin's high growth potential. Economist Peter Schiff argues that despite bitcoin's impressive growth in 2024, this cryptocurrency has no long-term investment potential, advising holders to take advantage of the short-term price increase to sell.

In his view, investors focused on bitcoin risk losing out, while gold, which is currently trading at all-time highs, is a better alternative.

 Conclusion

As bitcoin experiences price fluctuations in 2024, it remains to be seen how the dynamics of valuation will affect the number of high-value holders.

 Notice:

,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“