Bitcoin Hits Milestone as Number of Wallets Holding More Than 1 BTC Approaches 1 Million

By 0xK2 04/6/23 8:20 AM

The number of cryptocurrency wallets holding more than 1 BTC is approaching 1 million today, according to network analytics provider Glassnode. This is a significant milestone for Bitcoin, as it indicates a growing number of investors are accumulating large amounts of the digital asset.

According to the data, the number of Wholecoiner addresses has doubled since mid-2016, currently reaching a high of 800,000. The final curve of the next halving is expected to see an increase in the number of wallets again due to the impending bull market.

However, analysts predict that it may take some time before holders can turn a profit, with investors potentially having to wait until 2024 before becoming cryptocurrency millionaires. Bitcoin is currently trading at $28,000, and its slow and steady rise may not see immediate returns for investors.

There are more than 56 million millionaires in the world, and only 1 million people with more than 1 bitcoin. Do the math. https://t.co/k7gWNtRzkf pic.twitter.com/H6suIxRkj2

— CZ 🔶 Binance (@cz_binance) April 5, 2023

Another observation that Crypto proponents want is to divide the total supply of Bitcoin by the world’s population. This means that each person can potentially have 0.002616 BTC, making it extremely rare for people to hold more than one coin.

The strong demand from limited supply is driving demand, as evidenced by previous rounds where most investors looked forward to buying Bitcoin immediately after the halving. The next Bitcoin halving is scheduled between April and May 2024, where the current block reward of 6.25 BTC will be reduced to 3.125 BTC to reduce issuance and make the asset more scarce.

While Bitcoin’s market has reached a turning point for now, it is still uncertain whether this rally will push $BTC into Extreme Greed like 2019 and 2021, or be overwhelmed by resistance like March 2020, or the 2022 deleveraging.

We have recently added the #Bitcoin Fear and Greed Index, which is now firmly within Greed territory.

Will this rally push $BTC into Extreme Greed like 2019, and 2021?

Or be overwhelmed by resistance like March 2020, or the 2022 deleveraging?

📊https://t.co/89w49UkXnC pic.twitter.com/k8NpbmiGtm

— glassnode (@glassnode) April 5, 2023

Despite the uncertainty, the growing number of wallets holding more than 1 BTC is a positive sign for Bitcoin’s adoption and long-term growth potential. As more investors accumulate large amounts of the digital asset, its value is likely to increase over time.

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