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Millionaire Addresses: Bitcoin Reaches One Million Wallets Holding 1 BTC or More

By ⚡ Daniela ⚡ | Me and Bitcoin | 16 May 2023


In a significant milestone for Bitcoin, the number of wallet addresses holding one whole BTC or more has recently exceeded one million. This achievement, recorded on May 13, has been confirmed by data provided by Glassnode, a prominent on-chain analytics platform. The rising number of "wholecoiners" indicates the growing interest and adoption of Bitcoin among individuals and institutions. These addresses represent a significant portion of the Bitcoin network's wealth distribution, as each whole Bitcoin holds substantial value. The milestone serves as a testament to Bitcoin's continued popularity and the increasing number of individuals who recognize its potential as a store of value and investment asset. As Bitcoin's scarcity and demand continue to rise, the number of wholecoiner addresses is expected to grow, further solidifying Bitcoin's position as a leading digital asset in the financial landscape.

 

The Bitcoin Bear Market of 2022

During the tumultuous year of 2022, marked by significant price fluctuations in the cryptocurrency market, an interesting trend emerged among Bitcoin wallet addresses. As the price of Bitcoin experienced a sharp decline of over 65%, there was a notable increase in the number of wallet addresses holding one Bitcoin or more. This phenomenon can be attributed to various factors and events that occurred throughout the year.

One noteworthy period was in June when a severe market crash shook the crypto space. Many investors sought to capitalize on the market downturn and took the opportunity to acquire Bitcoin at lower prices. This resulted in a surge of new wallet addresses holding one Bitcoin or more, as individuals aimed to accumulate significant holdings of the digital asset during the market dip.

Another significant event that impacted the number of wholecoiner addresses was the collapse of FTX, a notorious and scammy shitcoin casino, which filed for bankruptcy in November. This incident caused a ripple effect throughout the market, prompting investors to reevaluate their investment strategies and seek the relative stability and long-term potential of Bitcoin. Consequently, there was a notable increase in the number of wallet addresses holding one Bitcoin or more as investors shifted their focus to the leading cryptocurrency.

These spikes in the number of wholecoiner addresses during times of market uncertainty can be seen as a testament to the enduring appeal and value proposition of Bitcoin. Despite the price volatility, investors recognize Bitcoin's potential as a store of value and a hedge against economic instability. As the cryptocurrency ecosystem continues to evolve, the number of wallet addresses holding one Bitcoin or more serves as a measure of the confidence and conviction of Bitcoin holders who believe in its long-term prospects.

 

The true number of Bitcoin hodlers remains a mystery

Reaching the significant milestone of one million Bitcoin wallet addresses holding one whole bitcoin or more is indeed a noteworthy achievement. However, it is important to acknowledge that a single Bitcoin wallet address does not always correspond to an individual user.

One person can have multiple addresses 

In the world of cryptocurrencies, it is common for investors to utilize multiple wallet addresses for various purposes such as security, privacy, or organizational reasons. These addresses may be spread across different devices or platforms, making it difficult to attribute each address to a unique individual. This practice further contributes to the proliferation of wallet addresses among Bitcoin users.

One address can be held by multiple owners

Furthermore, a considerable portion of these wallet addresses is held by major institutions, including cryptocurrency exchanges and investment firms. These entities often manage large sums of Bitcoin on behalf of their customers or for their own operations. As a result, a significant number of the one million wallet addresses may be associated with these institutional entities rather than individual users. According to data from Glassnode, the total number of bitcoin held on popular exchanges like Binance, Coinbase or KuCoin is nearing the 2 million mark. That's about 10% of all coins in circulation being stored on these platforms by users.

 

The Rise of Bitcoin: Unprecedented Adoption and Global Expansion

While the number of one million wallet addresses holding one whole BTC or more is an impressive milestone, it serves as a testament to the growing interest and adoption of Bitcoin. It reflects the diverse range of users and entities that are actively participating in the Bitcoin ecosystem, including individual investors, institutions, and service providers.

As the cryptocurrency industry continues to evolve, it is expected that the number of Bitcoin wallet addresses will continue to increase, highlighting the expanding user base and the ongoing integration of Bitcoin into various sectors of the global economy.

 

Have you met a wholecoiner? Do you hold a full Bitcoin? Are you planing to become a wholecoiner? What's your strategy to get there? Please refrain from disclosing your specific holdings in the comments to maintain privacy and security. It's important to exercise caution when discussing personal financial information online.

Interesting stats if anyone's interested: Bitcoin Rich List.


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⚡ Daniela ⚡
⚡ Daniela ⚡

As a passionate writer with a keen interest in exploring innovative technologies, I discovered the captivating world of Bitcoin. Here to write my thoughts.


Me and Bitcoin
Me and Bitcoin

This blog focuses exclusively on Bitcoin, covering various aspects related to the cryptocurrency. It explores Bitcoin's history, its economic principles, and its potential implications in the financial world. The blog also delves into the potential impact of Bitcoin adoption on economics, politics, and society as a whole.

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