12.4 C
Friday, February 3, 2023

Millionaire Wallets Go Down Significantly

Bitcoin’s price and fundamentals have been in a bear market for over a year. As the price has gone down and people have lost interest, the number of bitcoin millionaires has decreased substantially.

But don’t get the wrong idea: The data may suggest that there are fewer bitcoin millionaires now than there were a year ago, but that doesn’t mean they’re not still out there. In fact, it’s likely that many of them are simply less visible than before.

- Advertisement -

The number of Bitcoin addresses with more than $1 million in BTC is down from 3,225 to 1,605 over the past year — a drop of 80%.

Bitcoin millionaire wallets’ bear market has been brutal for many of its investors.

A year ago, there were 1.9 million Bitcoin millionaire wallets in existence. Today, that number is down to just 400,000.

- Advertisement -

That’s a drop of 80 percent in millionaire wallets — and that doesn’t include the people who lost their entire fortunes trying to get rich quick on crypto trading platforms like Bitmex or Binance.

Millionaire Wallets Suffer Price Drop

Bitcoin, the cryptocurrency everybody is talking about, has seen spectacular price rises in recent months, with huge numbers of people keen to make a quick buck off the back of its soaring value.

Bitcoin’s supporters see it as an alternative monetary system to rival fiat currencies like the dollar or euro, which are controlled by governments. The number of bitcoins in circulation is capped at 21 million – less than half of which have been “mined” so far. So-called “miners” use special software to solve the mathematical problems that unlock new bitcoins or validate transactions.

rate at which new coins are generated slows down over time and will stop altogether when the cap is reached To own a bitcoin you need to buy one from someone else and store it somewhere safe.

- Advertisement -

Follow Us


Latest news