The number of Bitcoin addresses that contain more than 1,000 BTC – or $8.3 million – is apparently growing at the same pace in 2019 as before 2014, according to a new report featured in the Bitcoin news now. The growth of BTC millionaires was uploaded in the form of a report to social media by the Bitcoin statistician Willy Woo on October 11, who also illustrated a chart with the growth by addresses and the network in general.
As we can see from the report, the growth of BTC millionaires is now repeating a trend from its earliest years. Willy woo summarized in the report:
“The rate of growth of 1000BTC addresses now matches the early growth in Bitcoin’s network.”
Woo was expanding on his original data from blockchain analysis resource Glassnode. According to him, the fresh desire for major Bitcoin balances at vastly higher prices than five years ago tells that wealthier individuals coming into the space.
If the generating addresses with over 1,000 BTC at the time were doing so out of technical curiosity, the incentives in 2019 are purely financial. Willy Woo talked about this in his growth of BTC millionaires report and summarized:
“IMO we’re likely in a new renaissance of Bitcoin, this one is powered by capital influx of high net worth investors, while the early one was from the tech savvy who were bootstrapping the network. Super Bullish.”
Meanwhile, the crypto news show that the trajectory of balances topping 1,000 BTC picked up at the start of 2019 after a period of flat growth which started in late 2013 prior to the implosion of the major exchange Mt. Gox.
As many news sites reported last month, the number of addresses containing more than $100,000 has also hit a new all-time high. At press time, around 3,070 addresses hold more than 1,000 BTC each, representing around 0.01% of the total, according to the BitInfoCharts’ Bitcoin Rich List.
What’s also important is that many of the richest addresses – specifically the top four – belong to exchanges such as Binance which are holding Bitcoins belonging to millions of users.
Besides the growth of BTC millionaires, the situation on the market remains the same – and the total market cap is nearing $225 billion.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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