Cryptocurrency analytics firm Kaiko Research has revealed the latest bitcoin bull run is creating approximately 1,500 new “millionaire wallets” daily. Though given the anonymous nature of these digital addresses, it’s hard to tell who’s joining the two-comma club for the first time, and who’s simply adding to their nest egg — hence the headline caveat.
As jaw-dropping as this statistic may be, this is still only half the rate of what was experienced during the 2021 bull run. While an exact reason for this has yet to be determined, Kaiko Research suggests it’s likely due to the following:
- fresh capital has yet to arrive in “full force”
- more investors are taking their tendies and running instead of diamond-handing
- crypto whales are storing their holdings with custodians instead of personal wallets
- this climb is still in its early stages
To soften the sickening wave of FOMO that’s probably hitting you right about now, it’s worth noting Henley & Partners’ Crypto Wealth Report has indicated only 0.02% of all crypto holders worldwide have earned millionaire status — that’s roughly 88,200 out of 425 million. And of these 88,200, only 46% (40,500) are long on bitcoin. So don’t go YOLO-ing those life savings into BTC just yet.
This news comes to light ahead of the forthcoming bitcoin supply halving slated for April 2024, which pundits expect to further propel bitcoin’s price. At the time of this writing, the original cryptocurrency has already rocketed by 70% this year alone — and 350% since its late 2022 crash — amidst market optimism surrounding the US greenlighting bitcoin ETFs, which led to mass acquisitions from the likes of BlackRock, Cathie Wood’s Ark Investments, and Fidelity.
BTC to $1 million by 2025?
