150K new daily crypto millionaires — The number of these tycoons keeps on rising

  • 2024-11-20

In many individuals' standpoints, "crypto" and "millionaire" go hand in hand. Cryptocurrencies, with a focus on the first and largest one, Bitcoin, haven't just made numerous investors rich overnight but keep being go-tos for those with a knack for digital, decentralized assets, whether it's short- or long-term views that accompany such initiatives. You can be trading or investing in crypto, depending on which skills make you confident enough to believe you'll generate a healthy ROI. However, when it comes to determining how much profit you want to make from your investment, it rarely goes this way. 

An entire Bitcoin is incredibly expensive since the Bitcoin price has long breached the coveted $70K mark. Moreover, the Bitcoin price prediction based on technical analysis, market sentiment assessment, supply and demand, and so on project its future price at over $100K. This is why learning a thing or two about the rising tendency to become a crypto-made millionaire helps build knowledge in the area and orient more easily towards a profit target. Still, it shouldn't serve as a motivator to spend more than you can afford to lose. 

If there's anything that any crypto millionaire would share with you, this is to treat the industry's volatility cautiously. Like any other investment, nothing guarantees returns—not even predictive analytics, expert forecasts, price forecast tools, and so on. Let's see what else we can find out about one of the hottest topics of the moment: the increasing commonality of newly minted "crypto millionaire" wallets.  

More than 17 crypto billionaires to date 

According to this year's Forbes World's Billionaires list, over 17 investors' net worth exceeds one billion, and crypto is how they succeeded in amassing such fortunes. As expected, out of the four main cryptos that generate the biggest revenue, the ones flaunting over $1MN are the Bitcoin ones. With a market cap of over 1,358BN, it's safe to say that no other crypto will come close enough to dethrone Bitcoin in the foreseeable future.

The remaining ones at the top are Ethereum, the most popular program among developers, with a market cap of over $469BN that boasts a year-over-year return of 105%. Ethereum is followed by Binance Coin (BNB), the cryptocurrency used in transactions on the largest crypto-exchange platform worldwide, Binance, holding a market cap of over $88BN and a YOY return of 90%. Lastly, stablecoin Tether is one of the investors' favorites for its ability to keep up with the market's extreme volatility. 

BitInfoCharts, one of the leading platforms crypto enthusiasts use to stay posted on anything happening within the industry, estimates that over 116K addresses store between $1MN and $10MN in BTC. Other reputable go-to platforms project the number of Ethereum-fueled addresses storing over $1MN in Ether to situate at 6, whereas the addresses with over $1MN Tether stand at 11. Over 7 BNB-filled addresses accounting for over $1MN could exist by now. 

Before placing any bets on the exact number of crypto millionaires, it's essential to remember that it's almost impossible for any source to specify the correct figure. Crypto investors aren't compelled to reveal their holdings, so an exact count is improbable. Plus, despite blockchain's praised transparency that makes peeking into an investor's assets a breeze, the reality is slightly different. Wallet account data is publicly disclosed, but every wallet has alphanumeric characters that safeguard the owner's privacy; hence, associating a name with an address becomes impractical. 

For an accurate estimation, it's best to exclude some investors, including custodial and fund management companies, Bitcoin's developer Satoshi Nakamoto, and those exceeding the $1MN worth via companies and personal holdings. 

1,5K newfound BTC millionaires daily 

If BitInfoCharts estimated the number of possessors holding between $1MN and $10MN at 116,000 not long ago, the dynamics could be shifting. According to the latest findings from cryptocurrency analytics provider Kaiko Research, each day witnesses the emergence of 1,5K new crypto-based millionaire wallets. Evidently, 1,500 wallets aren't reflective of the exact number of individuals possessing the fortunes but emphasize that there's a tendency among investors to see bigger profits than initially estimated – and the trend is only rising. Not to mention that the breeding wealth isn't exclusively generated through Bitcoin but through other cryptocurrencies like meme coins and altcoins. 

Memecoins have taken the world by storm through the original purpose that was the basis of their creation, namely to spark some laughter in a somewhat expressionless sector. Simply put, the ongoing internet trends and memes ignited ideas in innovative developers, leading to the creation of meme-coins like Dogecoin, Pepe, Shiba Inu, Dogwifhat, Smog, Memeinator, Pijamoon, and so on. Over 1300 memecoins are thought to exist by now, with more to be launched.

On the other hand, Altcoins are short for alternative coins and mainly represent any other cryptocurrency besides Bitcoin. Nevertheless, some investors also exclude Ethereum from the "altcoin" category, since it's the departure point of the numberless other cryptocurrencies forked out there.  

Digging deeper 

As the number of crypto millionaires rises, it's important to mention that a 2021 survey from CNBC disclosed that over 8 in 10 millionaires possessed digital currency. Many investors nowadays wait for a bull market as strong as that one registered in 2021, which emphasizes why so many Bitcoin owners see their investments kicking back. The Ethereum- and Bitcoin-based crypto exchange-traded funds approved this year, Bitcoin's halving, and new all-time highs, a bull run isn't excluded. According to crypto guideline supplier The Fool, two factors may propel the flagship crypto even more: rising institutional inflows in Bitcoin ETFs and April's mining reward reduction. 

Modern millionaire status is nothing like it was a decade ago, thanks to Bitcoin and the other cryptocurrencies that followed suit. 

Before you climb on the bandwagon 

The crypto market keeps being hot, so finding out you’re more tempted to break into crypto than before shouldn’t be a shocker. What must never slip your mind is that the crypto market is highly volatile and unpreventable, meaning that you must never invest money that would leave you bankrupt if your aspirations don’t come to fruition. 

Always do your homework, research Bitcoin and the broader market, and invest unbiasedly!