Bitcoin Millionaires 2024: How BTC’s Meteoric Rise Made 20,000 New Millionaires

Published by

Vignesh S G

September 24, 2024

Bitcoin News: With BTC Price Under $64K, Is This the Right Time to Buy Bitcoin?

The year 2024 has been an eventful year for Bitcoin. The BTC market has witnessed several significant ups and downs. In mid-March, the market even created an enviable peak of $73,000. A recent report shows that the impressive journey of Bitcoin has generated several new Bitcoin millionaires this year. Here is what you should know!

A Surge in Bitcoin Millionaires

According to data from BitInfoCharts, around 20,000 new Bitcoin millionaires have appeared in 2024, bringing the total number of Bitcoin wallets with at least $1 million to nearly 110,388. At the beginning of the year, this number was just 89,322, which means there has been a significant increase of 21,066 wallets. In percentage terms, this is an 18% growth in Bitcoin millionaires so far.

Why is Bitcoin Exploding?

At the start of the year, Bitcoin was priced at $42,300, but it currently stands at $63,591—an increase of over 50%. Notably, the price was around $58,967 at the beginning of September, reflecting a rise of at least 7.8% just this month. On September 7, just days before the U.S. Federal Bank’s interest rate cut announcement, strong buying pressure drove the price up by about 17.95%.

Undoubtedly, this impressive price growth in the market has resulted in the creation of new BTC millionaires.

Broader Market Benefits

The impressive price growth has not only helped new BTC millionaires. The data also shows that the number of wallets holding at least $100 has increased from 19.8 million to 21.6 million this year. Similarly, wallets with a minimum balance of $1,000 have grown from 8.9 million to 10.37 million, while those with at least $10,000 have risen from 2.72 million to 3.43 million.

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The trend extends to higher-value wallets as well. The number of wallets with at least $10 million has jumped from 7,414 to 10,407.

In conclusion, the correlation between the rise in the number of new BTC wallets and the growth in the Bitcoin market is an interesting trend to watch.

The millionaire-making potential of Bitcoin continues to amaze. Does this excite you?

Vignesh S G

Vignesh is a young journalist with a decade of experience. A proud alumnus of IIJNM, Bengaluru, he spent six years as a Sub-Editor for a leading business magazine, published from Kerala. His interest in futuristic technologies took him to a US-based software company specialising in Web3, Blockchain and AI. This stint inspired him to view the future of journalism through the lens of next generation technologies. Now, he covers the crypto scene for Coinpedia, uncovering a vibrant new world where technology and journalism converge.