There are more than 13,000 Bitcoin addresses worth $1 million

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More than 13,000 Bitcoin addresses hold more than $1 million worth of Bitcoin. The number of addresses with balances over $1 million hit an all-time high during the 2017 bull run. Some of these addresses are controlled by large entities, such as exchanges and custodians. So how many Bitcoin millionaires are there? The truth is, we don’t know.

By MICHAEL KAPILKOV

Translated by: Zion Editor: Rose

According to data from Glassnode, more than 13,000 Bitcoin (BTC) addresses hold at least $1 million in value.

Holding 107 BTC will make you a millionaire

At current prices, to become a millionaire, one needs to hold about 107 BTC in one address. Because this metric is tied to the dollar price of Bitcoin, it tends to fluctuate wildly. In contrast, the number of addresses containing at least 100 BTC is less volatile.

Bitcoin addresses holding ≥ 100 BTC vs. addresses holding ≥ $1 million in BTC Source: Glassnode

Addresses holding large amounts of BTC

We can observe that the number of addresses with balances over $1 million hit an all-time high during the 2017 bull run, while other metrics were largely unaffected by it. Over the years, this remains one of the few metrics in the Bitcoin space that changes very little.

Another possible reason is that some of these addresses are controlled by large entities, such as exchanges and custodians, who do not like to move Bitcoins that have been determined to be distributed. It should also be noted that Bitcoin founder Satoshi Nakamoto may have mined more than a million Bitcoins. These Bitcoins have not been moved for more than 10 years.

How many Bitcoin millionaires are there?

So how many Bitcoin millionaires are there? The truth is we don’t know. To be able to answer this question, we must know how many people or entities control these 13,290 addresses. This number could theoretically be anywhere between 1 and 13,290.

While it is possible to apply data analysis heuristics to Bitcoin addresses and transactions to reduce this number to some extent, no such complete dataset is currently available.

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