How Many Crypto Millionaires are There?
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The rise of cryptocurrency has shaken up the financial world in the past few years, leading to an influx of investors looking to diversify their portfolios with crypto investments.
As the industry continues to grow and evolve, more investors are expected to jump on the bandwagon. Experts predict that 2023 will be a crucial time for cryptocurrency, as there will be a surge in the adoption of blockchain technology and the emergence of new altcoins.
As more and more people buy ETH or BTC and generally invest in this decentralized money, the question on everyone’s mind is: how many crypto millionaires are there?
The Crypto Millionaire Club is an exclusive group of individuals who have amassed significant wealth through cryptocurrencies, and its membership is growing strong day by day.
But with the volatile nature of the market and the ever-changing landscape of digital currencies, it’s hard to predict just how many members will be there in the club by the end of 2023.
In this article, we’ll explore the world of cryptocurrencies and examine how many cryptocurrency millionaires there are, as well as the factors that could influence that number in the coming years.
Who are Crypto Millionaires?
A crypto millionaire is a person who has amassed millions of dollars through cryptocurrency investments. Some have established lucrative crypto-related enterprises and become rich. However, the path to becoming a crypto millionaire is typically treacherous and arduous. Given the volatile nature of the cryptocurrency market, however, risk-taking comes naturally to most seasoned traders.
Here’s a list of a few people who became millionaires by investing in crypto:
- Robert Armstrong
- Vitalik Buterin
- Matthew Saylor
- Sam Bankman-Fried (SBF)
- Robert Silbert
How Many Crypto Millionaires are There?
Notwithstanding the difficulty of confirming this number precisely, our research indicates that there are at least 32,500 individuals who have achieved millionaire status through their cryptocurrency holdings at current market value.
More than 24,233 wallet addresses are believed to contain the equivalent of USD 1 million worth of Bitcoin, and around 8,350 wallet addresses are estimated to hold over 800 ETH, which is worth well over one million dollars based on current prices.
Additionally, numerous wallet addresses hold stablecoins and alternative cryptocurrencies, which are likely to have an asset value of at least 1 million dollars.
During the previous bullish market trend in 2021, the total number of crypto millionaires was over 150,000.
How Many Bitcoin Millionaires are There?
As of March 2023, one Bitcoin is worth around $27,593. A seven-figure portfolio would require at least 63 BTC to be held by a millionaire.
There are over 140,000 wallet addresses containing between 10 and 100 BTC, according to the “Bitcoin Rich List”. However, not each of these portfolios will belong to a millionaire. There are roughly 24,233 wallets worth more than $1 million among people who are unquestionably Bitcoin millionaires.
Given that the price of Bitcoin has dropped to less than one-third of its maximum value, it is safe to assume that at least 100,000 people were millionaires prior to the 2021 bear market.
According to a Decrypt story from March 2020, there were, in fact, close to 95,000 Bitcoin millionaires at the time.
How Many Ethereum Millionaires are There?
As the Ethereum database is accessible to everyone, we can look at some of the most popular ETH wallet addresses. The uppermost 5,000 Ethereum wallets by price are said to have an average of $8,708,428 ETH, according to WhaleStats. Investors would need to own at least 800 ETH to classify as millionaires at the current price of Ethereum, which is around $1,800.
Using Etherscan, we can see that there are over 8,350 wallet addresses carrying over 800 EHT, which is considerably less than Bitcoin but still worth a significant amount. Around 12 million ETH, or USD 20 billion, are presently held by the most valued Ether wallet address.
How Many Altcoins Millionaires Are There?
Many cryptocurrency investors convert their assets into stablecoins in times of extreme market volatility, like in 2021-22. They are able to maintain their assets on the blockchain and avoid daily price swings as a result. This explains why more than a hundred Tether (USDT) wallet addresses hold more than one million coins.
Does the Volatility of Cryptocurrency Impact Millionaires?
The nature of crypto is highly unpredictable and vulnerable to fluctuations. This causes the number of millionaires in the cryptocurrency market to fluctuate. There is a dramatic increase in the number of cryptocurrency millionaires in the case of a rapid price surge.
Similarly, a price decline can result in a significant decrease in the number of people holding Bitcoin worth millions within months. As cryptocurrency is still in its early stages, the price is expected to remain unstable until all parties, including investors, users, corporations, and governments, work together to establish stable price points.
Why the Number of Crypto Millionaires Rising Each Year?
As the popularity of the crypto market continues to grow, more funds are being directed toward different crypto ventures. This is because people can see the potential for significant profits in the crypto sphere, which has resulted in the emergence of several millionaires. The primary supporters of cryptocurrencies are investors who have acquired Bitcoin (BTC) worth tens of thousands of dollars and have chosen to hold onto it for an extended period, as well as crypto whales who have established crypto-based companies.
One may become a crypto whale by engaging in profitable trading, establishing a company, making wise investments, or having a substantial amount of money, which enables one to actively participate in the crypto market alongside well-known corporations. With the popularity of cryptocurrency rising every day, there are countless opportunities for crypto investors and whales to increase their assets and acquire the status of a crypto millionaire.
Are there any Crypto Billionaires?
A new class of billionaires has emerged in the crypto sphere. According to Forbes, there are 19 billionaires who have made a fortune in the crypto industry. However, their success in cryptocurrency investments is not limited to buying lows and selling highs. Their knowledge of and familiarity with blockchain and cryptocurrency technologies have aided in their wealth accumulation.
They played an instrumental role in either laying down the foundations of the crypto community or developing products and services to serve the community.
The cryptocurrency market is also attracting celebrities. Everyone from Kim Kardashian to Floyd Mayweather to Snoop Dogg is using their wealth to leverage their investments in cryptocurrency and take advantage of the high returns.
Which Crypto Billionaire is the Richest in the World?
Changpeng Zhao, also known as CZ, is the wealthiest billionaire in the crypto industry. He is the founder and CEO of Binance and is reported to own over 70% of Binance’s shares, which holds significant value. Binance is among the few crypto companies that hold a substantial amount of Bitcoin and offer millions of investors the chance to trade and invest in Bitcoin and altcoins. CZ also invests in Bitcoin and privately owns a considerable amount of BNB Coin (BNB).
Brian Armstrong quit his job as a software engineer at Airbnb to launch Coinbase in 2012, which has grown to become one of the largest cryptocurrency exchanges in North America in terms of the trading volume. According to Forbes, in February 2023, Armstrong owns a 19% stake in Coinbase and is estimated to have a net worth of $2.7 billion.
Having co-founded Bitcoin Magazine in 2011, Vitalik Buterin is a highly respected figure in the blockchain industry. Despite being a supporter of blockchain technology from the beginning, he recognized some significant shortcomings in Bitcoin’s implementation of it. As a result, he embarked on creating Ethereum, which has now become the second-largest cryptocurrency by market cap, and its blockchain is utilized by thousands of decentralized applications and coins. His work has paved the way for the emergence of decentralized finance, and he has been rewarded handsomely for his efforts, with an estimated net worth of $1.5 billion.
The Winklevoss Twins
Tyler and Cameron Winklevoss made a fortune from their successful legal battle with Facebook and subsequently ventured into the world of cryptocurrencies. Their investments in this field made them the first crypto billionaires following the 2017 Bitcoin price surge. According to Forbes, both twins have a net worth of $1.1 billion.
Although their primary source of wealth is cryptocurrency investments, they are also entrepreneurs who founded the Gemini Exchange, which was valued at $7.1 billion after a successful fundraising round of $400 million in November 2021. In addition, they own Nifty Gateway, a popular platform for purchasing and selling NFTs.
It’s fascinating to speculate on the number of crypto millionaires, given the amount of money that has been pumped into the market lately. Guessing the right number, however, is difficult. As per the data available from various sources, there are a minimum of 32,500 millionaires in the crypto industry as of 2023, and the actual number is expected to be higher.
People can become millionaires or lose their wealth overnight due to the extremely unpredictable and volatile nature of the crypto market. This is why it is so important to do your research or speak to a professional to determine the worth of a crypto investment or project.
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Please note that the Content may have been generated with the Help of AI. The editorial content of OriginStamp AG does not constitute a recommendation for investment or purchase advice. In principle, an investment can also lead to a total loss. Therefore, please seek advice before making an investment decision.
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