{"id":16579,"date":"2021-05-08T15:00:00","date_gmt":"2021-05-08T15:00:00","guid":{"rendered":"http:\/\/ci0282833680002568"},"modified":"2025-01-29T15:27:16","modified_gmt":"2025-01-29T15:27:16","slug":"bitcoin-wallets-with-more-than-1-million","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/markets\/bitcoin-wallets-with-more-than-1-million","title":{"rendered":"How Many Bitcoin Wallets Hold More Than $1 Million?"},"content":{"rendered":"
<\/div>

Bitcoin has come a long way since its inception in 2009. With bitcoin\u2019s market capitalization at just over $1 trillion<\/a>, new on-chain data reveals that the number of millionaire members of the bitcoin rich list have ballooned. <\/p>\n

But what is the \u201cbitcoin rich list\u201d and why should you care? <\/p>\n

The bitcoin rich list refers to the list of bitcoin addresses that hold over $1 million worth of BTC. Since January 2021, over 100,000 wallets have met the qualification. Notably, the number swelled by 400% from just 25,000 millionaires five months ago.<\/p>\n

<\/figure>\n

However, the list is not as large as it is often portrayed to be. And it looks like the upside has a long way to go because of two simple facts.<\/p>\n

First<\/strong>: There are approximately<\/a> 46.8 million millionaires in the world holding at least $158.3 trillion of wealth \u2014 a number of fiat millionaires that clearly dwarfs the 100,000 bitcoin millionaire wallets. <\/p>\n

In comparison, there are little more than 100,000 addresses with over $1 million worth of BTC and only 9,370 with over $10 million as of March 2021. <\/p>\n

<\/figure>\n

Second<\/strong>: The number of around 100,000 accounts holding over $1 million doesn\u2019t<\/em> mean each account is owned by a unique person. Why? Of course, individuals can own multiple bitcoin addresses. <\/p>\n

After all, you can use on-chain analysis to find out how many bitcoin accounts exist and how much is in each account. But you can\u2019t see who<\/em> owns those accounts.<\/p>\n

So, the actual number of bitcoin millionaires is almost certainly lower than 100,000 if you assume some of these addresses are held by the same individuals. <\/p>\n

The small number of bitcoin millionaires (just 0.2% of the 46.8 millionaires in the world) offers a perspective that we are still in the early innings with bitcoin\u2019s adoption rate. As more millionaires diversify a percentage of their wealth from fiat to bitcoin, the asset\u2019s price can go even higher. <\/p>\n

Another Catalyst For More Millionaires Owning Bitcoin In The Future<\/h2>\n

Banks are the key catalyst that can drive up the total net worth held in bitcoin. Namely, more banks are offering institutional services for bitcoin that would allow high-net-worth clients to easily own bitcoin within their current bank accounts. <\/p>\n

Hundreds of smaller banks<\/a> have already signed on to offer regulated funds for bitcoin. As a result, giants like JPMorgan Chase & Co. and Bank of America could face pressure to offer bitcoin to their retail banking customers.<\/p>\n

Bitcoin is also gaining traction in the private wealth management industry, which handles trillions of dollars for high-net-worth clients. <\/p>\n

In March<\/a>, Morgan Stanley, a giant in wealth management with $4 trillion in client assets, told its financial advisors that it is launching access to three funds that enable exposure to bitcoin. A few weeks later, Goldman Sachs<\/a> and JPMorgan<\/a> followed with their own statements about launching bitcoin services for their private clients. <\/p>\n

Moreover, U.S. Bank<\/a>, which is part of U.S. Bancorp, the fifth-largest bank in the United States, announced it would offer a cryptocurrency custody product with the engagement of a sub-custodian for fund servicing.<\/p>\n

Bottom line<\/strong>: With a growing number of banks making it easier for high-net-worth individuals to buy and sell bitcoin, the number of their private client millionaires investing in bitcoin could skyrocket in the future. Bitcoin\u2019s price may follow, as well. <\/p>\n

This is a guest post by Portfolio Insider. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or <\/em>Bitcoin Magazine.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The number of \u201cbitcoin millionaires\u201d is booming, but there\u2019s still a lot of room for growth, which will propel the bitcoin price as well.<\/p>\n","protected":false},"author":3259,"featured_media":16582,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[991,163,371],"class_list":{"0":"post-16579","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-on-chain-analysis","9":"tag-wallets","10":"tag-whale"},"author_data":{"id":3259,"name":"Portfolio Insider","nicename":"portfolio-insider","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/portfolio-logo-1--96x96.png"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/quadrigacx-and-the-million-dollar-questions-what-we-do-and-dont-know.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/16579","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/3259"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=16579"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/16579\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/16582"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=16579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=16579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=16579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}