HOW MANY BITCOIN WALLETS HOLD OVER A MILLION DOLLARS?
How many Bitcoin Wallets are holding a million dollars or more?
The number of “bitcoin millionaires” is booming, but there’s still a lot of room for growth, which will propel the bitcoin price as well.
Bitcoin has come a long way since its inception in 2009. With bitcoin’s market capitalization at just over $1 trillion, new on-chain data reveals that the number of millionaire members of the bitcoin rich list have ballooned.
But what is the “bitcoin rich list” and why should you care?
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.
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.
First: There are approximately 46.8 million millionaires in the world holding at least $158.3 trillion of wealth — a number of fiat millionaires that clearly dwarfs the 100,000 bitcoin millionaire wallets.
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.
Second: The number of around 100,000 accounts holding over $1 million doesn’t mean each account is owned by a unique person. Why? Of course, individuals can own multiple bitcoin addresses.
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’t see who owns those accounts.
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.
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’s adoption rate. As more millionaires diversify a percentage of their wealth from fiat to bitcoin, the asset’s price can go even higher.
ANOTHER CATALYST FOR MORE MILLIONAIRES OWNING BITCOIN IN THE FUTURE
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.https://103ac38fa8aff61e513fdc31594d81e2.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html
Hundreds of smaller banks 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.
Bitcoin is also gaining traction in the private wealth management industry, which handles trillions of dollars for high-net-worth clients.
RISE OF THE BITCOIN FUNDS
In March, 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 and JPMorgan followed with their own statements about launching bitcoin services for their private clients.
Moreover, U.S. Bank, 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.
THE CASINO INDUSTRY, ONLINE GAMBLING & SPORTS BETTING
Betting and online casinos are cryptocurrencies’ number one use case right now. There are countless successful brands accepting billions of dollars of wagers in Bitcoin and other alts.
The reason is quite simple: gambling is an area where cryptocurrencies are often more convenient than traditional currencies. For players, deposits and withdrawals are faster and more secure. And these users enjoy greater autonomy, anonymity, and discretion as they play.
As we saw with the Robinhood / GameStop debacle, ordinary people don’t want to be at the mercy of centralised gatekeepers who can withdraw their funds or limit their purchases with a click of a button. It is the same in the gambling world – blockchain technology gives us the opportunity to offer a truly decentralised and fair experience. And if you live in a developing country and don’t yet have access to a bank account, you can still play with crypto.
There is a big upside for the casinos, too. They get to be their own bank. This means lower fees and less fraud, so they can pass on the rewards to their players. It is no coincidence that we now see Bitcoin casinos advertising at the world’s biggest sporting events
This is a genuine use case for cryptocurrency which is booming right now. We aren’t talking about potential. The revolution has begun.
CRYPTOCURRENCY & BITCOIN GAMBLING IS A MULTI-BILLION DOLLAR INDUSTRY
One of the biggest and main markets that have benefited from the emergence of Bitcoin gambling has been online casinos. While these have existed for the better part of a decade and progressed along with many other online gambling and betting sites, Bitcoin has helped to make the online casino market even more accessible, while making depositing and withdrawing easier than ever.
Bitcoin casinos have brought brand new competition to the market, and offer distinct advantages over fiat-based online operators.
2021 will be the year of crypto gambling altcoins. Gambling is a multi-billion dollar global industry. In the US, DraftKings has grown into a 25 billion dollar company from nothing in the space of a few years. Many other gambling giants report annual profits in the billions.
It is why it is surprising to see so little representation from the sector when browsing Coinmarketcap’s top 50 coins by market capitalization.
That is starting to change. Our friends over at FunFair have recently seen their token increase rapidly in value. Others, such as $WIN, have built strong communities around great products and technology. But these coins are only scratching the surface of what is possible at the intersection of crypto and gambling. I expect to see several billion-cap gambling-focused altcoins emerge within the next couple of years.
Bitcoin bookmakers are revolutionizing the world of sports betting. Many of the bitcoin sportsbooks featured on this website allow you to create anonymous accounts and wager from any part of the United States.
Thanks to bitcoin, these sportsbooks can process your deposits and withdrawals instantly, so you no longer need to wait weeks for a payout. Banking is also completely free, which means you’ll have more money in your player account. Bitcoin sports betting sites allow you to wager on every major league in the USA, UK, Europe, Australia and Asia, including the NFL, NBA, AFL and the English Premier League
Bottom line: With a growing number of Apps making it much easier for users to purchase Bitcoin & Cryptocurrencies, big 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 along with the price of Bitcoin in the future.
The post HOW MANY BITCOIN WALLETS HOLD OVER A MILLION DOLLARS? appeared first on CryptoClarified.