Bitcoin’s (BTC) record-breaking rise has resulted in over 1,500 new millionaire walletsevery day.
This information comes from Kaiko Research, a crypto analytics company, and indicates an enormous increase in wealth in the cryptocurrency system.
These millionaire wallets are digital addresses on the Bitcoin blockchain. A blockchain being something that keeps a record of every transaction done with the currency. Users can store enormous sums of cryptocurrency in these wallets.
Because the network is open to the public and unrestricted by centralized middlemen, information like the number of tokens a wallet contains is accessible. Nevertheless, because the addresses are anonymous, it is challenging to determine whether individuals or organizations are in possession of them.
What exactly is Bitcoin?
For those who are unaware, Bitcoin is a form of digital currency that is unregulated by banks or governments and may be used to trade with individuals online or make purchases. Rather, it is founded on a technology known as blockchain, which securely records every transaction.
Consider it as virtual coins that you can give to anyone, anywhere in the world, without needing a third party. People love to use it because it is decentralized, which means no single person or organization has complete authority over it.
Bitcoin, like typical money, can be purchased, spent, or saved, and its value fluctuates over time due to demand and supply.
Bitcoin millionaire wallets have not reached their 2021 peak
The original cryptocurrency (BTC) has already risen by approximately 70% this year, driven by rising demand for US exchange-traded funds (ETFs). These exchange-traded funds were granted permission and began including cryptocurrencies in January.
Even with this increase, the rate at which new millionaire wallets are being established is smaller and slower than it was in the bull market of 2021. At that time, more than 4,000 wallets every day crossed the million-dollar threshold and became millionaires. This current year’s peak was 1,691 wallets on March 1st.
There are several factors that could contribute to a slower pace. Kaiko’s report suggests that fresh capital is still a ways off, and big investors, or “whales,” are grabbing hold of the chance to profit as Bitcoin reaches new heights and goes up in value.
In addition, a large number of these investors prefer custodians rather than their personal wallets when storing their holds.
“In 2021, there was a huge influx in capital as all manner of bull sought to benefit from the crypto hype,” Kaiko Research said. “This time around, whales could be taking a more cautious approach, waiting to see if the gains have legs before investing.”
Cryptocurrency is drawing more and more attention each day
Cryptocurrency is seen to be gaining more popularity and could suggest an increase in investment.
According to BeIncrypto, the famous Canadian rapper Aubrey Graham, aka Drake, recently posted a clip from Bitcoin bull Michael Saylor and shared it with his 146 million Instagram followers.
These endorsements from celebrities and people with large platforms may entice new investors to the cryptocurrency space.
