There Are Only 12,000 BTC Millionaires Out There

Bitcoin is the most dominant cryptocurrency and acts as many things to many different people. While for some it is a store of wealth, for others it is a hedge against local economic oppression. For many, it is a vehicle to make money. As it stands, there are only 12,000 BTC millionaires in the world which shows great potential for many other people to join these elite crowds.

Considering that BTC is only ten years old this year, it has definitely come a long way and outperfomed much every other traditional asset class by a high margin. All of this has given BTC the potential to become a global currency, the latest crypto news show.

At the moment, there is ongoing regulatory pressure, extreme volatility and lack of adoption which are all holding BTC back. However, over time, these factors are likely to stabilize as the world keeps on accepting this cryptocurrency. While there are only 12,000 BTC millionaires, what is more important is the fact that the cryptocurrency needs to hit the five-digit marks again.

The prominent analyst Willy Woo was featured in the Bitcoin news lately for his statement:

“Here’s the chart for the number of Bitcoin Millionaires over time, around 12,000 right now. There’s 36m Millionaires on this planet, it’s still early days if you believe BTC will be the new currency.”

Here's the chart for the number of Bitcoin Millionaires over time*, around 12,000 right now.

There's 36m Millionaires on this planet, it's still early days if you believe BTC will be the new currency.

*gross approximation, uses balance in unique addresses

Data by @coinmetrics pic.twitter.com/MMD3J4BETE

— Willy Woo (@woonomic) October 11, 2019

Another analyst named ‘Crypto Fibonacci’ reviewed the Bitcoin Bollinger bands and saw that they are tightening up again which could lead to another breakout.

Josh Rager also spoke about Bitcoin (he did not mention the fact that there are only 12k BTC millionaires, though) and pointed out that higher lows were starting to creep in also which may soon lead to an upside breakout.

At the moment, it takes 120 BTC to be a millionaire so prices will have to move a lot higher before this number decreases and the number of BTC millionaires increases.

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