Wallets holding at least $1 million worth of BTC have gone parabolic
The blue print was so simple, just mine a single block of BTC at any point between 2009 and 2012 and then in late 2020 you'd be a millionaire.
You had 210,000 chances...
Sounds simply enough right?
Unfortunately for me, and probably many of you reading this, that was not the case.
We didn't mine a block of BTC back in 2009-2012 and we are not sitting on a million or more in BTC currently...
Luckily for us, we may have another shot at BTC millionaire status during the current bull market.
The number of bitcoin wallets holding at least $1 million worth of BTC in them has gone parabolic with bitcoin breaking through $20k...
Check it out:
(Source:
)https://twitter.com/glassnode/status/1339476314118643714/photo/1
- glassnode
There is now 66,540 addresses with at least $1 million worth of BTC sitting in them.
Which represents an increase of roughly 150% in a short period of time.
Why is this happening?
The simple answer is because bitcoin is going up!
The higher the price of bitcoin goes the greater the number of wallets that will be worth $1 million dollars or more.
Just wait until bitcoin hits $1 million per coin! :)
More specifically though, bitcoin going over $20k has turned all the early miner wallets, those wallets holding block rewards of 50 BTC, into millionaire wallets.
In case you don't recall, the initial block rewards for mining bitcoin was 50 BTC and stayed that way for 210,000 blocks before its first halving event.
Man of those coins are likely lost forever...
Based on data from glassnode, there are 1.78 million BTC that have never left their miner address:
(Source:
)https://twitter.com/glassnode/status/1339989964298268673
- glassnode
That represents roughly 9.5% of the current circulating supply of BTC.
Looking a bit deeper at the chart above, 98% of those coins were mined more than 7 years ago and 94% of those coins were mined more than 10 years ago.
Based on that lack of movement, the majority of those coins are likely lost forever.
Which means...
The "real" supply of bitcoin available to be sold is lower than the numbers would indicate.
Which means...
The "real" market cap is lower than what the numbers would indicate.
Which means...
It will be even easier to push the price of BTC higher than the numbers might indicate.
Which means...
You still may have a pretty good shot at BTC millionaire status over the coming years, even if you weren't lucky enough to mine one of those early 50 BTC blocks. :)
Stay informed my friends.
-Doc