Bitcoin BTC growing
Growth of BTC Millionaires Now Matches Bitcoin’s Early Years
October 15, 2019
Bitcoin BTC growing
Growth of BTC Millionaires Now Matches Bitcoin’s Early Years
October 15, 2019

The number of Bitcoin (BTC) addresses containing more than 1,000 BTC ($8.3 million) is growing at the same pace in 2019 as before 2014.

On October 11, Willy Woo, a Bitcoin statistician, uploaded to social media that a chart of Bitcoin address growth by balance shows the network is now repeating a trend from its earliest years.

He summarized:

“The rate of growth of 1000BTC addresses now matches the early growth in Bitcoin’s network.”

Willy Woo
Willy Woo

However, Woo was expanding on original data from Glassnode, a blockchain analysis resource.

According to him, a fresh desire for major Bitcoin balances at vastly higher prices than five years ago speaks to wealthier individuals coming into space.

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At that time, if those generating addresses with over 1,000 BTC were doing so out of technical curiosity, the incentives in 2019 are purely financial.

Woo concluded: 

“IMO we’re likely in a new renaissance of Bitcoin, this one is powered by a capital influx of high net worth investors, while the early one was from the tech-savvy who were bootstrapping the network. Super Bullish.”

Willy Woo

Likewise, the data suggests that the trajectory of balances topping 1,000 BTC picked up at the start of 2019 after a period of flat growth, which began in late 2013 just prior to the implosion of major exchange, Mt. Gox.

It has been reported last month by Cointelegraph that the number of addresses containing more than $100,000 has also hit an all-time high. 

Thus, at press time, according to BitInfoCharts’ Bitcoin Rich List, 3,070 addresses held more than 1,000 BTC each, representing just 0.01% of the total. It should also be noted that many of the richest addresses, specifically the top four, belong to exchanges such as Binance, which hold Bitcoins belonging to millions of users.

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Source: Cointelegraph


 

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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. She is an archetypal writer, who loves to create her own little world with words and locutions. Apart from this, her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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