Growth of BTC Millionaires Now Matches Bitcoin’s Early Years
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.
“The rate of growth of 1000BTC addresses now matches the early growth in Bitcoin’s network.” Willy Woo
@glassnode posted a chart of address counts with 1000BTC or more today, it prompted me to look back further in time, this is amazing. The rate of growth of 1000BTC addresses now matches the early growth in Bitcoin's network… pic.twitter.com/ACKvGpm2IJ — Willy Woo (@woonomic) October 11, 2019
However, Woo was expanding on original data from Glassnode, a blockchain analysis resource.
Number of #Bitcoin addresses holding more than 1000 $BTC 👀 pic.twitter.com/SGdBXrob5e — glassnode (@glassnode) October 11, 2019
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.
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.
“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.