If you’ve been following cryptocurrencies to any degree, you’ve likely heard plenty of stories about people netting massive returns on small investments. With Bitcoin only having first breached $1,000 in 2017 and now hovering between $50,000 and $60,000, it isn’t hard to see how even modest investments can make millionaires.
While there are major investors who now have massive fortunes from Bitcoin and other cryptocurrencies, what’s even more staggering is the number of people who have amassed modest fortunes. Countless regular people have accrued a lifetime’s worth of savings from single investments over a short period of time. They might not be buying mega-yachts, but these Bitcoin millionaires enjoy financial security and a level of independence they might have never dreamed of.
How Many Bitcoin Millionaires Are Out There?
It’s not really possible to know exactly how many people have become millionaires due to Bitcoin. For the most part, that’s because many of them have already cashed out. Anyone who put in $1,000 years ago and saw it rise to $1,000,000 is likely to have taken out at least a large portion of those holdings as fiat currencies for use in their everyday lives.
However, due to the transparent nature of blockchain transactions, we can tell how many people currently have $1,000,000 or more in Bitcoin holdings. Today, that number is over 100,000. That means that there are over 100,000 independent Bitcoin wallets holding more than $1,000,000 worth of Bitcoin. While multiple wallets can be owned by individuals and some wallets aren’t accessible due to lost keys, that’s still a lot.
It’s likely that the majority of these wallets are people who have become millionaires during the recent rise in value across 2020 and 2021. As recently as March 2020, Bitcoin was valued at just $5,000 and grew to a then all-time high of over $64,000 in April 2021. There was even another opportunity for investors to make serious gains as prices fell to roughly half that by July before eventually rebounding to a new all-time high of $68,521 in November.
While those who got in very early in Bitcoin did a lot better than 2x and 10x their investments, there were far fewer early adopters. This recent skyrocketing value increase came at a time when people were generally aware of cryptocurrencies, and as such many more investors were able to ride the profits upwards.
In fact, the number of Bitcoin millionaires in October 2020 was just 25,000. The recent increase has been staggering, considering that the number several years ago was 15,000. In just a few months, the number quadrupled, and there were surely countless individuals who took that chance to exit the market and are millionaires today thanks to Bitcoin despite not being included in the 100,000 figure.
With the volatility we see in Bitcoin every day, it’s hard to say exactly what the future holds for these Bitcoin millionaires. A sudden drop in price can quickly reduce their numbers, or we could see a rising tide lift even more ships to this prestigious level.
Additionally, there are a lot of get-rich-quick schemes such as “Immediate Edge” which are very commonly associated with Bitcoin. A quick check on a website named ScamCryptoRobots.com revealed to us that is it no more than a scam.
Is Time Up for Bitcoin Millionaires?
Plenty of investors out there are wondering if they’ve missed their chance or if it’s time to go all-in on Bitcoin. With the turbulence we’ve seen over the entire lifetime of Bitcoin, it’s impossible to say. While it’s managed to recover from every crash so far, that won’t be much consolation to those that lose out if it does crash for good someday.
Price predictions for Bitcoin vary widely. Some say that we could see Bitcoin worth $1 million within the next few years. That’s almost 20x the value today, meaning an investment of just $50,000 could make anyone a millionaire. However, there are plenty of predictions out there stating that Bitcoin could just as easily go to $10,000, $1,000, or even zero. Keeping that in mind, few everyday people are likely to put $50,000 down.
In any case, the days of putting down $100 or $1,000 and finding yourself a millionaire a few years later are likely long past for Bitcoin. While there’s still plenty of growth potential left, an increase of 1000x today would put the value of all Bitcoin at nearly 30 times the total value of all the money in the world. Even if Bitcoin replaces the entire world’s monetary system, $1,000 invested today still won’t make you a millionaire.