The recent surge in Bitcoin‘s value has resulted in a significant increase in the number of “millionaire wallets” in the cryptocurrency space. According to Kaiko Research, around 1,500 new wallets with a value of over a million dollars are being created daily. These wallets, stored on the Bitcoin blockchain, are contributing to a growing demographic of wealthy crypto investors while maintaining their privacy.
Bitcoin’s Growth Trajectory
Since the onset of 2024, Bitcoin’s price has soared by over 70%, driven by the enthusiasm around the US-based spot Bitcoin exchange-traded funds (ETFs), which were launched in the previous year. This investment tool has provided a significant boost to the market.
However, the current growth in millionaire wallets has not surpassed the pace set during the 2021 crypto boom, when over 4,000 such wallets were reported. The highest number of millionaire wallets recorded this year peaked at 1,691 on March 1st.
The modest increase in millionaire wallets is attributed to cautious capital inflow according to Kaiko Research. Big investors and “whales” are seemingly taking advantage of the high prices, yet they are also exercising prudence before committing substantial funds.
Celebrity Influence on Bitcoin Popularity
The growing interest in Bitcoin extends to the celebrity sphere, with prominent figures like Canadian singer Drake bringing the cryptocurrency into the limelight. Drake’s social media endorsement of Bitcoin advocate Michael Saylor’s post has the potential to capture the attention of a massive audience.
Additionally, MicroStrategy continues to invest heavily in Bitcoin, recently purchasing an additional 12,000 BTC for $821.7 million, bringing its total holdings to over 205,000 BTC, worth approximately $14.84 billion. Such moves indicate a sustained belief in Bitcoin’s value among established investors.