The number of Bitcoin (BTC) millionaires increased by 187% in Q1 compared to the previous quarter, according to the data compiled by Finbold.
The addresses with over $1M of Bitcoin have reached 80,659 as of April 14, up from 28,084 at the beginning of January.
- Currently, 74,912 addresses hold over $1M of Bitcoin, while there are additional 5,747 addresses with $10M of Bitcoin.
- These figures were 24,279 and 3,805 in early January, respectively.
- Bitcoin has risen over 80% in value since the beginning of 2023.
- The leading cryptocurrency recently surpassed the $30,000 level for the first time since June 2022 and has managed to stay on that barrier without major volatility so far.
- The spike in the number of Bitcoin millionaires stemmed from the jump in the price of the popular cryptocurrency within Q1.
- The jump in the Bitcoin price this year was mainly triggered by the U.S. banking crisis that led to investors losing confidence in the traditional financial system.
- The consecutive collapses of crypto-friendly Silvergate Bank, Silicon Valley Bank (SVB), and Signature Bank within just a week in March became the driving force of the crisis.
- Bitcoin cryptocurrency also reacted to the prolonged crypto winter in 2022 with a significant value decrease and is still down nearly 60% from its all-time high in November 2021.
