The meteoric rise of Bitcoin (BTC) in 2024 didn’t just break price records; it also minted new millionaires at an astonishing rate. With the cryptocurrency surpassing the $100,000 mark in December, an average of 154 wallets holding over $1 million in BTC were created daily, Finbold reported.
Bitcoin’s journey in 2024 was defined by significant milestones. Starting the year with momentum from late 2023, BTC first shattered the $73,000 all-time high (ATH) by mid-year before surpassing $100,000 in December.
This surge not only rewarded early adopters but also brought the total number of millionaire addresses to over 153,000, an impressive 58.21% increase from the previous year, according to data from BitInfoCharts.
According to the research, by the end of 2024, approximately 56,325 new Bitcoin wallets held assets worth over $1 million. This included 48,738 addresses valued between $1 million and $10 million, alongside 7,587 addresses exceeding $10 million.
New Bitcoin Wallets
However, the overall increase in Bitcoin-holding addresses was more moderate, reportedly growing by 12%, adding nearly 10 million new wallets across all value tiers.
The largest growth occurred among mid-tier holders, with wallets holding $100 to $999.99, increasing by 3.3 million. Similarly, addresses holding $1,000 to $9,999.99 rose by 2.6 million. These figures highlight the growing participation of retail investors alongside high-net-worth individuals.
Interestingly, 2024’s millionaire wallet growth lagged behind 2023, which saw nearly 70,000 such wallets added, a 22% higher increase. This discrepancy highlighted 2023’s stronger relative price gains and investor enthusiasm as BTC rallied 153% that year, compared to 121% in 2024.
The rise in Bitcoin millionaire wallets doesn’t equate directly to new individuals entering the market. Factors such as shared wallets, multi-address holdings, and alternative investment strategies diluted the effect of BTC’s rally.
The approval of multiple spot Bitcoin exchange-traded funds (ETFs) in early 2024 offered institutional and retail investors new ways to gain exposure without holding BTC directly.
Factors Driving Growth
Besides this, Donald Trump’s re-election in November, which reportedly added 11,000 new Bitcoin millionaire wallets, spurred optimism for a blockchain-friendly policy environment.
Meanwhile, vibrant activity in altcoin and meme coin markets may have siphoned off some potential Bitcoin investors. Many traders pursued smaller, high-growth cryptocurrencies, limiting Bitcoin’s new address growth despite its record-breaking performance.
With Bitcoin achieving unprecedented highs and a new wave of adoption, 2025 promises to be a pivotal year for the cryptocurrency. Whether BTC maintains its dominant position or faces intensified competition from altcoins, its 2024 performance has solidified its role as a key asset in the global financial landscape.
This article was written by Jared Kirui at www.financemagnates.com.TrendingRead More
You might also be interested in reading Japanese Gaming Company Gumi Partners With Square Enix and SBI Holdings to Strengthen Metaverse Pivot.