Wallets holding at least $1 million worth of BTC have gone parabolic
The blue print was so simple, just mine a single block of BTC at any point between 2009 and 2012 and then in late 2020 you'd be a millionaire.
You had 210,000 chances...
Sounds simply enough right?
Unfortunately for me, and probably many of you reading this, that was not the case.
We didn't mine a block of BTC back in 2009-2012 and we are not sitting on a million or more in BTC currently...
Luckily for us, we may have another shot at BTC millionaire status during the current bull market.
The number of bitcoin wallets holding at least $1 million worth of BTC in them has gone parabolic with bitcoin breaking through $20k...
Check it out:
(Source: ~~~ embed:1339476314118643714/photo/1) twitter metadata:Z2xhc3Nub2RlfHxodHRwczovL3R3aXR0ZXIuY29tL2dsYXNzbm9kZS9zdGF0dXMvMTMzOTQ3NjMxNDExODY0MzcxNC9waG90by8xKXw= ~~~
There is now 66,540 addresses with at least $1 million worth of BTC sitting in them.
Which represents an increase of roughly 150% in a short period of time.
Why is this happening?
The simple answer is because bitcoin is going up!
The higher the price of bitcoin goes the greater the number of wallets that will be worth $1 million dollars or more.
Just wait until bitcoin hits $1 million per coin! :)
More specifically though, bitcoin going over $20k has turned all the early miner wallets, those wallets holding block rewards of 50 BTC, into millionaire wallets.
In case you don't recall, the initial block rewards for mining bitcoin was 50 BTC and stayed that way for 210,000 blocks before its first halving event.
Man of those coins are likely lost forever...
Based on data from glassnode, there are 1.78 million BTC that have never left their miner address:
(Source: ~~~ embed:1339989964298268673) twitter metadata:Z2xhc3Nub2RlfHxodHRwczovL3R3aXR0ZXIuY29tL2dsYXNzbm9kZS9zdGF0dXMvMTMzOTk4OTk2NDI5ODI2ODY3Myl8 ~~~
That represents roughly 9.5% of the current circulating supply of BTC.
Looking a bit deeper at the chart above, 98% of those coins were mined more than 7 years ago and 94% of those coins were mined more than 10 years ago.
Based on that lack of movement, the majority of those coins are likely lost forever.
Which means...
The "real" supply of bitcoin available to be sold is lower than the numbers would indicate.
Which means...
The "real" market cap is lower than what the numbers would indicate.
Which means...
It will be even easier to push the price of BTC higher than the numbers might indicate.
Which means...
You still may have a pretty good shot at BTC millionaire status over the coming years, even if you weren't lucky enough to mine one of those early 50 BTC blocks. :)
Stay informed my friends.
-Doc
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More info why you see this here.
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How on earth do they know what is in peoples wallets?
Public ledgers and all transactions can be traced. Nothing is hidden
Monero on a hardware wallet?
Relates to BTC XVG was also supposed to be a hidden network but never took off.
That's the beauty of bitcoin, it runs on a public ledger.
And that is why I'm not long term on Bitcoin - the only way we beat the banking system is to not be part of it.
But how do they know what coins are being stored on hardware wallets? If we just say all our cryptos like Bitcoin that could be tracked are "lost" how can a government agency see who owns what when they they don't have accesses to the wallets?
Damn, where were we? I would have probably sold them, though.
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That is the problem that most faced who actually mined back then...
Having an IT background and in my mid thirties I’m cursing myself over missing Bitcoin opportunity. Hopefully there will be others, in BTC or other tokens :)
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I am sure there will be. The problem is that they are almost impossible to recognize while they are happening, easy to see in hindsight. A lot of luck is involved...
These figures are also counting the wallets for which the user has forgotten the keys right ?
I think I prefer have missed the opportunity than not missing it but forgetting my wallet access :D
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Yes, I agree, that would be worse.
This is so damn crazy! O.o'
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Everyone should try to own at least one BTC.
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At this point buying BTC will be more profitable than mining. Every balanced portfolio needs to have some crypto exposure.
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Yea I mean it's long been impossible to make money mining bitcoin unless you are part of a mining pool or have the latest and greatest mining hardware.
I liked the title it hooked me I just thought I'd mention that point in case someone reading thought about mining. You and I know this, but I thought it should be said.
I mined 4 in 2013 and lost the keys. But I wouldn't have been a millionaire because no way I would have held. I have been too broke since that to believe that I would have held it. My best guess is that I would have sold at $1000.
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bitcoin going over $20k has turned all the early miner wallets, those wallets holding block rewards of 50 BTC, into millionaire wallets.
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