Record-breaking BTC rally creates 1.5K new crypto millionaires every day, analysis shows
The significant daily increase in Bitcoin millionaires underlines the growing influence of the cryptocurrency and the shift towards direct investment methods. The steady growth in the number of Bitcoin addresses with significant holdings underscores the increasing global acceptance and confidence in Bitcoin as a long-term investment. Bitcoin’s recent rise above the $73,000 mark has led [...]
- The significant daily increase in Bitcoin millionaires underlines the growing influence of the cryptocurrency and the shift towards direct investment methods.
- The steady growth in the number of Bitcoin addresses with significant holdings underscores the increasing global acceptance and confidence in Bitcoin as a long-term investment.
Bitcoin’s recent rise above the $73,000 mark has led to the remarkable figure of 1,500 new millionaires per day. This growth is largely fueled by an influx of institutional investment and a clear preference for Bitcoin spot exchange-traded funds (ETFs), which are seeing daily inflows of more than $1 billion. This trend, which favors direct Bitcoin exposure over futures-based alternatives, underscores a significant shift in investment strategies in the cryptocurrency space.
As described in a CNF YouTube video, the increase in Bitcoin ETF investments indicates a broader acceptance of Bitcoin as a viable and direct investment vehicle.
Although the pace of wealth creation is more leisurely overall compared to the 2021 bull market, Bitcoin adoption and adoption continues to grow.
A recent tweet highlighting the robust demand for Bitcoin revealed that US Bitcoin ETFs saw massive demand on March 13 with a net inflow of $684 million, equivalent to approximately 9,600 BTC. This figure dramatically exceeds the daily new supply and underscores the cryptocurrency’s upward momentum.
U.S. Bitcoin ETFs continue to see MASSIVE demand
On 3/13, another $684 million net inflow = approx 9,600 BTC (or more than 10x daily new supply!!)
Go $BTC
pic.twitter.com/f1zbdPZSek
— HODL15Capital
(@HODL15Capital) March 14, 2024
In line with a recent CNF report on the Bitcoin rally, which confirms a prediction of $150,000, Bernstein remains confident in Bitcoin’s growth trajectory. Kaiko research underpins this optimism by showing a steady increase in the number of Bitcoin addresses holding significant assets, underlining the growing adoption of the cryptocurrency and its role as an important store of value and investment asset.
— Kaiko (@KaikoData) March 13, 2024
Although the number of new millionaires may have slowed, the strategic behavior of large investors – who favor custodial solutions over personal wallets – demonstrates a mature approach to cryptocurrency investing. This cautious optimism is reflected in the forecast that the Bitcoin price could potentially reach or exceed $150,000, driven by both technological advances and market dynamics, including the expected halving of supply in April 2024.
Today, the value of Bitcoin continues to rise, recording an 11.60% increase over the past week to a price of $73,507. This upward trend reflects the continued momentum and belief in Bitcoin’s potential for even greater heights in the near future.
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