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Bitcoin Creates Nearly 48,000 New Millionaires in 2023 Despite Regulatory Pressure

ehainews.com - In the face of regulatory pressures, Bitcoin (BTC) has reportedly created nearly 48,000 new millionaires in 2023. The 55% increase in Bitcoin's price since the beginning of the year has sparked renewed optimism among investors.



Bitcoin Generates New Millionaires

During the first half of 2023, Bitcoin (BTC) experienced turbulent times but managed to increase its price by 55% since the start of the year. This has generated fresh optimism among investors and transformed nearly 48,000 of them into millionaires.

The number of Bitcoin addresses holding a value of over $1 million (Rp14 billion) has significantly increased in 2023, reaching almost 50,000, despite facing regulatory tightening from the U.S. Securities and Exchange Commission (SEC) and a broader crypto winter.

On January 5, 2023, there were 28,084 Bitcoin addresses holding a value of over $1 million. However, this number has increased to 76,078, marking a 170% growth in the number of wallets that have made their owners millionaires through their Bitcoin holdings, according to data retrieved on June 13, 2023, by Finbold.

Among these millionaire wallets, 70,747 different addresses held Bitcoin balances worth more than $1 million, while 5,331 holders possessed at least $10 million worth of BTC, as shown by the distribution details of decentralized financial assets (DeFi) holders.

By comparison, on January 5, 2023, the number of Bitcoin millionaires reached 28,084, with 24,279 addresses holding at least $1 million worth of BTC, while 3,805 of them possessed at least $10 million in the pioneering crypto currency, according to data accessed using the web archiving tool, Wayback Machine.


Bitcoin's Dominance Increases

Despite facing regulatory challenges, Bitcoin's dominance has increased by 19% since the beginning of 2023. This indicates that capital has been shifted from altcoins to Bitcoin, supporting a bullish thesis for the long-term recovery of Bitcoin's price.

Meanwhile, the overall cryptocurrency market capitalization has decreased from $1.13 trillion on June 5, 2023, to $1.09 trillion currently. During the same period, Bitcoin's (BTC) dominance rose from 44.21% to 45.88%.

The decline in market capitalization and the increase in BTC dominance signify a rotation of capital from altcoins to Bitcoin. This supports a bullish market sentiment among participants towards BTC.

According to reports, Bitcoin (BTC) has experienced a significant price increase of 55% since the beginning of the year. If Bitcoin continues this upward trend, the likelihood of creating new millionaires will likely increase.

Furthermore, the number of wallets holding 1 BTC or more recently reached one million, indicating that investors have accumulated this asset despite its price fluctuations.

While various macro factors influence BTC, predicting its price direction remains challenging. However, this asset seems to be improving the financial well-being of investors. With Bitcoin being the top cryptocurrency, it is no surprise that investors remain committed to this king of coins.

In the end, despite facing regulatory pressures, Bitcoin has managed to create nearly 48,000 new millionaires in 2023. This demonstrates the strength and resilience of Bitcoin as the leading cryptocurrency.

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