Bitcoin Millionaires Feel the Pinch as Number Declines By 73% Over 2022

2023-1-13 23:00

Who wants to be a bitcoin millionaire? Most of you, we assume. However, there are certainly fewer of them, and becoming one got a lot easier in 2022.

According to a report from CoinJournal.net, 2022 left 73% fewer Bitcoin millionaires than the year before. At the beginning of the year, there were 90,000 addresses containing over a million dollars worth of Bitcoin. Today it is 24,000.

This drop takes into account the dramatic change in the bitcoin price over the year. BTC closed 2021 trading at $47,686.81 but ended last year at only $16,547.50. The year’s volatility represents a drop of over 65%.

“The on-chain data sums up what is glaringly obvious from looking at a Bitcoin price chart – that the party is over and investors are no longer dreaming of retirement off their Bitcoin holdings, in the near future at least! Nearly three-quarters of Bitcoin millionaires losing that status is perhaps the best piece of data of all to summarise how ugly 2022 was for investors” said Max Coupland, Director at CoinJournal. 

Most Bitcoin In Loss At End of Year

Before the crash, the bulk of the BTC supply was in profit, with only 25% of the supply loss-making at the start of 2022. By year-end, this had more than doubled to 55%, according to CryptoQuant.

Bitcoin Ends 2022 With 55% Of Supply In Loss, But Is It Enough For Bottom? https://t.co/tyIpGJ5KVi pic.twitter.com/XVVZqv0lmY

— Cammy Amster (@CammyAmster) December 29, 2022

This is in stark difference to nearly two years ago when BTC surged past $60,000 in March 2021. Back then, data showed it gave investors an annualized return of 230% – 10x higher than the Nasdaq 100, which came in at second place with 20%. A return of 14% was recorded by U.S. large caps for the same period, 5.4% by high-yield bonds, and 1.5% by gold.

More “Whole Coiners” Than Ever Source: CoinJournal

Bitcoin’s tumble in price also means there are more “whole coiners” – or addresses holding at least 1 BTC – than ever before. At the beginning of the year, there were over 814,000 addresses with 1 BTC or more. By year’s end, that had grown by 20% to 978,000. This number also reflects the general rise in BTC ownership.

You can read CoinJournal’s full report here.

The post Bitcoin Millionaires Feel the Pinch as Number Declines By 73% Over 2022 appeared first on BeInCrypto.

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