Invest
Over 100k bitcoin addresses hold over US$1m each
With forecasts emerging that Tesla is set to make more from bitcoin than profits from selling its electric cars in 2020, new research has revealed that there are now over 100,000 bitcoin addresses holding over US$1 million each.
Over 100k bitcoin addresses hold over US$1m each
With forecasts emerging that Tesla is set to make more from bitcoin than profits from selling its electric cars in 2020, new research has revealed that there are now over 100,000 bitcoin addresses holding over US$1 million each.

Wedbush Securities has estimated that Tesla is due to make roughly US$1 billion from its bitcoin investments, as the cryptocurrency drops slightly to US$54,200.
But according to a new report from Finbold, Elon Musk is not the only one profiting from bitcoin’s popularity, with at least 109,952 addresses each said to have a bitcoin balance of over US$1 million as of 22 February.
About 9,200 of these addresses each have a balance of US$10 million, while the remaining 100,752 addresses have a balance amounting to US$1 million each.
With more institutions amassing the digital asset, the currency hit an all-time high above US$58,000 on 21 February, attaining a market capitalisation of US$1 trillion.

The digital currency’s rise has dwarfed its 2017 bull run when the crypto asset rose to over US$20,000, before losing 65 per cent of its value over the next 12 months.
The second-largest coin, ethereum, also saw a new record price, breaking through the US$2,000 for the first time and giving it a total value of $226 billion.
In total, following a strong week in crypto markets, crypto assets are closing in on $2 trillion in market capitalisation.
eToro crypto asset analyst Simon Peters opined the last few weeks have been a “turning point” for crypto assets, with large US businesses including Tesla, Mastercard and BNY Mellon lending their support to the asset class.
“For investors, it’s an exciting time, especially for long-term speculators who will have seen a 60 per cent surge just this month,” he said.
“There are warning signs that there may be a market correction on the horizon, but in the meantime, there seems to be no stopping bitcoin’s upwards trajectory.”
About the author

About the author


Cryptocurrency
OKX launches automated trading bots for Australian crypto traders
Cryptocurrency platform OKX Australia has introduced two automated trading bots aimed at helping local traders manage their digital asset portfolios around the clock. Read more

Cryptocurrency
New survey reveals high crypto adoption in Australia amid housing affordability concerns
A new survey by Protocol Theory, in partnership with cryptocurrency exchange Easy Crypto, has found that nearly 50% of Australians have bought or are considering buying cryptocurrency in the next ...Read more

Cryptocurrency
Investing in digital assets: A new avenue for earning
The digital age has introduced a plethora of new investment opportunities, ranging from cryptocurrencies and blockchain technology to digital art and tokenized assets. For investors in Australia ...Read more

Cryptocurrency
Navigating the crypto landscape: A beginner's guide to investing in Australia
Cryptocurrency has taken the world by storm, offering an innovative platform for digital assets and investments. In Australia, the crypto market has seen substantial growth, attracting both seasoned ...Read more

Cryptocurrency
Cryptocurrency losses mount as hacks and scams continue to plague the industry
The cryptocurrency industry has lost over $400 million to hacks in 2024 so far, with the decentralized finance (DeFi) sector being the most vulnerable, according to research by experts at Smart ...Read more

Cryptocurrency
Institutional investors bolster cryptocurrency allocations amidst growing confidence
A recent study by London-based Nickel Digital Asset Management, a leading regulated digital assets hedge fund, has revealed a significant shift in the mindset of institutional investors and wealth ...Read more

Cryptocurrency
Institutional investors set sights on expanding crypto portfolios in the coming year
New research from London-based Nickel Digital Asset Management, a leading regulated digital assets hedge fund manager, indicates a significant positive shift in institutional investors' attitudes ...Read more

Cryptocurrency
BingX reports significant growth and innovation in 2023 amidst industry challenges
BingX, a prominent crypto exchange, has disclosed notable achievements in 2023, amidst a backdrop of global economic uncertainty and sector-specific turbulence. The company has managed to double its ...Read more

Cryptocurrency
OKX launches automated trading bots for Australian crypto traders
Cryptocurrency platform OKX Australia has introduced two automated trading bots aimed at helping local traders manage their digital asset portfolios around the clock. Read more

Cryptocurrency
New survey reveals high crypto adoption in Australia amid housing affordability concerns
A new survey by Protocol Theory, in partnership with cryptocurrency exchange Easy Crypto, has found that nearly 50% of Australians have bought or are considering buying cryptocurrency in the next ...Read more

Cryptocurrency
Investing in digital assets: A new avenue for earning
The digital age has introduced a plethora of new investment opportunities, ranging from cryptocurrencies and blockchain technology to digital art and tokenized assets. For investors in Australia ...Read more

Cryptocurrency
Navigating the crypto landscape: A beginner's guide to investing in Australia
Cryptocurrency has taken the world by storm, offering an innovative platform for digital assets and investments. In Australia, the crypto market has seen substantial growth, attracting both seasoned ...Read more

Cryptocurrency
Cryptocurrency losses mount as hacks and scams continue to plague the industry
The cryptocurrency industry has lost over $400 million to hacks in 2024 so far, with the decentralized finance (DeFi) sector being the most vulnerable, according to research by experts at Smart ...Read more

Cryptocurrency
Institutional investors bolster cryptocurrency allocations amidst growing confidence
A recent study by London-based Nickel Digital Asset Management, a leading regulated digital assets hedge fund, has revealed a significant shift in the mindset of institutional investors and wealth ...Read more

Cryptocurrency
Institutional investors set sights on expanding crypto portfolios in the coming year
New research from London-based Nickel Digital Asset Management, a leading regulated digital assets hedge fund manager, indicates a significant positive shift in institutional investors' attitudes ...Read more

Cryptocurrency
BingX reports significant growth and innovation in 2023 amidst industry challenges
BingX, a prominent crypto exchange, has disclosed notable achievements in 2023, amidst a backdrop of global economic uncertainty and sector-specific turbulence. The company has managed to double its ...Read more