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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.”
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