Recent Bitcoin Price Surge Creates Thousands of New BTC Millionaires

Recent Bitcoin Price Surge Creates Thousands of New BTC Millionaires

The price of Bitcoin reached $23 000 today, a record that evoked the so-called Fear of Missing Out among investors all around. The record high price of bitcoin has increased the number of BTC millionaires to 66 540. With this new cost for the digital assets, any wallet with more than 50 bitcoins is now owned by a fresh millionaire.

Data provided by Glassnode, cryptocurrency analytics and on-chain analysis firm, revealed that Bitcoin wallets with $1 million or more increased by 150%, to reach the aforementioned number of 66 540.

Some Wall Street firms were able to profit from this surge as most of them had recently shifted their attention to Bitcoin investment and acquiring strategies. As reported earlier, a massive investment made by Guggenheim Partners into the Grayscale Bitcoin Fund, amounting to $500 million, marking the Wall Street giant’s entry into the world of Bitcoin investing. Another example is the life insurance company MassMutual, which announced earlier this week the purchase of around 5 600 bitcoins.

The USD value has reached its lowest mark since March of 2018. This dip in value is one of the main reasons for the increased price in BTC. Furthermore, institutional investors have been using the digital asset as an inflationary hedge against separate financial instruments.

Many experts believe that Bitcoin has the potential of replacing the USD.

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