Bull Run Yields 2,000 Millionaires Daily, Fewer Than Previous Cycle

By Jody McDonald March 13, 2024 In Bitcoin, Bull Run, Cryptocurrency
  • Research from Kaiko has found the rate at which new Bitcoin millionaires are being created this bull run is about half that seen during the 2021 bull run.
  • Kaiko suggests this reduction may be due to this run still being in its early stages, with the Bitcoin halving still around a month away.
  • Separate research has found only 0.02% of crypto holders globally have become millionaires, around 88,200 out of approximately 425 million total holders.

It’s not a great news day for aspiring crypto millionaires.

A new report from crypto research firm, Kaiko, has found Bitcoin millionaires are being minted at about half the rate they were during the 2021 bull run. The reasons for the slower rate aren’t entirely clear, but Kaiko suggests it’s likely related to more investors taking profits and this bull run still being in its early stages.

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I hope the moon bois among us are sitting down for this next one, it’s a little upsetting. A separate report published this week by investment migration firm Henley and Partners, has found there are only around 88,200 crypto millionaires globally, representing a tiny fraction of the 425 million total crypto investors worldwide. 


Millionaire Creation Rate Relatively Slow, So Far

Kaiko’s research, which was included in the firm’s weekly newsletter to subscribers, found that so far this bull run about 2,000 Bitcoin millionaires have been made on average per day. In the 2021 run this figure was about 4000 per day. 

Daily Bitcoin millionaire creation was defined as private wallets breaking the US$1 million in Bitcoin mark per day.

Kaiko suggested this reduced rate of millionaire creation is probably related to the fact we’re still in the early stages of this bull run. Many market observers expect Bitcoin could top US$150,000 later this cycle after the halving, which is still around a month away—if demand for Bitcoin spot ETFs holds up.

Other factors Kaiko suggested might have affected their findings included whales taking profits at around Bitcoin’s all-time high and an increase in Bitcoin being held by custodians rather than in private wallets, which wasn’t captured in their research.

Tiny Percentage Of Crypto Holders Are Millionaires

In more disappointing news for degens daydreaming about telling their boss where to go, Henley and Partners ‘Crypto Wealth Report’ has found a mere 0.02% of all crypto holders worldwide have become millionaires.

The report found there are currently only around 88,200 crypto millionaires driving around in their garish Lambos, out of approximately 425 million crypto investors worldwide. Of these 88,200 millionaires, around 40,500—46%—own Bitcoin.

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The number of millionaires may be small, but some of them have done outrageously well through crypto—182 individuals have over US$100 million, while 22 investors have over US$1 billion.

Jody McDonald

Jody McDonald

Jody is a Brisbane-based freelance writer who specialises in writing about business, technology, and the future of work.

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