The recent rise of bitcoin toward all-time highs is creating millionaires, on paper, at a fairly rapid clip, according to data from BitInfoCharts.
At last check, bitcoin was trading up by over 6.5% on CoinDesk
at $49.141.23. But even with the asset down by about 12% for the week after a jaunt to a record high at $58,332.36 over the weekend, the digital currency’s ascent is helping mint a round of crypto millionaires.
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There are 93,862 accounts holding bitcoins worth at least $1 million and there are 8,214 that own bitcoins valued at more than $10 million, according to BitInfoCharts, as of Wednesday afternoon.
That is 102,076 bitcoin accounts that can call themselves diamond hands, in the parlance of Redditors who refer to investment outperformance in that way.
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Also, 422,104 accounts can boast bitcoin accounts valued at more than $100,000, the data show.
It is impossible to know where values for the crpyto asset created in 2009 are headed and whether a crypto winter, similar to the one that ensued after bitcoin surged to near $20,000 back in late 2017 only to slip to around $3,000 will take hold, but bitcoin’s climb has been widely attributed to greater institutional ownership.
Bitcoin’s price surpassed $50,000 this month after Tesla announced a $1.5 billion bitcoin investment. The leading cryptocurrency wasn’t finding lasting support from the campaign, with its price having fallen below the $50,000 mark in Tuesday action.
Still, bitcoin’s price is up nearly 70% so far in 2021. By comparison, gold
bitcoin’s closest traditional rival asset, is down 5%. The Dow Jones Industrial Average
and the S&P 500 index
are both up around 4.5% thus far this year, while the Nasdaq Composite Index
has gained 5.3% over the same period.
Last Friday, bitcoin hit a market cap above $1 trillion, a momentous occasion with a new crop of players dipping their toes into cryptos, including PayPal Holdings Inc. PYPL, which back in November opened up its cryptocurrency platform to all U.S. customers after conducting a more narrow rollout.
Meanwhile, a number of high-profile Wall Street investors, including Stanley Druckenmiller and Paul Tudor Jones, have…