2024 Was a Banner Year for Bitcoin Millionaires, but 2023 Was Better

The number of Bitcoin (BTC) addresses holding more than $1 million in BTC rose by 58.21% during the 2024 crypto bull market, increasing from 96,756 to 153,081, according to Finbold research.

This works out to an average of 154 new Bitcoin millionaires emerging every 24 hours throughout the 366 days of the 2024 leap year.

In total, 9.9 million new addresses holding more than $1 of the cryptocurrency were added during the 52 weeks.

The largest increase was seen among addresses holding between $100 and $999.99, which increased by 3.3 million — a daily average increase of 9,086.82 — from 19.8 million to 23.1 million.

Proportionally, however, no group grew as much as those with more than $10 million in BTC, with their numbers increasing by 102.33% from 7,414 to 15,001.

2023 was better for BTC investors than 2024

Interestingly, the increase in the number of Bitcoin millionaires was smaller in 2024 than in 2023, rising by a total of 56,325 — around 13,000 less than the 69,196 in the year before.

This may be due to several factors, including the strength of the altcoin and meme coin markets and the greater availability of alternative vehicles for gaining exposure to digital assets, such as the spot Bitcoin and Ethereum (ETH) exchange-traded funds (ETFs).

However, as Andreja Stojanovic, a co-author of the research, noted, the difference could also be due to BTC’s relative performance and the significantly lower price in 2023:

“Considering the fact that the Bitcoin rally started already in late 2023 and that it featured a total 153.21% price increase within the 52 weeks, while in 2024, it rose a total of 121.11%, the seemingly surprising discrepancy might simply be demonstrative of the initial relatively low prices and immediate investor enthusiasm.”

Finally, it is important to note that the number of addresses holding over $1 million in BTC does not directly equate to the number of individual Bitcoin millionaires, as one person can control multiple addresses, and several people can co-own a single address.