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The number of bitcoin deposit accounts has increased in recent times due to the surge in cryptocurrency prices. More than 93,000 accounts currently hold bitcoin worth at least $ 1 million, according to data from BitInfoCharts.
Statistics also showed that 8,214 accounts have bitcoin valued at over $ 10 million. These are 102,076 bitcoin accounts that can be called diamond hands, in the parlance of Redditors who refer to outperforming investments in this way. In addition, 422,104 accounts can boast of Bitcoin accounts valued at over $ 100,000.
The world’s largest cryptocurrency, bitcoin, first crossed a price tag of $ 50,000 this month, after Tesla announced a $ 1.5 billion investment in bitcoin. Despite this week’s drop, bitcoin has risen by over 60% so far in 2021.
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With a market cap of around $ 850 billion, bitcoin is worth more than Tesla or Facebook, and almost twice as big as Warren Buffett’s Berkshire Hathaway. In 2021 alone, bitcoin added more than $ 400 billion to its market capitalization, outperforming most traditional assets.
The boom in digital assets has been driven by signs that it is increasingly accepted by institutions, as it has attracted a number of high profile Wall Street investors including Stanley Druckenmiller and Paul Tudor Jones. Earlier this week, Jack Dorsey’s financial services firm Square expanded its bitcoin holdings by $ 170 million as part of an ongoing commitment to cryptocurrency.
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In another major step, America’s oldest bank, BNY Mellon, announced that it will transfer and issue bitcoin for its institutional clients. Mastercard, the main credit card, has announced that it will start allowing customers to make payments in certain cryptocurrencies on its network this year. Visa also said it plans to allow crypto payments in countries where it is legal.
However, skeptics still say the Bitcoin rally is unsustainable and warn that the crypto market is another bubble ready to burst. JP Morgan recently called the token an “economic side-show,” noting that general adoption actually reduces the benefits of diversifying into bitcoin.
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