A new class of rich people has emerged in recent years as a result of the rise of Bitcoin and other cryptocurrencies.
According to a research released on Tuesday, the recent volatility experienced by the leading cryptocurrency led to millionaire holders incurring large losses, wiping out over 70,000 Bitcoin millionaires in 2022.
Finbold records show that there were 28,007 wealthy Bitcoin addresses as of January 2. This is a drop of 71,085 addresses, or about 71.73 percent, from January 2 of the prior year.
At the start of the previous year, there were 99,092 millionaire addresses.
A new class of wealthy individuals has emerged as a result of the ascent of Bitcoin and other cryptocurrencies, according to the report, many of whom made their riches by entering the market first.
But during the last year, the market has seen a severe collapse, with the price of Bitcoin plummeting precipitously, severely harming the fortune of many investors.
Notably, there were 13.47 million Bitcoin addresses with between $100 and $999 worth of Bitcoin as of January 2023, down from 15.63 million, or around 13.33 percent (on-year).
The second-largest group of Bitcoin owners, 5.33 million persons, held at least $1,000 worth of the cryptocurrency as of January 2023, a decrease from 6.54 million in 2022.
As a result, the decline of millionaire addresses shows how much the cryptocurrency market has plummeted from the 2021 bull run, according to the analysis.
It’s important to note that there are fewer millionaires with Bitcoin now than there were before the price collapse.
Institutions have also adopted the pattern of liquidation. The American business analytics company MicroStrategy reportedly sold roughly 700 Bitcoin.
