In the late 1990s, during one of Berkshire’s shareholder meetings, Charlie Munger famously stated, “The first $100,000 is a b****, but you gotta do it.” This mantra has been echoed in the world of Bitcoin, where over 450,000 BTC addresses currently hold Bitcoin worth $100,000 or more at current exchange prices. The year 2024 saw the total number of Bitcoin addresses holding such amounts surpass the 450,000 milestone for the third time in Bitcoin’s short history.
Interestingly, the ownership of Bitcoin addresses appears to be rather egalitarian for a high-velocity, high-tech financial network. Out of the 19.7 million BTC already mined, individuals hold more than half – 11.97 million to be precise. Satoshi Nakamoto, the mysterious creator of Bitcoin, is believed to own around 1.1 million BTC. On the other hand, governments own approximately 565K BTC, while hedge funds and ETF issuers hold about 818K BTC.
Recent survey data has shed light on the demographic breakdown of Bitcoin ownership. According to Bankrate, Millennials make up 57% of total crypto ownership. This group, born between 1981 and 1996, could potentially have as many as 256,500 members worldwide who are part of the Bitcoin two-comma club. With Bitcoin’s continued appreciation in value, this number is likely to increase over time.
In an article published by CNBC, seven tips were given on how to make $100,000 in a year. These include budgeting to save, automating your savings plan, maximizing employer-matched contributions, paying off debt quickly, saving tax refunds and bonuses, and finding ways to increase your income. Once you have achieved your first six figures, it is advised to ease off a bit, as suggested by Charlie Munger himself.
The Bitcoin economy continues to grow, with a significant number of addresses holding $100,000 or more in Bitcoin. The ownership distribution among individuals, governments, and institutions is relatively balanced, with Millennials playing a significant role in the crypto space. As Bitcoin’s value appreciates, more individuals are likely to join the ranks of the two-comma club, making it an intriguing asset class to watch in the coming years.