The $20,000 level has become the most important mark on the BTC chart in recent months. The fact is that this is the high of the Bitcoin exchange rate during the 2017 bull run, which has served as a strong resistance for quite some time. The Bitcoin price was balancing around the aforementioned line until the collapse of the FTX crypto exchange last November.

How many Bitcoin millionaires are there?

Following the news of FTX’s official bankruptcy, market players were shocked by this turn of events. Within hours, the value of BTC flew down, and with it, the number of dollar millionaires who made their fortunes on the crypto also shrank.

In January, the situation was just the opposite – it was one of the most productive months for Bitcoin returns. According to Cointelegraph sources, when the BTC price was still below $20,000 on January 13, the number of Bitcoin wallets with balances above the equivalent of one million dollars was at 27,000 units.

The next day, Bitcoin went up by a thousand dollars, bringing the number of millionaire wallets to 65 thousand units. The most interesting thing is that among them there are a lot of wallets with the balance equal to 50 BTC. Well, with 20 thousand dollars per bitcoin this amount translates to exactly one million.

To compare: when Bitcoin price was close to its historical maximum in November 2021, there were about 113 thousand wallets with balance more than one million dollars.

It is not only the number of crypto-millionaires that is growing – the number of wallets with balances above 1 BTC is approaching a new all-time high. This figure now reaches 982,726 units. Perhaps during this bearish trend, we will still see a million addresses whose owners are storing at least one whole bitcoin.

We checked up-to-date data: owners of 6.34 million addresses have at least one thousand dollars in Bitcoin today. At the same time, holders of private keys from 67,705 addresses can be considered BTC millionaires.

Dogecoin has a much different situation: there are now 608 DOGE millionaires. However, it is important to understand here that some of these addresses are owned by exchanges, payment platforms and other companies.

But other aspects of the crypto market have seen record declines – we are talking about cryptocurrency exchanges, i.e. physical devices for buying and selling cryptocurrencies. Recall that since 2014, the total number of crypto-machines has maintained a steady upward trend. The devices are in demand, serving millions of users worldwide in the conversion of digital assets. From December 2020 to January 2022, more than a thousand cryptomats were installed every month.

However, the market downturn last year has taken a serious toll on the business of installing such machines. The results of the new prolonged “crypto-zima” are only now becoming apparent. In the first two months of 2023, the number of crypto machines installed worldwide dropped by 1,136 units.

The logic here is quite simple: crypto-machine operators make money from the fees charged for transactions. Also, part of the earnings can come from the difference in exchange rates, which are usually markedly overvalued when buying assets and undervalued when selling them. A decline in the number of users also means less revenue for companies, making it impossible for them to keep devices operational, maintenance and other operating costs. As a result, they are forced to reduce the number of devices or even curtail their own operations.

For the first time in the history of digital assets, a decline in the total number of crypto devices was recorded in September 2022. However, already this year, the decline in the number of devices has reached an anti-record.

At the same time, for two months in a row, the number of cryptocurrencies has declined in different regions of the world. With this happening, service providers are now trying cheaper alternatives for transactions.

The day before, one such firm, represented by Bitcoin Depot, migrated 7,000 of its own physical machines to BitAccess software after buying a major stake in the company. The conversion helped reduce the operating costs associated with software licensing fees, which cost $3 million per year.

The rate of installation of new crypto-machines depends on the demand for this type of devices by ordinary users. Naturally, in the absence of a hype, people are not actively transacting crypto yet, so the graph of the number of crypto machines will fall. However, this should change once the new global bull run of the crypto market starts.


We believe that the cryptocurrency market may indeed have passed its price bottom in November 2022, when the FTX exchange announced its bankruptcy. Still, the atmosphere in the digital asset niche was dire at the time, with some investors, among others, getting permanently hooked on coins. Luckily, that period is over, and Bitcoin today is much more expensive than at that level of $15,000.


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