Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
The US has about 724 billionaires with data showing that 1.5 million households have a net worth of a minimum of $1 million.
Bitcoin (BTC), the largest digital currency in the world by market cap has continued to gain traction. Despite the current market onslaught, it remains the benchmark to judge the overall performance in the cryptocurrency industry.
Current data shows that more Bitcoin is going out of supply than it is being produced, further stiffening the quantity of the digital currency in circulation. According to data from CryptoRank, Out of Supply Bitcoin has reached 4.7 BTC units, a significant number out of the total of 21 million Bitcoin minable.
The Out-of-Supply Bitcoin indicator encompasses coins that have been formally restricted, “burnt” coins that are still visible on the chain, and those that have probably been lost. This figure is very significant in the history of the Bitcoin cryptocurrency as it leaves a smaller number of Bitcoin to trade. The smaller the available BTC, the more competition and the potential impact on price.
At the moment, Bitcoin’s price outlook is being impacted more by the global macroeconomic outlook as inflationary pressures have continued to dwindle investors’ interests. Bitcoin is currently changing hands at $20,392.73, up 2.79% in the past 24 hours. The cryptocurrency has majorly been on the downtrend for the past 7 days as evidenced by the 4.78% loss in that timeframe.
Investment in Bitcoin has been growing over the years with the entrance of institutional investors. With the likes of MicroStrategy Incorporated (NASDAQ: MSTR) stacking up over 120,000 units of Bitcoin, the number of corporate Bitcoin buyers stacking up on the premier asset has been growing, further adding to the supply strain the BTC ecosystem is experiencing.
Bitcoin frozen from hackers is also a major factor helping to increase the Out-of-Supply Bitcoin assets.
Becoming a Millionaire Through Bitcoin Investment
Most people working in the world today are hoping that someday, they may become a millionaire. While this sounds like a dream, a lot of people around the world have a nine-figure networth, particularly in the United States.
According to key statistics published by Earth Web, the world has as many as 56.1 million millionaires as of the end of 2020, with the United States alone boasting 20.2 million millionaires. The US has about 724 billionaires with data showing that 1.5 million households have a net worth of a minimum of $1 million.
One very significant highlight of the report was that 88% of all millionaires are self-made, an insight that reflects how possible it is for anyone also to achieve a similar milestone.
Many people achieve their millionaire or billionaire status in different ways. While some are classified as Saver-Investors, others are Company Climbers, Virtuoso, or Dreamers. The digital currency ecosystem, and Bitcoin in particular features people that fall totally into these four categories.
Engagement with Bitcoin in any way, and investing in the asset class may eventually help anyone chart a sustainable financial future for the most patient people.