The late Charlie Munger of Berkshire Hathaway fame once said that to become rich, you must find a way to “get your hands on $100,000.” Here’s how many bitcoiners have made it that far.
At one of Berkshire’s world-famous annual shareholder meetings in Omaha during the late 1990s, Munger said, “The first $100,000 is a b——, but you gotta do it.”
“I don’t care what you have to do. If it means walking everywhere and not eating anything that wasn’t purchased with a coupon, find a way to get your hands on $100,000,” he noted.
So far, in the Bitcoin economy, there are over 450,000 BTC addresses that hold Bitcoin worth $100,000 or more at current crypto exchange prices.
Over 450,000 BTC Addresses Above $100K
As the year turned over to 2024, the the total number of Bitcoin addresses holding BTC worth $100,000 or more surpassed the 450,000 milestone for the third time in the asset’s short history.
The first two times the Bitcoin market and economy reached this milestone were during the 2020 halving super cycle— in February and October of 2021.
Additionally, the Bitcoin economy appears to be rather egalitarian for a high-velocity, high-tech financial network. Of the 19.7 million BTC the network has already mined, individuals hold more than half— 11.97 million. That’s according to data from Bitcoin Treasuries.
Blockchain watchers believe Satoshi Nakamoto, Bitcoin’s mysterious creator, owns around 1.1 million BTC. Meanwhile, governments own some 565K BTC, and hedge funds and ETF issuers own about 818K BTC.
Here’s How Many Are Millennials
Based on survey data, here’s how many of those addresses might belong to Millennials. That’s the Echo Boomer generation that arrived between the years 1981 and 1996.
Some 57% of total crypto ownership is comprised of Millennials, according to survey data published by Bankrate in May.
So, at August BTC prices, there could be as many as 256,500 Millennials worldwide who are in the Bitcoin two-comma club. Of course, if the largest digital asset continues to appreciate in crypto exchange markets, that number will likely increase.
In July, CNBC published seven tips on how to make $100,000 in a year.
Briefly, they are as follows: Budget to save and automate your plan while maximizing employer-matched savings contributions. Meanwhile, CNBC says to pay off debt fast, save tax refunds and work bonuses, and do whatever you can to increase your income.
After saving up your first six figures, “You can ease off the gas a little bit,” Charlie Munger said.