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⚡88,200 Bitcoin-Made Millionaires🤑

Croxroad

07 Sep 2023 — 5 min read

☕️ GM Dear Plebs!

Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

The menu for today:

💲 Henley & Partners Study: 88,200 Millionaires Made in Bitcoin

Right now, the world of cryptocurrencies is worth over $1 trillion. Some people have become millionaires and billionaires because of it.

Henley & Partners, a company that helps with investments, found that out of today's 88,200 crypto millionaires, 40,500 of them made their wealth from Bitcoin.

These crypto millionaires are a tiny fraction, just 0.157%, of all the 56.1 million millionaires in the world. So, while crypto has made some people rich, it's still a small group compared to the overall millionaire population.

Taking a closer look at Henley & Partners' information, 182 people have become centi-millionaires thanks to their investments in cryptocurrencies. To put it simply, centi-millionaires are folks with more than $100 million in investable assets. What's really surprising is that out of these centi-millionaires, 78 of them made their fortunes solely from Bitcoin (King).

What's even more impressive is that about six individuals have crossed the billion-dollar mark solely because of Bitcoin. On top of that, approximately 22 billionaires have accumulated their wealth from the larger world of cryptocurrencies, not just Bitcoin.

In 2023, the exclusive club of crypto centi-millionaires and billionaires features some well-known names. This impressive list includes Changpeng Zhao (CZ), the CEO of Binance, Chris Larsen from Ripple, the Winklevoss twins who run Gemini, venture capitalist Tim Draper, Michael Novogratz of Galaxy, Brian Armstrong from Coinbase, Dan Larimer of Block.one, Anthony Di Iorio from Ethereum, Barry Silbert of Digital Currency Group, Brad Garlinghouse from Ripple, Roger Ver, the founder of Bitcoin.com, Jihan Wu, the former CEO of Bitmain, and venture capitalist Matthew Roszak. These individuals have made a fortune in the cryptocurrency world. Still you all know Bitcoin is the safest and most profitable investment.

Opdyke had this to say: "Since the inception of Bitcoin in 2009, Bitcoin was destined to be the most unavoidable trend in three decades." He compared it to the early days of the internet, highlighting the predictable ups and downs. "Today's crypto market, especially after a bearish period, is reminiscent of the years 1999 to 2001. In simpler terms, it's an incredible chance to invest when the market is down because these low prices are unlikely to come around again."

Folks! exploring Bitcoin as an investment could be a strategic move in today's evolving financial landscape.

🔑 Bitcoin's Bull Run Faces Uphill Climb

The price of Bitcoin is kind of stuck around $25,500. It might try to go up a bit, but it's likely going to face some challenges when it gets close to $26,200.

Bitcoin hasn't moved much lately, and it's staying above this support level at $25,500. But it's also important to note that it's trading below $26,000 and a specific line that represents a kind of resistance, which is at $25,950.

Now, there's a pattern forming on the chart that suggests that Bitcoin might have a tough time getting past $25,950. This means that while it could make an effort to bounce back, there are still a lot of people who might want to sell when it reaches around $26,200. So, it's a bit of a tricky situation for Bitcoin right now.

Bitcoin tried to break through $26,000, but it couldn't do it and fell back. It dropped below $25,650 but found support at $25,350 and bounced back to $25,500. Currently, it's still below $26,000 and the 100-hourly Simple Moving Average.

On the Bitcoin chart, there's a noticeable line that's acting as a hurdle around $25,950. If Bitcoin wants to go up, it has to break through this line. The first obstacle on the way up is around $26,000, and it's also close to a certain percentage level on the chart that's like a measure of the recent drop.

If Bitcoin manages to get past $26,200, that could signal a potential move upwards to around $26,750. This level is also related to that percentage measurement and marks a significant point on the chart. So, in simpler terms, Bitcoin has some resistance to overcome before it can start going up again.

The next significant support for Bitcoin is around $25,350. If the price falls below that level and stays there, it might lead to more selling in the market. In such a scenario, Bitcoin could potentially drop to around $24,500 or even as low as $24,000.

Here are some technical indicators:

- The MACD (Moving Average Convergence Divergence) on the hourly chart is showing a bearish trend.

- The RSI (Relative Strength Index) for BTC/USD is currently above the 50 level.

The major support levels to watch are $25,500 and then $25,350, while the major resistance levels are $25,950, $26,000, and $26,200. These levels can help us understand where the price might encounter obstacles or find support.

🔏 Private

In the world of Bitcoin, one of the cool things is that there's no middleman or third-party snooping around your account. This means you've got a certain level of privacy. When you make transactions using Bitcoin, you don't use your real name or personal info. Instead, you've got something called an identifier and a wallet address. It's like a secret code that represents you on the blockchain, which is like a giant digital ledger.

The cool part is that it's all kinda anonymous, and no one knows it's you behind those transactions. And you know what's even cooler? Bitcoin is all about privacy, so they take this anonymity thing to the next level.