In the late 1990s, during one of Berkshire’s annual shareholder meetings, Charlie Munger famously stated, “The first $100,000 is a b—-, but you gotta do it.” He emphasized the importance of finding a way to get your hands on $100,000, no matter the sacrifices. In the world of Bitcoin, there are now over 450,000 BTC addresses holding Bitcoin worth $100,000 or more at current exchange prices. This milestone has been surpassed three times already, with the most recent occurrence happening as we entered 2024.
Bitcoin Ownership Demographics
Despite the rapid growth of the Bitcoin market, the distribution of wealth within the Bitcoin economy appears to be relatively egalitarian. Of the 19.7 million BTC that have been mined so far, individuals hold more than half – a total of 11.97 million BTC. Satoshi Nakamoto, the mysterious creator of Bitcoin, is believed to own around 1.1 million BTC. Meanwhile, governments own approximately 565K BTC, and hedge funds and ETF issuers hold about 818K BTC. Surprisingly, Millennials account for 57% of total crypto ownership according to survey data from Bankrate. This generation, also known as Echo Boomers, includes those born between 1981 and 1996. This means that there could be as many as 256,500 Millennials worldwide who are part of the Bitcoin two-comma club.
Strategies to Reach $100,000
In a world where Bitcoin millionaires are on the rise, CNBC published seven tips on how to make $100,000 in a year. These tips include budgeting to save, automating your savings plan, maximizing employer-matched contributions, paying off debt quickly, saving tax refunds and work bonuses, and finding ways to increase your income. Once you have saved your first six figures, you can start to ease off the gas a little bit, as advised by Charlie Munger himself.
The rise of Bitcoin millionaires, particularly among Millennials, highlights the potential for individuals to generate wealth in the ever-evolving world of cryptocurrency. With careful planning, determination, and a willingness to adapt to the changing landscape of digital assets, anyone can strive towards financial success in the Bitcoin economy.
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