Bitcoin has seen a meteoric rise in valuation from literally under $0.01/BTC to a peak of ~ $19,000 USD/BTC in December 2017, today sitting at $10,000 USD/BTC.
Owning one bitcoin a decade ago wasn’t even worth thinking about. Today, it is all some people can think about. As the value of bitcoin rises with each passing year the reality of owning a single bitcoin becomes more and more unreachable for the majority of the world population. By owning 1 whole Bitcoin you can join the “21 Million Club“
- What is a Bitcoinaire?
- Why Become a Bitcoinaire?
- How Many Bitcoin Are There Really?
- How Many Bitcoinaires Are There?
- How Rich Will Bitcoinaires Be?
- Known Bitcoinaires, Some Famous, Some Not
- How to Become a Bitcoinaire
- Markshire Crypto Conclusion – Bitcoinaire
What is a Bitcoinaire?
A bitcoinaire is a simple concept. It is a person who owns one or more bitcoin. If you have 0.9999 bitcoin, you are not a bitcoinaire (although in reality, you are close enough). If you have 1.0 BTC you are officially a bitcoinaire. If you have more than 1.0 bitcoin, then you are still a bitcoinaire, albeit, more of a bitcoinaire. Much like how having $1,000,000 USD makes you a millionaire, but having $40,000,000 makes you more of a millionaire.
Bitcoinaire: someone who owns one or more bitcoin, also a member of the 21 Million Club.
Being a bitcoinaire is totally in reference to the amount of bitcoin, and entirely unrelated to the fiat dollar value of a bitcoin. With one bitcoin today being worth just under $10,000 USD, being a bitcoinaire is great, but nothing too exciting.
“If you have 1.0 BTC you are officially a bitcoinaire, and part of the 21 Million Club“Mark, Markshire Crypto
However, as the value of bitcoin is projected to continue its parabolic rise over the next decade and subsequent halving events, becoming a bitcoinaire could potentially lead to life-changing, generational wealth.
Why Become a Bitcoinaire?
Bitcoin is one of the world’s only truly finitely scarce assets as determined by the hard limit of 21 million bitcoin in the core protocol. The actual Bitcoin network itself also is gaining huge traction, attention and robustness: more miners join the network (increasing the hashrate), more uncensored transactions are published on the public blockchain, and more investment firms are buying into bitcoin and developing financial products around the bitcoin ecosystem (i.e. futures, options). It is the base layer of digital scarcity as a technological revolution that will underpin the Internet of Value.
As the value proposition of Bitcoin grows and its user base increases, the dollar value of a bitcoin will rise exponentially alongside its development and adoption. Also with the slowing rate of bitcoin production (aka the halving events), it becomes rarer and rarer to have one whole bitcoin.
Why become a bitcoinaire? Because you will be among a very, very small minority of people with the foresight to have bought and HODL’d a single whole bitcoin. You will reap the rewards of a long term hold strategy and wealth growth with bitcoin.
Why become a Bitcoinaire? Because bitcoin is the peoples’ money of the Internet, the money of the future.Mark, Markshire Crypto
How many bitcoin are there really?
I’m sure 99% of my readers here know that there will only ever be 21,000,000 bitcoins. HOWEVER. Remember that Satoshi Nakamoto himself has roughly 1,000,000 BTC locked up in his wallet, never to have moved since being mined. Additionally, prior to anyone understanding the true value of Bitcoin, many early bitcoin enthusiasts lost their bitcoin. Back when it was easy to mine tens of thousands of the coins on your dorm-room laptop and finding anyone to buy or sell you bitcoin was actually quite difficult, most people forgot about it. Their computers broke or were sold off or thrown in the garbage.
It is estimated that somewhere between 2-4 million bitcoin are lost forever. Combined with Satoshi Nakamoto’s 1,000,000 bitcoins, that puts the estimate anywhere from 3 to 5 million bitcoin “locked up” forever. Putting the total practical supply somewhere between 15 to 17 million. Keep in mind that less than 19 million are mined right now, so 14 to 16 million bitcoin exist roughly speaking right now.
21 Million Bitcoin
Minus the 1 million of Satoshi Nakamoto’s Wallet
Minus the 3 to 5 million “lost” bitcoin
Total accessible bitcoin: 15,000,000 to 17,000,000.
How Many Bitcoinaires Are There?
Unfortunately, we do not exactly know. What we can know is how many bitcoin addresses with over 1 BTC exist and extrapolate from there.
According to BitInfoCharts on their “Bitcoin Rich List” there are 785,811 bitcoin addresses with more than 1 BTC. With the vast majority holding between 1-10 BTC (631, 520 addresses).
However, this does not mean that there are 785,811 individual people holding that much bitcoin. Remember that tons of bitcoin have been lost: when bitcoin was easy to mine and people had hundreds, thousands or even tens of thousands of bitcoin on their laptops, they lost their private keys due to loss of the laptop or destruction/disposal of the computer.
Moreover, many of these addresses belong to centralized exchanges such as Binance, Kraken, Coinbase, Huobi, Bitmex etc, with each address holding tens to hundreds of thousands of bitcoins. Meaning that they may have many client accounts with a few bitcoin to a few hundred bitcoin to many thousands of bitcoin. Conversely, there may be hundreds or thousands of clients with claims on a relatively small amount of bitcoin. Whether or not these clients have claims to > 1 or < 1 bitcoin is unknown to us.
Suffice to say that we really do not know how many people have more than one whole bitcoin. But we do know that for sure, there will never be more than 21 million bitcoin and that many millions are lost. There are also many known bitcoinaires that hold thousands of bitcoin. This means that at a maximum, there likely cannot be more than 17,000,000 (17 million) bitcoinaires worldwide if all accessible bitcoin were mined and distributed amongst the world population, one BTC each. In reality we know that there will be significantly fewer bitcoinaires in the world, perhaps closer to the 5 million target, just as an educated guess.
In fact, according to Steve Lee (former Google Product Director), only 1% of the world population can own more than 0.28 BTC each. That is to say that if you own more than 0.28 BTC and HODL, no more than 1% of the world’s population (~7.5 billion) can ever own more bitcoin than you.
How Rich Will Bitcoinaires Be?
This is a question of real significance since what it really means is how much will 1 bitcoin be worth in the future. You can check out how to value bitcoin here.
I prefer not to guess, but rather to look at the data that we have. According to Plan B’s stock to flow model of bitcoin, it projects bitcoin increasing essentially by a factor of 10 with every halving event. This puts the price target per bitcoin at $100,000 after the 2020 halving, $1,000,000 after the 2024 halving, $10,000,000 after the 2028 halving and $100,000,000 after the 2032 halving.
This sounds ridiculous, but this post is not about bitcoin price discovery. If Plan B’s stock to flow model holds true over the next decade, as it has this past decade, then owning 1 whole BTC in 10 to 12 years will make you very, very wealthy. Own 10 bitcoin and your family is set for generations.
Known Bitcoinaires, Some Famous, Some Not
Cameron and Tyler Winklevoss, the Winklevoss twins, who are the founders of the Gemini Exchange in New York are a popular pair of bitcoinaires. This popularity is in part due to their fame from the docudrama “The Social Network” about their conflict with Mark Zukerberg and Facebook. However, the twins had the foresight and intelligence to invest early in Bitcoin, owning roughly 90,000 to 100,000 bitcoin. They are some of the world’s first bitcoin billionaires.
Tim Draper was known to have bought 30,000 bitcoin in 2014, and apparently hasn’t sold any, or at least not much. This would put his bitcoin wealth at over $290,000,000 USD (or simply at 30,000 BTC).
Chamath Palihapitiya, a venture capitalist (founder of Social Capital) and early Facebook executive, may own somewhere between 25,000 BTC to 38,000 BTC as a CNBC article quoted him at owning ~$5million worth of bitcoin in October 2013. Today that brings his bitcoin wealth to roughly $242 million to $370 million USD.
Roger Ver, popularly known as ‘Bitcoin Jesus’, purportedly owns a whooping 300,000 bitcoin, putting his bitcoin wealth today $2,900,000,000 USD. Not to be confused with Bitcoin Cash, of which he apparently has “substantially more”.
Charlie Shrem, one of the founders of BitInstant (now closed) apparently bought thousands of bitcoin in the price range between $3 – $20 USD/BTC. In the book “Bitcoin Billionaires” by Ben Mezrich, he reportedly may have needed to sell some of this bitcoin in order to pay for some legal fees in his court case in 2014 (pleading guilty to operating an unlicensed money transmitter business). However, even if he has 1 to 5 thousand bitcoins he would be considered one of the wealthiest bitcoinaires alive, with a possible bitcoin value in the range of $9.7 million to $48.5 million.
The United States Federal Government – after the fall of Silk Road in 2013 the US Justice Department seized the Bitcoin wallet that housed the bitcoin earned from the illicit web site, with reportedly 144,000 bitcoins in it. Apparently they auctioned off most of this bitcoin, but I would be skeptical if they did not keep some for research purposes at the very least.
Andreas Antonopoulos, a well respected, highly intelligent and insightful Bitcoin educator, speaker and author. We have no idea how much bitcoin he has. He is the author of several successful books on cryptocurrency and he is a high profile and influential speaker who is paid to speak about bitcoin/cryptocurrency at many international events. He has publicly stated that he only takes bitcoin as payment. Therefore, he certainly is a bitcoinaire.
Barry Silbert, founder and CEO of SecondMarket, is a bitcoin evangelist who created the Bitcoin Investment Trust, which holds well over 1% of all bitcoin in existence.
Michael Novogratz, of Fortress Investment Group and founder of Galaxy Digital, bought a multitude of bitcoin many years ago. Likely a few hundred million USD worth of bitcoin in today’s dollars.
Jack Dorsey, CEO of Twitter, has publicly stated that he is accumulating bitcoins on a weekly basis. He most definitely has well over 1 BTC, likely 100s of BTC.
Anthony Pompliano, aka “Pomp”, host of the “Off the Chain” Podcast and partner at Morgan Creek Digital. He has publicly stated roughly half of his net worth is in bitcoin. While we do not know how much that is, he is most certainly a bitcoinaire.
Peter McCormack, host of the “What Bitcoin Did” podcast, is a huge bitcoin proponent and while he does not disclose how much bitcoin he owns, he has alluded to earning bitcoin and has publicly stated that he plans to HODL for the next decade (3 halving events).
Laura Shin, host of two podcasts “Unconfirmed” & “Unchained”, this is pure speculation, but I highly suspect that she earns some cryptocurrency and/or invests in multiple cryptocurrencies, with bitcoin likely being her largest holding. I would bet bitcoin that she is a bitcoinaire.
Ivan Liljeqvist, the founder and host of “Ivan on Tech” and the “Crypto Academy” – while we do not know how much bitcoin he has, it is safe to assume he is a bitcoinaire, as well as his business partner Filip Martinsson.
Filip Martinsson – business partner of Ivan Liljeqvist from Ivan on Tech. Highly suspected to be a bitcoinaire.
Vitalik Buterin, founder of Ethereum. Vitalk started out in crypto writing for a Bitcoin magazine, when he broke off and decided to build Ethereum. I’m sure that he has significantly more ETH than he has of BTC, but he is highly likely also a multi-bitcoinaire.
Brad Garlinghouse, CEO of Ripple, has publicly stated multiple times that he is long term bullish on Bitcoin. He is a wealthy man who wouldn’t be bullish on bitcoin and not own any. I am almost certain that he too is a bitcoinaire, as well as many of the Ripple team members.
Louis Thomas, a relatively well-known crypto YouTuber, has publicly stated he is very much into bitcoin and ethereum. I recall in late 2018 he was planning on making his first house purchase, but actually put that on hold and used his down payment to purchase more cryptocurrency (bitcoin and ethereum) pretty much at the bottom of the bear market. A downpayment is no small sum. I am quite certain that he too is a bitcoinaire.
Many more… there are likely thousands of bitcoinaires, many of whom I may have missed. I plan on updating this from time to time.
How To Become a Bitcoinaire?
There are a few ways to become a bitcoinaire, however, with all methods, it is becoming more difficult as the years pass. Keep in mind that to obtain thousands of bitcoin would require you access to considerable wealth or otherwise a concentrated team effort to earn and/or buy bitcoin. Although you do not need to have thousands of bitcoins, there aren’t enough to go around, it is most likely that you’ll be able to get a handful of bitcoin, likely under 100. But get more if you can!
Buy bitcoin. Buy it in large chunks, or many smaller sums over a period of time, also known as dollar-cost averaging. This is by far the easiest way to become a bitcoinaire today. Learn how to buy bitcoin.
Earn bitcoin. Do your job and get paid in bitcoin instead of fiat. Most major employers will not do this. However, if you work freelance, particularly online freelance, or you work for a cryptocurrency startup, being paid in bitcoin (or ETH, LTC, XRP, EOS, ADA etc) is quite common.
Trade bitcoin. Likely the most difficult way to earn bitcoin. This requires constant attention and with the long term massive upward movements of bitcoin, it can certainly be difficult to time the markets to buy low, sell high and then buy low again; since over the long term, it moves significantly higher. Moreover, you must also consider taxation. This was certainly easier when there was greater opportunity for arbitrage before the large exchanges existed and increased volumes across the board increased price efficiency.
Whichever method you choose, I wish you luck!
Markshire Crypto Conclusion – Bitcoinaire
Being a bitcoinaire 10 years from now will almost certainly set you up for financial freedom for generations. I will not disclose how much bitcoin I own, or if I am a bitcoinaire or not. That would be bad crypto-security hygiene.
I am very curious to see what becomes of so-called “bitcoinaires” in the future. In my opinion, the media will follow them like they do the big business and tech moguls like Elon Musk, Jeff Bezos, Bill Gates, Jack Dorsey, and Warren Buffett.
Please feel free to drop a comment, question, or note for me. I love hearing from my readers