Bitcoin Value Exceeds $200: Who is a BTC Millionaire Now?

Bitcoin Value Exceeds $200: Who is a BTC Millionaire Now?

The market for bitcoins has been seeing a surprising amount of attention lately and it is now in the throes of a meteoric rise—as a result, popular media talking heads have come out of the woodwork and none too few who bought into the currency when it was young can now reap amazing rewards. Today, the value of a BTC exceeded $200. It has been a wild and strange ride over the past two weeks watching the charts: only March 21st the value exceeded $70 and April 3rd it exceeded $140.

The value of a coin in the exchanges may not be an indicator of the general health of the cryptocurrency, but it is a sign that people are willing to exchange it for a notable value. Fortunately for BTC, it’s possible to divide one into surprisingly infinitesimal amounts, meaning that a single bitcoin can be valued at a very high amount and still be tradable as a proper currency by holders.

Now curiosity has taken hold and analysts are speculating as to why the sudden popularity (and hoping it means that Bitcoin has reached yet-a-bigger-audience) as well as if this is a bubble and when the market will correct itself.

Bitcoin Millionaires

Not too long ago, a call went out on Reddit asking folks who had bought into Bitcoin earlier if they’d reached “millionaire” status. In fact, noting that only a few months ago the value of BTC hovered around $30 (and before that much lower) there have been more than a few people who own several hundred of them. A few users responded with what they intended to do with their gains.

“Another one of the early ones here. At the current BTCUSD price of $120, I hold just under $10 million in BTC,” says a Redditor, asfdjhasdhviawuer, on a throwaway account. “I still live basically the same life I did before, attend the same university, drive the same car. I have used a small portion of my holdings to buy a small house recently and am paying for a couple close friends to have a lavish spring break this year since it’s going to be our last trip together. I have no plans on cashing out more than necessary to maintain a living (around $60-100k/year) and will hopefully maintain that BTC income investing and mining for the foreseeable future.”

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This feeling that many have suggested that they’ll be selling off half of their bitcoin gains over the next month or so seems common. Many are cautious about cashing out now (although at breaking $200 it seems like a good time.)

Reddtior bitcoinmillo echoes this sentiment in another post titled “Today I’m a millionaire” in /r/Bitcoin. “With today’s rise in bitcoin I’m officially a millionaire. I’m gonna cash out over the next 30 days. I’ll keep 50 % in bitcoin gold and silver for long-term and the remaining 50% for a house and vanguard. Thank you bitcoin! You changed my life.” And this was posted April 8th.

Others, like bitcoiner-throaway, feel that they shouldn’t be cashing out and instead continue to use bitcoin as intended (as a currency) so that it stabilizes. Many early adopters got into Bitcoin because of its promise to change the way that the world works and many of them also happen to have a streak of “true believer” that shouldn’t be blithely dismissed.

“I have no intention of cashing out,” Redditor bitcoiner-throwaway writes, “I believe in Bitcoin as the future of money. I do not live a life of luxury, I still live with my family in a small 4mx3m room, I am studying my PhD, and have a very humble lifestyle.”

A tip of the hat to anyone who made a huge bang for their buck in that market.

Kyt Dotson

Kyt Dotson

Kyt Dotson is a Senior Editor at SiliconAngle and works to cover beats surrounding DevOps, security, gaming, and cutting edge technology. Before joining SiliconAngle, Kyt worked as a software engineer starting at Motorola in Q&A to eventually settle at Pets911.com where he helped build a vast database for pet adoption and a lost and found system. Kyt is a published author who writes science fiction and fantasy works that incorporate ideas from modern-day technological innovation and explore the outcome of living with those technologies.
Kyt Dotson

19 Comments

  1. syawal sybreon Nobody is a btc millionaire. Unless you mean he’s a milliionaire in EUR or USD.

  2. I am a btc millionaire.  I can tell you that 200/btc is still low.  It is going to go into the 10’s of thousands, possibly to millions per coin.  You must realize that bitcoin is the ONLY solution to financial tyranny and that is why it will keep rocketing up as more and more people realize that fact.  It is unstoppable now as FinCen has ruled it as not a currency and untaxable as one.  You can now buy cars and expensive electronics among many other things with btc.  Mtgox exchange is also preparing for multimillion dollar worth investments via wallstreet’s Coinlab.

  3. Hey KYT, Check out Kurrenci they are one virtual currency no one is talking about.

  4. davewiner how soon till the bubble pops?

  5. @JoeySchmoey Atleast until the Feds start flipping out. Being a millionaire will do you no good when locked in a room in an island nation while being tortured till you provide them the information they want regardless if you know the answer. Have you claimed those millions as income yet? Most of the world is still very gray regarding the protected legal status of bitcoins. For example, your admission here, could be enough for criminal tax evasion charges to be saught by a federal prosecutor wanting to make a name for himself. I predict there are about to be some major horror and abominations against humanity about to be committed by those with many guns under the power of the criminal international banking cartels in the interests of making examples out of people.

  6. In the article you have a screenshot of a graph, where can I access this program / website myself?
     
    Thanks

  7. @Limpeklimpe http://bitcoinity.org/marketsThere you have the main bitcoin exchange websites.

  8. @Atwas911  @JoeySchmoey Thank you for both your very opposite yet fascinating perspectives. I have about 30 bit coins and 150 litecoins and think they’re going up, way up too. In all honestly, the second I really understood them I’d have sold my left hand to buy more because I BELIEVE IN THEM. Many criticize bitcoins but don’t really understand them. For those who want to understand there’s plenty of info out there, but the bottom line is it’s the first viable solution to the current problems now created by all the world’s central bank and most notably the federal reserve. It’s the first real alternative to what we have now: a hideous war mongering monster of a government that feeds on it’s own tail manipulating money through inflation to serve the twisted will of a giant machine that sucks life out of everything it touches. And this is my real reason for buying into bitcoin: I hate the government. And if they decide to make it illegal or whatever, let them try. This is more important than you or I, this is about the future of our planet. Until now, I’d never been able to muster any hope at all for my daughters future. I dreamt of a world where wars were ended, and a general feeling of love transcended the plant. A tall order I know. Anyway, when bitcoin came around and I finally understood it, I realized that it has the potential to do that and all it took was a critical mass of people who believed the same to make it happen. And now it’s happening (IT’S HAPPENED!), and despite what say the pundits and talking heads, bitcoin is going to take the world by storm and there is not a dam thing anyone can do about it. Bitcoin is built on well understood and tested technologies and CANNOT BE INFLATED,  and the more people realize this simple fact, the more you’ll see the price go through the roof when people everywhere pour their money into the worlds last secure store of value. Oh and one more thing for the non-believers out there, Bitcoin isn’t in a bubble. Bitcoin is blowing up because people are pouring their hearts and souls into this currency because it may just be the last exit before armageddon. So if you believe in freedom, then bitcoin isn’t just a good investment, it’s perhaps your only hedge against a failing, crumbing, outdated and totally corrupted world system. If you believe in freedom, then bitcoin is the light at the end of a long, long tunnel.

  9. Hello, Who can assure that biggest bitcoin ex-changer is not manipulating with prices? Is there any proof of payment which is received from this biggest ex-changer? I tryed to google it but there isn’t any. Also, they have very long period (up to 20-30 days) for withdrawed money to arrive into your account. So, I guess this fake crazyness will not last longer than this frame of time. But still I believe in idea of decentralised currency, but there is a need for true market (not one ex-changer) and big trust among those to whom you send your virtual currency (there is no way back in bitcoin). And still I want that BITCOIN :) Please, let me see how it works by sending smallest part of bitcoin:  1EkaiRcKFTXdTb71WJf8kyBkRtNf4L48zr Thanks. http://pieceofsmallworld.blogspot.com/2013/04/bitcoin-is-full-of-scam-and-fraud-now.html

  10. @Eaglecomo
    Also, company (limited with low base of capital) which is operating biggest exchange market is based in Japan, but in Japan there isn’t any interest for bitcoin (use google trends and see yourself). That shows how risky is this company. They dont want to expand in their home-country. It is fraud and scam and who put money in it will burn soon.
    Another point: why biggest medias of USA is inflating this bubble? why they telling that russian are interrested? they are not – only one region of russia is searching for bitcoin in google and that region is not moscow, but some siberian region which is full of bad guys.

  11. @Eli Hecht Kurrenci is not a virtual currency. It’s a gift points program for shopping from retailers using USD.

  12. @MatthewLipscomb  @Atwas911  @JoeySchmoey Wonderful, I too believe in them, and feel they are a wonderful tool to ensure freedom.  But what people have to realized, centralized banking and currency are tools of the human slave trade, and a free and open currency that is unable to be manipulated is essentially a key to your shackles. The slavers don’t like slaves taking off their own chains and there will be violent interactions between those trying to enforce the slavery system onto the public and those wishing to end it.

  13. @@ErikVoorhees  @Eli Hecht Take a better look at the business model. Its a virtual currency with its value determined by the merchant who excepts it.  Consumers do not need to spend it at Merchants, there are lots of things and ways they can do with it. Best of all its secure.

  14. @Eli Hecht I checked it out but it seems pretty Mickey Mouse to me.

  15. @MatthewLipscomb Not anymore Mickey Mouse then Bitcoin. Its the smartest way to shop online. Bitcoin is a gamble, Kurrenci is regulated by the government and your money is secure.

  16. @JoeySchmoey Bitcoin will have many obstacles to overcome before reaching a million dollars per coin; however, as I own a hand full of them, I certainly hope you’re right, and like you think that the sky is the limit and the only real question is how governments will respond as billions slowly slip out of bank accounts and into bitcoins further destabilizing the worlds corrupt financial markets. It’s going to be a wild ride!

  17. @MatthewLipscomb  @JoeySchmoey hey I’ve been trying to buy lite coin for days how do u do it

  18. @mrbronte  @JoeySchmoey I opned an account here: https://btc-e.com/ transfered bit coins and bought light coins then downloaded the light coins to my lightcoin wallet. Pretty painless :-)

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