Canada Adopts International Crypto Tax Reporting Standard
Canada is aimed at having the OECD standard for crypto asset tax reporting in place by 2027, as agreed with 46 countries.
Recent data released from Glassnode shows that more than 13,000 Bitcoin wallet addresses are valued at over $1 million USD.
What Does It Take To Become A Bitcoin Millionaire?
As it stands at the time of press, if you hold 107 Bitcoin, you hold $1 million USD’s worth of cryptocurrency While this is the figure at the moment, it’s important to remember than Bitcoin can be an extremely volatile asset and the USD value can shift in either direction quickly.
To become a Bitcoin millionaire, simply put, you need to have $1 million USD worth of Bitcoin at any given time. Getting your Bitcoin holdings to enjoy a million-dollar price stage, you’d need to invest your time and money into increasing your wallet through trading, investing, or arbitrage.
Read more: What Is Bitcoin Arbitrage?
Addresses Which Coined During The Bitcoin Bullrun
Many of the addresses that fall in the “Bitcoin millionaire” range coined during the bullrun in 2017, when Bitcoin saw its all-time high value. In March this year, the number of unique addresses holding Bitcoin fell to just below 8,000. Now, as Bitcoin has appreciated in value, it only makes sense that the number of addresses with the increased value has surged too. It’s worthwhile noting that the dip in March is not indicative of investors selling or withdrawing their Bitcoin. Rather, their holdings lost value as Bitcoin’s price declined.
Does Each Address Represent One Bitcoin Millionaire?
Looking at the data, it’s important to recognise that it does not mean that over 13,000 individual investors or traders are netting $1 million USD in cryptocurrency, as some traders might have more than one unique address. With this in mind and with the autonomy of Bitcoin and untraceable addresses, the number of Bitcoin millionaires could be any number between one and over 13,290.