Research shows that as countries print large amounts of money, the number of millionaires worldwide is surging, further highlighting the scarcity of Bitcoin.

A recent research report indicates that in 2018, the number of millionaires worldwide increased by 1.1 million, reaching a total of 46.8 million.

According to the latest Global Wealth Report from Credit Suisse Group AG, 1.1 million new millionaires were created in just the past year. This brings the total number of millionaires worldwide to 46.8 million, with a combined net worth of $158.3 trillion.

As reported by BeInCrypto, the United States saw the highest number of new millionaires, with up to 675,000 individuals joining the millionaire ranks. Gabor Gurbacs, digital asset strategist at asset management firm VanEck, pointed out on Twitter:

When a high percentage of the population suddenly becomes millionaires, it means that money is "steadily losing value."

When a very high percentage of the population suddenly become “millionaires” it’s a sign that the money wealth measured in is on a solid path of devaluation.

— Gabor Gurbacs (@gaborgurbacs) October 21, 2019

Based on current trends, the number of millionaires is projected to grow to nearly 63 million by 2024. The unlimited money supply and global debt of $246.5 trillion make all of this possible.

Unsustainable Debt and Money Printing

The Federal Reserve continues to print money as if there's no tomorrow. Since September, the Fed has injected over $210 billion into the economy. The unsustainable printing pattern has led to the creation of more millionaires.

A significant devaluation of currency could erode public confidence in monetary policy. Additionally, as investors flock to other asset classes, Bitcoin could become an attractive global currency, especially given its limited supply and natural feature of being free from any country's control.

Scarcity of Bitcoin

There aren't enough Bitcoins for everyone. With a supply cap of 21 million Bitcoins, the milestone of producing the 18 millionth Bitcoin was recently reached. This also means that all 46.8 million millionaires worldwide can't even own a whole Bitcoin.

The crypto community has shown enthusiasm for Bitcoin reaching the milestone of producing the 18 millionth coin and has detailed records of various points in time. This includes mining 18 million Bitcoins in 3,935 days, reaching 18 million on-chain transactions, achieving the same market value, and exceeding $18 million in transaction fees.

Specific achievements include:

• 654 days to reach 18 million on-chain transactions
• 828 days to reach $18 million transaction volume
• 841 days to reach $18 million market value
• 880 days to reach $18 million on-chain transaction volume in a day
• 1336 days to reach 18 million on-chain transaction outputs in a day
• 1370 days to reach 18 million transaction outputs
• 1409 days to reach the same number of transaction outputs
• 1589 days to reach 18 million on-chain transactions
• 1710 days to reach 18 million network addresses
• 2880 days to reach $18 million in mining rewards

In reality, if the total Bitcoin supply had to be distributed among millionaires, each person would hold less than 0.4 Bitcoin, and this doesn't even account for Bitcoins that have been permanently lost due to lost keys or destruction.

Related Reads

• Review of the top five blockchain M&A projects in 2019
• Latin American exchanges are gradually increasing their avenues for cryptocurrencies

Join now to get the most comprehensive information on financial technology, blockchain news, and industry examples!