What it takes for you to be a Bitcoin Whale

Tom Handy

Photo by Richard Sagredo on Unsplash

By now you know that Bitcoin Whales can move the market when they want to. They possess an incredible amount of power in the Bitcoin market.

If they want the price of Bitcoin to drop, they can sell some Bitcoin. If they want the price to rise, they can add more Bitcoin to their holdings to drive the price higher.

Bitcoin is a limited asset since there is only 21 million Bitcoin that will ever be created. To date, there are 2,059,893 Bitcoin left to be mined. Approximately 90% of Bitcoin has been issued.

Chainalysis estimates there are 2.78 to 3.79 million Bitcoin that are lost forever.

Some people had their Bitcoin in computers that were lost or thrown away. Other people forgot their passwords to access their Bitcoin.

So what does it take to be a Bitcoin Whale?

Most Whales got in early and bought Bitcoin when it was much cheaper than it is today. Even at $36,957.11, not many people have this much cash sitting around to buy one or more Bitcoins. Recent buyers today are millionaires, billionaires, and big businesses entering this market.

Early Bitcoin investors were the Winklevoss twins who sued Mark Zuckerberg and used their winnings to invest in Bitcoin. The twins were the first Bitcoin billionaires. 

At 12 years old, Erik Finman bought Bitcoin from money that was for college one day from his grandparents in 2011. Today he is a Bitcoin millionaire.  

There are other Bitcoin Whales but these are a few well-known early investors. 

To get into this exclusive club, this is the number of Bitcoin that you need.

Image by Bitcoin Wiki

Holding one or two Bitcoin barely gets you in the Whale circle. According to the Bitcoin charts, you need to hold approximately 1000 Bitcoin.

There are other options you could consider 

If Bitcoin is not in your price range, then you can look at other cryptocurrencies. Some early investors are Whales in Ethereum, Dogecoin, and other cryptocurrencies where they have as much influence just as the Bitcoin Whales do.

Investing in other altcoins could be risky. You could own millions of a penny cryptocurrency but make sure you do your research on the team, purpose, and roadmap of the cryptocurrency. You don't want to be like this former Dogecoin millionaire.

This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.

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