According to the latest Crypto Wealth Report from Henley & Partners, there are 85,400 Bitcoin (BTC 1.18%) millionaires worldwide. So, obviously, Bitcoin has already proven its worth as a millionaire-maker during the past decade.

But that was then, and this is now. After soaring past $100,000, does Bitcoin still have what it takes to mint new millionaires?

Bitcoin's strong track record of performance

During the past decade, Bitcoin has delivered out-of-this-world performance. Back in September 2015, Bitcoin was trading for less than $250. Today, it trades for well over $100,000. At one point this summer, Bitcoin hit a new all-time high of $124,457.

What's all the more remarkable about this performance is just how soundly Bitcoin has trounced other asset classes when it comes to performance. In eight of the past 10 years, Bitcoin has been the best-performing asset in the world, and it hasn't even been close. In fact, in five of those years, Bitcoin has turned in triple-digit percentage returns.

Obviously, past performance is no guarantee of future results, but Bitcoin has clearly demonstrated a strong track record. If you had invested even $1,000 in Bitcoin back in 2015, you would likely be a crypto millionaire today.

Given this record, many analysts and investors are now predicting that Bitcoin will soar past the $1 million mark within the next few years. Coinbase Global Chief Executive Officer Brian Armstrong thinks it will happen by 2030. Cathie Wood of Ark Invest thinks it will happen even sooner than that, and she now predicts that Bitcoin could be worth more than $3.8 million by 2030.

But why stop at just $3.8 million? Michael Saylor, founder and executive chairman of Strategy, thinks Bitcoin could eventually hit $21 million within the next 21 years.

The math behind Bitcoin's millionaire-maker ability

So let's do the math to see what sort of upfront investment it would take to become a Bitcoin millionaire. If you have $100,000 to spare, then sure, the path to millionaire status is pretty obvious. You invest your $100,000 now, wait a few years, and voilà! Your Bitcoin will be worth $1 million, just like everyone is predicting.

But what if you have much less than that to invest in Bitcoin? Things get more complicated, because Bitcoin will have to really turn on the afterburners. If you only have $1,000 to invest in Bitcoin right now, then you will need to count on Bitcoin once again turning in a 1000-fold gain.

In a best-case scenario, let's assume that Bitcoin continues to churn out triple-digit returns. That means Bitcoin will double in value every year for the foreseeable future. If that's the case, it would take about 10 years to turn $1,000 into $1 million.

But here's the thing: It's highly improbable for any asset to turn in a compound annual growth rate of 100% over an extended period of time. Even the most explosive tech stocks are not capable of that type of performance.  Saylor of Strategy (formerly known as MicroStrategy) -- arguably the biggest Bitcoin bull on the planet -- says that the long-term returns for Bitcoin will eventually trend lower over time.

Don't forget, too, that Bitcoin has historically been prone to periods of extreme boom and bust. Declines of as much as 80% are not unusual for Bitcoin. So if Bitcoin suffers even one abysmal year -- like it did in 2014, 2018, and 2022 -- then your target date for millionaire status gets pushed out even further. There will suddenly be a lot more ground to make up.

Keep your Bitcoin expectations in check

It's important, then, to keep your expectations in check when it comes to Bitcoin. There's no denying that Bitcoin is a crypto asset that you can buy and hold for decades. And there's no denying that tens of thousands of people have already become Bitcoin millionaires.

But just keep in mind: Bitcoin is only up 25% for the year. That's nowhere close to the 100% annual returns that are required to transform a thousand bucks into $1 million.

So keep your eye on how Bitcoin performs in Q4 of 2025. Historically, this is when Bitcoin goes on its historic year-end rallies. If that happens again this year, then it may not be too late to become a Bitcoin millionaire after all.