This page mentions only people who have told their story to the media under their own name or whose income has been reported on the basis of public tax data.
Bitcoinsuomi.com does not estimate any private individual's holdings. Bitcoin addresses are public, but they don't show who owns them.
The information is based on the news linked below; note their dates, as the situation may have changed.
How many Bitcoin millionaires are there in Finland?
Nobody knows the exact number of Bitcoin millionaires in Finland. The Bitcoin blockchain shows the balances of addresses, but not who owns them or where the owner lives.
Early Bitcoin developer Martti Malmi estimated in an interview with Kauppalehti in December 2017 that there are "at least dozens, perhaps even hundreds" of Bitcoin millionaires in Finland.
Data from the Finnish Tax Administration gives a picture of how widely crypto is held:
| Tax Administration data | Number |
|---|---|
| People in Finland owning crypto (estimate) | about 300,000 |
| People reporting crypto income or losses, tax year 2021 (record) | 17,000 |
| People reporting crypto trades, tax year 2023 | 8,200 |
Source: Finnish Tax Administration press release, 3 April 2025.
The tax data doesn't show, however, how much of the income came specifically from Bitcoin.
Juha Paakkunainen: a Bitcoin millionaire from a €500 investment
The best-known Bitcoin millionaire in Finland is Juha Paakkunainen from Mikkeli.
- Purchase: as a student in autumn 2011 he bought several hundred bitcoin at about one euro each, €500 in total.
- First sale: he sold bitcoin in autumn 2017, and his income was about €1.97 million.
- Second sale: the Finnish broadcaster Yle reported in November 2025 that he had sold the rest of his virtual currency and invested the money in forest.
- Taxes: his tax data showed income of more than €3 million, and he paid more than €1 million in tax.
Paakkunainen used the 40% deemed acquisition cost, which is available when an asset has been held for at least 10 years. In Yle's interview he said he considers the taxation of capital income too light.
Martti Malmi: an early Bitcoin developer
Martti Malmi is a Finn who took part in Bitcoin's development in its very first years. In 2009 he contacted Bitcoin's creator Satoshi Nakamoto, built Bitcoin's website and improved its code.
- 55,000 bitcoin: Malmi received a total of about 55,000 bitcoin as a reward for his work.
- The first trade in history: in 2009 he sold 5,050 bitcoin for five dollars, which is considered the first exchange between bitcoin and dollars.
- The price of a beer: in 2010 he paid 100 bitcoin for one beer.
- A home: in 2011 he bought a flat with bitcoin, and later sold the rest cheaply to live on.
In December 2017 he estimated that his original bitcoin would have been worth "close to a billion euros" at the price at the time. Malmi's story shows that an early owner did not by any means always become a millionaire.
Crypto millionaires whose wealth came from other cryptocurrencies
Not all crypto millionaires in Finland are Bitcoin millionaires. MTV Uutiset reported in November 2018 that the wealth of Alexander Hanhikoski, founder of Bittisiirto Oy, consisting mainly of capital income, was €24.6 million. According to the report, his income came from selling Ethereum.
What can be learned from Bitcoin millionaires' stories?
Bitcoin millionaires' stories are interesting, but it is easy to draw the wrong conclusions from them.
- Very early timing: the known cases bought bitcoin in 2009–2011, when one bitcoin cost less than a euro or a few euros.
- Survivorship bias: the successes make the news. Those who lost their wallets, sold too early or lost their money are rarely reported.
- A long holding period: Paakkunainen held part of his bitcoin for more than ten years through several large falls.
- Taxes and storage: large gains mean large taxes, and keeping a large fortune safe requires care.
How a Bitcoin millionaire is taxed in Finland
A Bitcoin millionaire is taxed under the same rules as any other Bitcoin owner.
| Topic | Rule |
|---|---|
| Tax rate | 30% on capital income up to €30,000, 34% on the part above that |
| Deemed acquisition cost | 20% of the sale price, or 40% if held for at least 10 years |
| Taxable event | selling for euros, swapping for another crypto and paying for goods or services |
| Publicity | the tax data of high earners is published annually, but it doesn't show the source of income |
The detailed rules are collected in our guide to Bitcoin tax in Finland.
Scammers create fake news stories in which a well-known Finn says they got rich with crypto and directs readers to an investment site.
The fake stories often look like articles on a well-known news site and promise fast, certain returns. Real Bitcoin millionaires don't sell investment programmes in ads.
To recognise a scam ad: check the address bar, don't enter your phone number in a form and don't install remote access software.
These scams are covered in our guide to Bitcoin investment scams.
Bitcoin millionaires in Finland: frequently asked questions
Who is the best-known Bitcoin millionaire in Finland?
The best known publicly is Juha Paakkunainen from Mikkeli, who bought bitcoin for €500 in 2011. Yle has told his story in 2018 and 2025.
How many bitcoin did Martti Malmi have?
According to an interview with Kauppalehti, Malmi received about 55,000 bitcoin as a reward for his development work. He spent and sold them in 2009–2011, so he didn't become a billionaire.
How many bitcoin do you need for a million euros?
It depends on the price. If one bitcoin costs €75,000, you need about 13.3 bitcoin for a million euros. The current price is on our Bitcoin price page.
How many Bitcoin millionaires are there in Finland?
The exact number isn't known. Martti Malmi estimated in 2017 that there were dozens or even hundreds, but there is no official statistic because tax data doesn't break down the source of income.
Sources (in Finnish)
- Yle 1.11.2018: Bitcoin made a 28-year-old a millionaire
- Yle 13.11.2025: Juha Paakkunainen got rich with a €500 investment
- MTV Uutiset 19.12.2017: Martti Malmi to Kauppalehti
- Uusi Suomi 18.12.2017: A Finnish man owned 55,000 bitcoin
- MTV Uutiset 6.11.2018: Crypto made multimillionaires in Finland too
- Finnish Tax Administration 3.4.2025: considerably more crypto income reports expected
Risk warning: Bitcoin is a highly volatile asset, and you can lose the money you invest in it. This content is general information, not investment advice.