Bitcoin: Unprecedented Growth in Cryptocurrency Millionaires
The Crypto Wealth Explosion
The market cap of the global cryptocurrency market has more than doubled in the past year, climbing from $1.05 trillion last August to $2.2 trillion today. And a staggering number of investors have ridden that market’s coattails past 2022’s crypto winter to become crypto millionaires.
The 2024 Crypto Wealth Report from wealth and investment migration specialists Henley & Partners says there are now 172,300 individuals across the world who hold $1 million or more in crypto assets. That’s a 95% increase from 2023. When it comes to Bitcoin-specific millionaires, the jump is even larger, with the number increasing 111% to 85,400.
Bitcoin Billionaires on the Rise
The number of people who have earned $100 million or more from their crypto investments is also on the rise, climbing 79% in the past year to 325. The report states that there are now 28 crypto billionaires, a 27% jump from a year ago. Of the six new crypto billionaires, five earned their fortunes in Bitcoin.
“In the rapidly changing world of finance, cryptocurrencies are challenging the dominance of traditional fiat currencies,” Antóni Henriques, CEO of Bison Bank and chairman of Bison Digital Assets, said in the report. “As these two financial worlds intersect, we are witnessing the dawn of a new era in global finance, where the innovative potential of digital assets meets the stability of traditional money.”
Factors Driving Crypto Wealth
The rise in crypto’s market cap and, by extension, the number of millionaires, can be credited in large part to the rise of crypto exchange-traded funds (ETFs). With the Security Exchange Commission’s blessing for finance firms to offer ETFs, which track Bitcoin’s price, investors have felt a greater sense of safety.
- 560 million crypto users today, a 32% increase from July 2023 to June 2024.
- 275 million of those users are invested in Bitcoin.
As the number of crypto millionaires increases, digital currency is emerging as a key factor in the U.S. presidential election.
Bitcoin hit a record high in mid-March but has struggled some since then. Year to date, Bitcoin prices are up 40%, though they have slumped somewhat in the past month, falling 9%.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.