Over 85,400 People w...

Over 85,400 People with $1 Million+ BTC: 2024 Saw “Explosive Growth” of Crypto Millionaires

By José Oramas August 29, 2024 In Bitcoin, Cryptocurrency, Investing, Market Analysis

Confident man in suit and sunglasses, lounging in chair with floating bitcoin coins around. Concept of cryptocurrency wealth and success. — Source:AdobeStock

A new report shows crypto millionaires have increased by nearly 100%, reaching 172,000.
Meanwhile, Bitcoin millionaires have reached 85,000, a surge of 111%.
There has been a substantial increase in the number of centi-millionaires and billionaires in crypto, with 325 individuals holding over US$100 million and 28 holding over US$1 billion in crypto assets.

2024 has been the year of crypto millionaires, as over 85,000 people have become rich due to the explosive growth of the crypto market at the beginning of the year. This is according to a report by New World Wealth and Henley & Partners.

You’ve guessed it — spot Bitcoin exchange-traded funds (ETFs) were the trigger behind the bullish market, Henley & Partners said. The approval of these investment vehicles led to a broader public acceptance of digital assets and a positive market sentiment for other large-cap cryptocurrencies.

Dominic Volek, Group Head of Private Clients at Henley & Partners, said:

The cryptocurrency landscape of 2024 bears little resemblance to its predecessors. Bitcoin’s rise to over USD 73,000 in March set a new all-time high, while the long-awaited approval of spot Bitcoin and Ethereum ETFs in the USA unleashed a torrent of institutional capital. Anticipation now builds for potential Solana ETFs joining the Wall Street party.

Dominic Volek

Get Rich or Die Trying

The report also highlights that the number of individuals holding over US$1 million (AU$1.47 million) in crypto has surged to 172,000, a 95% increase from last year. This growth includes a 111% rise in Bitcoin millionaires, who now total 85,400.

It goes beyond millionaires. Centi-millionaires —those with US$100 million (AU$147 million) or more in assets— reached 325, a 79% increase. Meanwhile, there are now 28 crypto billionaires, a 27% surge. Interestingly, five out of six new billionaires emerged thanks to Bitcoin investments.

The report also notes a trend among crypto-wealthy investors seeking residency in jurisdictions favourable to crypto and taxation, with Singapore emerging as a leading destination due to its robust regulatory framework and infrastructure. The UAE follows closely, offering significant tax advantages for crypto investors.

Volek highlighted that the lines between traditional and digital finance continue to blur, adding:

The crypto millionaires of 2024 are not content with digital riches alone; they seek the freedom of global mobility to match their borderless assets. As nations compete to attract this new wave of digital wealth, we can expect investment migration programs to evolve, catering to the unique needs of the crypto elite.

Dominic Volek