Bitcoin (BTC) Millionaires Up 110% in 1 Year Amid Market Surge

According to Henley & Partners’ Crypto Wealth Report 2024, the number of individuals holding more than $1 million in digital assets has soared 95% to 172,300.

This comes amid a growth in the crypto market, which has seen its total value rise to $2.3 trillion, an 89% increase from the previous year’s valuation of 1, 2 trillion dollars.

Bitcoin Millionaires Up 111%

The report revealed that the number of Bitcoin (BTC) millionaires has grown by 111% to 85,400. The number one cryptocurrency has seen notable developments this year, including its price hitting an all-time high of over $73,000 in March and the approval of Bitcoin spot ETFs in the US.

The Henley & Partners survey also highlighted the expansion at the upper levels of wealth. The number of crypto centillionaires, those with digital assets exceeding $100 million, has increased by 79% to 325. Meanwhile, the ranks of virtual currency billionaires have also seen a 27% increase, with a total of 28 all over the world

Interestingly, Andrew Amoils, head of research at New World Wealth, notes that growth among millionaires has outstripped those with 10-figure fortunes and above, with BTC being one of the main drivers of this trend. “Among the six crypto billionaires created last year, five are focused on Bitcoin,” he explained.

Amid this growing wealth, investment migration has become more relevant. Henley & Partners’ updated Virtual Asset Adoption Index revealed that Singapore remains the top destination for investors, scoring 45.7 out of 60.

Hong Kong and the United Arab Emirates follow close behind, both offering favorable conditions such as tax advantages and advanced digital economies.

Global change of finance

The report also featured opinions from several experts, with the main theme that drew on their opinions was global financial change brought about by virtual currency.

António Henriques, CEO of Bison Bank, highlighted the transformative effect of these assets on global finance, stating: “We are entering a new era where digital assets are challenging the dominance of traditional fiat currencies.”

Coinshare co-founder Jean-Marie Mognetti echoed Henriques’ sentiment, noting that the SEC’s approval of spot Bitcoin ETFs is facilitating broader institutional engagement.

Additionally, Henry Burrows, Hoptrail’s chief executive, highlighted a shift in wealth generation, noting that contemporary wealth is increasingly coming from virtual assets rather than traditional investments.

Another financial expert, Lark Davis, founder of Wealth Mastery, discussed Ethereum’s pivotal role in the industry, while Cointelegraph’s Guneet Kaur noted the growing importance of stablecoins as a reliable investment during market fluctuations.

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