The number of Bitcoin millionaires has more than doubled in the past year, driven by a significant rally in the cryptocurrency market. According to the Crypto Wealth Report 2024 from Henley and Partners, there are now 85,400 individuals worldwide holding over $1 million in Bitcoin, representing a 111% increase from the previous year.
Explosive Growth in Crypto Wealth
The rise in Bitcoin millionaires is part of a broader trend in the cryptocurrency world, where the total number of crypto millionaires has also seen substantial growth. As of July 30, 2024, there are 172,300 people globally with cryptocurrency holdings exceeding $1 million, a 95% increase from 88,200 in the previous year.
The upper echelons of crypto wealth have also expanded significantly. The number of crypto centi-millionaires—those holding over $100 million in digital assets—grew by 79% to reach 325 individuals. Additionally, six new crypto billionaires emerged over the last year, bringing the total number of nine-figure crypto holders to 28.
Bitcoin’s Dominance in Wealth Creation
Bitcoin has been a key driver of this wealth surge. The report highlights that five of the six new crypto billionaires were created through significant investments in Bitcoin, underscoring the cryptocurrency’s dominant position in attracting long-term investors. Andrew Amoils, head of research at New World Wealth, emphasized Bitcoin’s role in this growth, noting that the increase in the number of billionaires was primarily fueled by Bitcoin’s performance.
Market Dynamics Behind the Surge
The surge in the number of Bitcoin millionaires coincides with a substantial rise in Bitcoin’s price. Over the last year, Bitcoin’s value increased by 142%, climbing from $26,100 in August 2023 to $63,100 at the time of the report’s publication. This price growth has been a significant factor in the increase of new millionaires within the crypto space.
Dominic Volek, head of private clients at Henley and Partners, attributed this rapid increase to the introduction of spot Bitcoin exchange-traded funds (ETFs). These financial products have attracted considerable investment, with spot Bitcoin ETFs seeing over $200 million in fresh inflows on August 26 alone, marking the largest single-day inflow in the past 35 days.
As the crypto market continues to evolve, the growing number of crypto millionaires and billionaires highlights the increasing integration of digital assets into global wealth portfolios. With the continued development of financial products like ETFs and broader adoption of cryptocurrencies, the number of high-net-worth individuals in the crypto space is likely to keep rising.
