In the Crypto Wealth Report 2024 by Henley & Partners, it was revealed that the number of individuals holding over $1 million in digital assets has significantly increased by 95% to 172,300. This surge comes at a time when the total value of the crypto market has also risen to $2.3 trillion, marking an 89% increase from the previous year’s valuation of $1.2 trillion. Notably, the number of Bitcoin (BTC) millionaires has grown by 111% to 85,400, showcasing the significant growth in wealth within the cryptocurrency space.
Bitcoin, the leading cryptocurrency, has witnessed notable advancements in recent times. Its price hit an all-time high of over $73,000 in March, and spot Bitcoin ETFs have been approved in the U.S. These developments have contributed to the overall growth and increased wealth among Bitcoin holders, with the number of millionaires and centi-millionaires rising significantly.
According to Andrew Amoils, Head of Research at New World Wealth, the growth in millionaires within the crypto space has outpaced those with 10-figure fortunes, with Bitcoin playing a major role in driving this trend. The report also highlighted the increase in crypto centi-millionaires and billionaires globally, indicating a shift in wealth generation from traditional investments to virtual assets.
Experts in the field have emphasized a global financial shift driven by virtual currency. António Henriques, CEO of Bison Bank, noted the transformative effect of digital assets on global finance, stating that they are challenging the dominance of traditional fiat currencies. Coinshare co-founder Jean-Marie Mognetti highlighted the role of SEC-approved spot Bitcoin ETFs in facilitating broader institutional engagement, signaling a growing acceptance of cryptocurrencies in the mainstream financial sector.
Lark Davis, founder of Wealth Mastery, spoke of Ethereum’s pivotal role in the sector, underlining the significance of the second-largest cryptocurrency in the market. Guneet Kaur of Cointelegraph pointed out the growing importance of stablecoins as a reliable investment during market fluctuations, further diversifying the investment options available within the crypto space.
The rise of crypto millionaires in 2024 is a clear indication of the growing wealth and influence of digital assets in the global economy. With advancements in technology and regulatory approvals, cryptocurrencies are expected to continue reshaping traditional financial systems and creating new opportunities for wealth generation. As the crypto market evolves, it will be interesting to see how these trends unfold and shape the future of finance.