Wow! Number of Crypto Billionaires and Millionaires to Soar Sharply by 95% in 2024!
The crypto world is booming! The number of people holding more than $1 million in crypto assets, including Bitcoin, has increased significantly in the past year.
The global crypto market value has more than doubled in the past year, surging from $1.05 trillion in August 2023 to $2.2 trillion currently. This surge has led many investors to become crypto millionaires, even past the crypto winter of 2022.
The 2024 Crypto Wealth Report from Henley & Partners points out that there are currently 172,300 individuals worldwide who own $1 million or more in crypto assets. This number has increased by 95% compared to 2023. Especially for Bitcoin millionaires, the number jumped even higher, namely 111% to 85,400 people.
The number of people who have made $100 million or more from their crypto investments has also increased, rising 79% in the past year to 325 people. The report states that there are currently 28 crypto billionaires, a 27% jump from last year. Of the six new crypto billionaires, five of them made their fortunes from Bitcoin.
The rise in crypto market value and the number of millionaires can be attributed to the emergence of crypto ETFs (Exchange-Traded Funds). With SEC (Securities and Exchange Commission) approval for financial companies to offer ETFs that track Bitcoin prices, investors feel more secure. The launch of ETFs also makes it easier to invest in Bitcoin and crypto, as people can use advisors they have trusted for years, as opposed to startups and crypto companies haunted by the shadow of FTX.
With the surge in crypto millionaires, digital currencies have emerged as a key factor in the US presidential election. Donald Trump has positioned himself as the “crypto candidate,” and Vice President Kamala Harris has taken a friendlier stance toward crypto than President Joe Biden, supporting measures to help digital assets grow.
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