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One million dollars is a lot of coin, and the number of people who own that equivalent or more in cryptocurrency has surged over the past year.
The Crypto Wealth Report 2024 published by Henley & Partners found there are now 172,300 people worldwide who are crypto millionaires, a 95% increase compared to last year, and the number of bitcoin millionaires soared by 111% to 85,400.
The number of people worldwide who own at least $1 million in cryptocurrency has soared over the past year. (iStock)
Henley & Partners determined the total market value of crypto assets has now reached a staggering $2.3 trillion, an 89% increase compared to the $1.2 trillion reported in the firm’s inaugural report last year.
The upper echelons of crypto wealth have also grown dramatically, the data shows, with the number of crypto centi-millionaires — those with crypto holdings of $100 million or more — rising by 79% to 325. The number of crypto billionaires climbed 27%, to 28 people globally.
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Dominic Volek, group head of private clients at Henley & Partners, said the rapid growth has been fueled by the introduction of crypto ETFs in major financial markets, ushering in significant institutional capital.
The number of crypto billionaires climbed 27% to 28 people globally. (Timothy Fadek/Bloomberg via Getty Images / Getty Images)
“The cryptocurrency landscape of 2024 bears little resemblance to its predecessors,” Volek said. “Bitcoin’s rise to over $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.”
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He said anticipation is now building for potential Solana ETFs joining the Wall Street party.
“These milestones have seeded a new era of crypto adoption, one where digital assets increasingly cross-pollinate with traditional finance and global mobility,” Volek said.
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“As cryptocurrencies cement their place in the financial zeitgeist, a new class of high-net-worth individuals has emerged,” Volek told FOX Business.
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“These digital nomads aren’t just chasing tax optimization; they’re in pursuit of jurisdictions that embrace innovation and offer regulatory environments conducive to their decentralized aspirations.”
Read More: Number of crypto millionaires surges in 2024