Number of Bitcoin Millionaires Increased by 111% Last Year

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by Giorgi Kostiuk

2 years ago

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  1. Increase in Crypto Millionaires
  2. Study Details
  3. Bitcoin's Role in Creating New Billionaires


    4. According to a new study, the number of Bitcoin millionaires worldwide increased by 111% last year, with 85,000 people now holding more than $1 million in Bitcoin. Henley and Partners’ 2024 Crypto Wealth Report states that by July 30 of this year, the number of people holding more than $1 million in Bitcoin more than doubled to 85,400.

    Increase in Crypto Millionaires

    It’s not just Bitcoin investors; currently, 172,300 people worldwide hold more than $1 million in cryptocurrency, a 95% increase from 88,200 people in the same period last year. The upper echelons of crypto wealth also saw significant growth, with the number of crypto centi-millionaires holding more than $100 million increasing by 79% to 325. Additionally, six new crypto billionaires emerged last year, bringing the total number of nine-figure crypto holders to 28.

    Study Details

    The report noted that millionaire statistics are rounded to the nearest hundred and that growth was measured between July 1, 2023, and June 30, 2024. The company said the statistics in the 2024 report are based on a mix of in-house wealth tier models and open-source information from major crypto platforms like CoinMarketCap, Binance, BscScan, and Etherscan.

    Bitcoin's Role in Creating New Billionaires

    Andrew Amoils, head of research at New World Wealth, stated that the crypto millionaire group witnessed the highest growth, attributing the increase in the number of billionaires primarily to Bitcoin. In his statement on August 27, Amoils said: "Five of the six new crypto billionaires created last year came from Bitcoin, highlighting its dominant position in attracting long-term investors who acquire large assets."

    According to TradingView data, Bitcoin’s price increased by 142% last year, steadily rising from $26,100 on August 27 last year to $63,100 at the time of writing. Dominic Volek, head of private clients at the company, pointed to the introduction of spot Bitcoin exchange-traded funds as the main driving force behind the rapid growth in the number of new millionaires and the broader rise in the crypto sector.

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