A recent study has revealed a notable surge in the number of Bitcoin and other cryptocurrency millionaires. In 2023, the count of such individuals increased by 111%.
Increase in Crypto Millionaires
Henley and Partners’ 2024 Crypto Wealth Report indicates that by July 30, 2023, there were 85,400 individuals holding more than $1 million in Bitcoin. This marks a significant increase from previous years. The surge isn't limited to Bitcoin alone. Currently, 172,300 individuals worldwide possess over $1 million in various cryptocurrencies, a 95% increase from last year’s 88,200. The number of individuals holding assets over $100 million also rose by 79%, reaching 325. Additionally, six new crypto billionaires emerged in the past year, bringing the total of nine-figure crypto holders to 28.
Details of the Study
Henley and Partners reported that millionaire statistics, rounded to the nearest hundred, were measured between July 1, 2023, and June 30, 2024. These findings are based on a combination of in-house wealth tier models and open-source information from leading crypto platforms like CoinMarketCap, Binance, BscScan, and Etherscan. Andrew Amoils, head of research at New World Wealth, attributed the majority of this growth to Bitcoin. He emphasized that five out of six new crypto billionaires in the past year were Bitcoin investors, reinforcing the cryptocurrency's dominant position in attracting long-term, high-value investors.
Reasons for Bitcoin's Price Growth
According to TradingView data, Bitcoin’s price surged by 142% last year, climbing from $26,100 to $63,100. Dominic Volek, head of private clients at Henley and Partners, pointed to the introduction of spot Bitcoin exchange-traded funds as a significant catalyst driving this rapid growth in the number of new millionaires and the overall expansion of the crypto sector. On August 26, spot Bitcoin products saw over $200 million in new inflows, marking the largest single inflow day in the past 35 days.
Henley and Partners’ study shows a significant increase in the number of crypto millionaires in the past year, driven by the rise in Bitcoin's value and the introduction of new financial products in the crypto market.
Comments