A recent study has revealed a notable surge in the number of Bitcoin millionaires globally, with the count rising by 111% over the past year. 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, a significant increase from previous years.
Number of Crypto Millionaires Increases
The surge isn’t limited to Bitcoin alone. Currently, 172,300 people around the world possess over $1 million in various cryptocurrencies, marking a 95% increase from the previous year’s 88,200. The upper echelons of crypto wealth experienced remarkable growth as well, with the number of centi-millionaires, holding assets over $100 million, rising by 79% to reach 325. Additionally, six new crypto billionaires emerged in the past year, bringing the total of nine-figure crypto holders to 28. Access COINTURK FINANCE to get the latest financial and business news.
Details on the Subject
Henley and Partners reported that millionaire statistics, rounded to the nearest hundred, showed growth 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.
Why Has Bitcoin Seen Such Growth?
According to TradingView data, Bitcoin’s price surged by 142% last year, climbing from $26,100 on August 27 of the previous year to $63,100 at present. 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.
Key Takeaways for Investors
Investors can glean several valuable insights from this report:
- The significant growth in Bitcoin millionaires underscores the potential for high returns in cryptocurrency investments.
- The rise in centi-millionaires and billionaires highlights the scalability of wealth in the crypto market.
- The introduction of new financial products like spot Bitcoin ETFs can be a major growth driver.
The list of spot Bitcoin products saw over $200 million in new inflows on August 26, noting the largest single inflow day in the past 35 days.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
