The cryptocurrency world is buzzing with unprecedented news: the number of Bitcoin millionaires has surged by an astounding 111% over the past year. According to the latest Crypto Wealth Report 2024 from Henley and Partners, a total of 85,400 individuals now hold over $1 million in Bitcoin (BTC), marking a dramatic increase from last year’s figures.
The report, which tracks wealth accumulation in the crypto space from July 1, 2023, to June 30, 2024, reveals that the boom isn’t limited to Bitcoin alone. Globally, 172,300 people are now crypto millionaires, a 95% jump from 88,200 in the previous year. The rise in crypto wealth is particularly notable among the elite, with the number of centi-millionaires—those holding over $100 million in cryptocurrency—rising by 79% to 325.
The surge in wealth also extends to the billionaire class. Six new crypto billionaires emerged in the last year, bringing the total number to 28. Notably, five of these new billionaires owe their fortunes to Bitcoin, highlighting its ongoing dominance in the crypto market.
Andrew Amoils, Head of Research at New World Wealth, attributes this rapid increase in crypto millionaires primarily to Bitcoin. “The rise in Bitcoin millionaires has been the most significant, with Bitcoin creating five of the six new crypto billionaires,” Amoils noted in an August 27 statement. “This underscores Bitcoin’s central role in attracting substantial long-term investments.”
The remarkable growth in Bitcoin’s value has played a crucial role in this phenomenon. Over the past year, Bitcoin’s price has surged by 142%, climbing from $26,100 on August 27, 2023, to $63,100 at the time of publication, according to TradingView. This dramatic price increase is largely credited to the introduction of spot Bitcoin exchange-traded funds (ETFs), which have been a major catalyst for this wealth explosion.
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In fact, spot Bitcoin products saw over $200 million in new inflows on August 26, marking the largest single-day inflow in the last 35 days. Dominic Volek, Head of Private Clients at Henley and Partners, suggests that these ETFs have been pivotal in driving the rapid increase in Bitcoin millionaires and the broader crypto market rally.
As the cryptocurrency market continues to evolve, these numbers highlight an extraordinary shift in global wealth distribution. The rapid growth in Bitcoin and broader crypto holdings signals an ever-expanding opportunity for investors and a transformative period for the financial world.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.