Bitcoin Millionaires Surge by 111% in Past Year Amid Cryptocurrency Rally
The surge in the value of cryptocurrencies has led to a significant increase in the number of individuals becoming bitcoin millionaires over the past year. A recent report from New World Wealth and Henley & Partners revealed that the count of bitcoin millionaires has more than doubled to 85,400, marking a substantial 111% surge within a 12-month period. Additionally, the overall number of cryptocurrency millionaires has also witnessed a remarkable rise, reaching 172,300 from 88,200 in the previous year.
This surge in crypto millionaires coincides with the approval and launch of new spot ETFs (Exchange-Traded Funds) in the United States, propelling bitcoin to reach new record highs in 2024. Bitcoin hit an all-time peak above $73,000 in March, subsequently experiencing a slight pullback but still maintaining a 45% increase to approximately $64,000. Notably, the price of bitcoin has surged by 138% over the past year.
The introduction of new bitcoin ETFs has attracted over $50 billion in assets since their introduction in January, following a prolonged battle to secure approval from the Securities and Exchange Commission. Dominic Volek, the head of private clients at Henley & Partners, highlighted the transformative nature of the current cryptocurrency landscape, emphasizing the significance of bitcoin’s unprecedented surge and the approval of spot Bitcoin and Ethereum ETFs in the US, which triggered a substantial inflow of institutional capital.
The total market capitalization of the crypto market now stands at $2.3 trillion, marking an 89% increase from its valuation of $1.2 trillion in the previous year. Volek emphasized that the anticipation of potential Solana ETFs and a series of industry milestones have paved the way for broader crypto adoption, fostering an environment where digital assets increasingly intersect with traditional finance and global mobility.
The report also identified six new crypto billionaires who have achieved extraordinary success in the industry over the past year, bringing the total count of crypto billionaires worldwide to 28. Most of these newly minted billionaires have attributed their success to investments in bitcoin. Andrew Amoils, the head of research at New World Wealth, highlighted bitcoin’s dominant position in attracting long-term investors who acquire substantial holdings.
With the growing number of crypto millionaires and billionaires, there is a heightened focus on countries with crypto-friendly regulations. The report indicated an uptick in wealthy crypto clients exploring alternative residence and citizenship options in 2024, with Singapore and Hong Kong emerging as particularly appealing choices due to their favorable tax policies and regulatory frameworks concerning cryptocurrencies.
