Number of Bitcoin Millionaires Doubles Amid Surging Market Trends
The realm of cryptocurrency is witnessing a significant rise in the number of individuals attaining millionaire status through digital assets, nearly doubling since the previous year.
A recent report from consultancy firm Henley & Partners, drawing on data from New World Wealth, reveals that globally, 172,300 people now possess over $1 million in cryptocurrencies, marking a substantial 95% increase from the previous year. Specifically, the report highlights that the count of Bitcoin millionaires has more than doubled in the past year, reaching 85,400 individuals, representing a remarkable 111% surge.
These spikes in crypto wealth coincide with the soaring prices of Bitcoin and other major digital assets over the past year. Bitcoin, currently valued at $61,800, has seen a notable 136% surge in the last 12 months. Comparatively, the closure of 2023 saw Bitcoin trading below $43,000 per coin, with a price slightly above $26,000 a year ago.
The report underscores that the approval of Bitcoin exchange-traded funds (ETFs) and Ethereum equivalents has triggered a surge in institutional capital flow into the crypto space. This development has led to the emergence of a new class of high-net-worth individuals, with the number of centi-millionaires growing by 79% to 325. Moreover, there are now 28 crypto billionaires, marking a 27% increase from the previous year.
In a move towards mainstream acceptance, the Securities and Exchange Commission (SEC) greenlit Bitcoin ETFs in January, further integrating Bitcoin into traditional financial markets. ETFs, known for their popularity as investment vehicles trading on stock exchanges, enable individuals to acquire shares that mirror the price movements of assets such as gold, tech stocks, or digital currencies.
The SEC’s approval of Ethereum ETFs in May, which commenced trading in late July, has also garnered significant attention. Both Bitcoin and Ethereum funds launched by major players like BlackRock and Fidelity have witnessed widespread popularity post-launch.
The cryptocurrency landscape continues to evolve, with the growing number of digital asset millionaires reflecting the increasing mainstream acceptance and adoption of cryptocurrencies in the financial world.
