Bitcoin Millionaires Rise 111% as Number of Crypto Whales Soars by 95%

According to the Crypto Wealth Report 2024 by Henley & Partners, the number of individuals holding over $1 million in digital assets has soared by 95% to 172,300.

A recent report by Henley & Partners has highlighted a substantial increase in the number of individuals holding over $1 million in digital assets. According to the Crypto Wealth Report 2024, this figure has soared by 95% to reach 172,300.

This surge comes amid a broader growth in the crypto market, which has seen its total value rise to $2.3 trillion, marking an 89% increase from the previous year's valuation of $1.2 trillion.

Breaking down the numbers further, the report reveals that the number of Bitcoin (BTC) millionaires has grown by 111% to reach 85,400. This year has seen several significant developments for the world's leading cryptocurrency, including its price reaching an all-time high of over $73,000 in March and the approval of spot Bitcoin ETFs in the U.S.

The survey also highlights an expansion at the upper echelons of wealth. The number of crypto centi-millionaires, defined as those with digital assets exceeding $100 million, has gone up by 79% to reach 325. Meanwhile, the ranks of virtual currency billionaires have also seen a 27% uptick, totaling 28 globally.

Interestingly, Andrew Amoils, Head of Research at New World Wealth, notes that the growth among millionaires has outpaced those with 10-figure fortunes and above, with BTC being a major driver of this trend. “Among the six new crypto billionaires created in the past year, five are Bitcoin-centric,” he explained.

As vast wealth continues to be created, investment migration becomes increasingly relevant. An updated virtual asset adoption index by Henley & Partners reveals that Singapore remains the top destination for investors, scoring 45.7 out of 60.

Hong Kong and the UAE follow closely, both offering favorable conditions such as tax advantages and advanced digital economies.

The report also features perspectives from several experts, highlighting a common theme of a global financial shift being brought about by virtual currency.

António Henriques, CEO of Bison Bank, underscores the transformative effect of such assets on global finance, stating, “We are entering a new era where digital assets are challenging the dominance of traditional fiat currencies.”

This view is echoed by Coinshare co-founder Jean-Marie Mognetti, who notes that the SEC’s approval of spot Bitcoin ETFs is facilitating broader institutional engagement.

Furthermore, Henry Burrows, top executive at Hoptrail, observes a shift in wealth generation, noting that contemporary wealth is increasingly coming from virtual assets rather than traditional investments.

Highlighting specific aspects of the crypto landscape, Lark Davis, founder of Wealth Mastery, speaks to the pivotal role of Ethereum in the sector, while Guneet Kaur of Cointelegraph points out the growing importance of stablecoins as a reliable investment during market fluctuations.

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