A recent report from New World Wealth and Henley & Partners revealed that the number of bitcoin millionaires has more than doubled in the last year, reaching 85,400 individuals. The total number of crypto millionaires, including bitcoin, has also soared to 172,300, up from 88,200 in the previous year.
This significant increase in crypto millionaires coincides with the rally of bitcoin, which has surged by 45% this year. The excitement over newly approved bitcoin ETFs in the US has fueled this rally, with the price of bitcoin hitting an all-time high above $73,000 in March.
The approval of spot Bitcoin and Ethereum ETFs in the US has attracted over $50 billion in assets since their launch in January. Dominic Volek, head of private clients at Henley & Partners, noted that the cryptocurrency landscape in 2024 looks vastly different from previous years, with institutional capital flowing into the market.
The total market value of crypto has reached $2.3 trillion, up 89% from the previous year. The report also highlighted the emergence of six new crypto billionaires, with most of them attributing their success to bitcoin.
As the number of crypto millionaires and billionaires continues to grow, there is a heightened focus on countries with crypto-friendly policies. Singapore and Hong Kong are particularly attractive options for wealthy individuals seeking alternative residence and citizenship due to their favorable tax policies and regulatory frameworks related to crypto assets.
Overall, the report underscores the increasing mainstream adoption of cryptocurrencies and the growing wealth generated within the industry. The success of bitcoin and the emergence of new crypto billionaires signal a shift towards broader crypto adoption and integration with traditional finance systems.