A new report by New World Wealth and Henley & Partners paints a picture of explosive growth in cryptocurrency wealth, particularly driven by Bitcoin. As of June 30, 2024, the world saw a staggering 95% increase in the number of crypto millionaires, reaching a total of 172,300. This surge is significantly fueled by Bitcoin, with the number of millionaires holding the cryptocurrency alone jumping by a remarkable 111% to 85,400.
The report doesn’t stop at millionaires. The number of crypto centi-millionaires, those with holdings of $100 million or more, witnessed a 79% increase, reaching 325. The number of crypto billionaires also saw a notable 27% growth year-over-year, now standing at 28. The total market value of all cryptocurrencies hit a remarkable $2.3 trillion, an 89% increase, with Bitcoin accounting for a hefty $1.2 trillion of that value.
The report also reveals that the global number of crypto users has increased by 32% to 560 million. This rapid growth in crypto wealth is attributed to several factors, including the introduction of crypto ETFs in major financial markets, such as Fidelity Wise Origin Bitcoin Fund, iShares Bitcoin Trust ETF, and Grayscale Bitcoin Trust ETF. These ETFs have attracted significant institutional capital, further boosting the cryptocurrency market.
Dominic Volek, Group Head of Private Clients at Henley & Partners, highlights the significant shift in the cryptocurrency landscape in 2024. He notes that Bitcoin’s surge to over $73,000 in March, setting a new all-time high, underscores this change.
The report also sheds light on the growing interest among crypto-wealthy individuals in alternative residence and citizenship options. Henley & Partners has observed a significant rise in such clients in 2024, leading to the launch of its second annual Henley Crypto Adoption Index.
The surge in Bitcoin billionaires can be attributed to several factors. In April 2024, Benzinga reported that the distribution of Bitcoin holders, including large holders known as whales, can significantly influence the price of Bitcoin. In June, Robert Kiyosaki, author of “Rich Dad Poor Dad,” stated that Bitcoin is the simplest path to becoming a millionaire. Furthermore, in August, Michael Saylor, co-founder of MicroStrategy Inc., reaffirmed his conviction in Bitcoin, disclosing his ownership of nearly $1 billion in the leading cryptocurrency.
