Bitcoin Millionaires Surge By 111% Amid Crypto Market Boom

The cryptocurrency market has witnessed an extraordinary surge in wealth over the past year, with Bitcoin leading the charge.

According to a recent report by New World Wealth and Henley & Partners, as of June 30, 2024, the total number of crypto millionaires reached 172,300, marking a 95% increase compared to the previous year.

According to a recent report on crypto wealth, the number of #Bitcoin millionaires worldwide has increased by 111% over the past year. pic.twitter.com/ZDtLe7pk3z

— Crypto Connect PR (@CryptoConnectPR) August 28, 2024

Notably, the number of millionaires who own Bitcoin alone soared by 111%, reaching 85,400.

Additionally, the report highlighted a significant rise in crypto centi-millionaires—those holding $100 million or more—with their numbers increasing by 79% to 325.

Crypto Market Growth and Bitcoin’s Dominance

The total market value of all cryptocurrencies skyrocketed to $2.3 trillion, an 89% increase from the previous year.

Bitcoin, the most prominent cryptocurrency, accounted for $1.2 trillion of this total value. The surge in Bitcoin’s price, which hit an all-time high of over $73,000 in March 2024, has been a key driver of this wealth accumulation.

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The report also revealed that the number of crypto billionaires rose to 28, a 27% increase from the previous year.

• $2.3 trillion: Total market value of cryptocurrencies as of June 2024.
• 111% increase the number of Bitcoin millionaires compared to the previous year.
• 325 centi-millionaires: Hold $100 million or more in crypto, up 79%.

Institutional Capital Fuels Growth

One of the key factors behind this rapid growth in crypto wealth is the influx of institutional capital, driven by the introduction of cryptocurrency ETFs in major financial markets.

Fidelity’s Wise Origin Bitcoin Fund, among others, has played a crucial role in attracting institutional investors.

Dominic Volek, Group Head of Private Clients at Henley & Partners, noted that the 2024 cryptocurrency landscape is markedly different from previous years, with Bitcoin’s record-breaking rise further solidifying its status as the leading digital asset.

Increasing Interest in Alternative Residences

With the increase in cryptocurrency wealth, there has been a growing interest among crypto-wealthy individuals in exploring alternative residence and citizenship options.

Henley & Partners reported a notable uptick in such inquiries, leading to the release of its second annual Henley Crypto Adoption Index. This trend underscores the broader influence of cryptocurrency wealth on global lifestyle choices.

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In summary, the remarkable growth in the number of Bitcoin millionaires and the overall increase in cryptocurrency wealth highlight the ongoing bullish trend in the market.

The introduction of crypto ETFs and the rise of institutional investments are significant factors driving this surge, making 2024 a pivotal year for the cryptocurrency industry.