Number of Bitcoin (BTC) millionaires has increased by 110% in a year due to the market’s surge

According to Henley & Partners’ Crypto Wealth Report 2024, the number of people holding more than $1 million in digital assets has jumped 95% to 172,300.

This comes amid growth in the cryptocurrency market, which saw its total value reach $2.3 trillion, an 89% increase from the previous year’s valuation of $1.2 trillion.

Number of Bitcoin millionaires increases by 111%

The report reveals that the number of Bitcoin (BTC) millionaires has increased by 111% to 85,400. The number one cryptocurrency has seen notable gains this year, including its price reaching an all-time high of over $73,000 in March and the approval of a Bitcoin spot ETF in the United States.

The Henley & Partners survey also highlighted an expansion in the upper echelons of wealth. The number of crypto millionaires, those with digital assets exceeding $100 million, increased by 79% to 325. At the same time, the number of virtual currency billionaires also increased by 27% to 28 globally.

Interestingly, Andrew Amoils, head of research at New World Wealth, notes that growth among millionaires has outpaced that of those with ten-figure net worths and above, with Bitcoin being a major driver of this trend. “Of the six new crypto billionaires created last year, five are Bitcoin-centric,” he explained.

Amid growing wealth, investor migration has become more prominent. Henley & Partners’ updated Virtual Asset Adoption Index revealed that Singapore remains the top destination for investors, with a score of 45.7 out of 60.

Hong Kong and the United Arab Emirates follow closely, both offering favourable conditions such as tax benefits and advanced digital economies.

Changing Global Finance

The report also features the opinions of several experts, with the major theme running through their views being a global financial shift driven by virtual currency.

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

Coinshare co-founder Jean-Marie Mognetti supported Henriques’ view, noting that the SEC’s approval of spot Bitcoin ETFs facilitates broader institutional engagement.

Additionally, Henry Burrows, CEO of Hoptrail, highlighted a shift in wealth generation, observing that contemporary wealth increasingly comes from virtual assets rather than traditional investments.

Another financial expert, Lark Davis, founder of Wealth Mastery, discussed Ethereum’s central role in the industry, while Cointelegraph’s Guneet Kaur highlighted the growing importance of stablecoins as a reliable investment during market fluctuations.