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$1 million is a lot of money, and the number of people holding that amount or more in cryptocurrency has skyrocketed over the past year.
of Cryptocurrency Asset Report 2024 According to a study published by Henley & Partners, there are now 172,300 crypto millionaires worldwide, up 95% from last year, while the number of Bitcoin millionaires has soared 111% to 85,400.
Over the past year, the number of people around the world who own at least $1 million worth of cryptocurrency has skyrocketed. (iStock)
Henley + Partners determined that the total market value of crypto assets now stands at a staggering $2.3 trillion, up 89% from the $1.2 trillion reported in the firm's inaugural report last year.
The data also shows a dramatic increase in the top echelons of crypto assets, with the number of crypto centimillionaires (people holding over $100 million in crypto) growing 79% to 325. The number of crypto billionaires increased 27% to 28 worldwide.
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Dominic Borek, head of the private client group at Henley & Partners, said the rapid growth has been driven by the introduction of cryptocurrency ETFs in major financial markets, which has attracted large amounts of institutional capital.
The novel Bitcoin token was announced at the NFT.NYC 2024 conference on April 3, 2024 in New York. (Timothy Fadek/Bloomberg via Getty Images/Getty Images)
“The crypto landscape in 2024 bears little resemblance to what preceded it,” Borek said. “Bitcoin hit a new all-time high of over $73,000 in March, and the approval of the long-awaited Bitcoin and Ethereum spot ETFs in the U.S. led to a flood of institutional capital inflows.”
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He said excitement is building for the Solana ETF to potentially make it onto Wall Street.
“These milestones mark the beginning of a new era of cryptocurrency adoption, where digital assets will increasingly interact with traditional finance and global mobility,” Borek said.
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“As cryptocurrencies have cemented their place in the financial zeitgeist, a new class of wealthy individuals has emerged,” Borek told FOX Business.
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“These digital nomads aren't just looking for tax optimization; they're looking for jurisdictions that embrace innovation and offer a regulatory environment that is conducive to their decentralization aspirations.”
