The number of individuals holding over one million dollars in cryptocurrency has significantly increased over the past year. A recent report highlights the rapid expansion of crypto wealth, revealing a notable surge in both the total market value of crypto assets and the number of crypto millionaires globally. This trend reflects the growing mainstream acceptance and institutional investment in digital currencies.
Earlier reports highlighted more modest growth in the cryptocurrency sector, with fewer people reaching millionaire status. The total market value of crypto assets was considerably lower, and the number of high-net-worth individuals was more limited. Recent developments such as the introduction of crypto ETFs and the rise in Bitcoin’s value have contributed to the dramatic increase observed this year.
The current report from Henley & Partners reveals that there are now 172,300 crypto millionaires worldwide, a 95% rise from the previous year. Additionally, the number of bitcoin millionaires has grown by 111%, reaching 85,400. The total market value of crypto assets now stands at $2.3 trillion, marking an 89% increase from $1.2 trillion recorded last year.
Institutional Investments Drive Growth
Dominic Volek, group head of private clients at Henley & Partners, attributes this growth to significant institutional capital inflows, particularly through crypto ETFs in major financial markets. He notes that Bitcoin’s surge to over $73,000 in March and the approval of spot Bitcoin and Ethereum ETFs in the USA have played pivotal roles in this development.
The cryptocurrency landscape of 2024 bears little resemblance to its predecessors. Bitcoin’s rise and the approval of spot ETFs have unleashed a torrent of institutional capital.
Emerging Class of High-Net-Worth Individuals
Moreover, the number of crypto centi-millionaires, those holding $100 million or more in crypto, has increased by 79% to 325. The number of crypto billionaires has also risen by 27%, now totaling 28 individuals globally. Volek highlights the emergence of a new class of high-net-worth individuals driven by this market transformation.
These milestones have seeded a new era of crypto adoption, where digital assets increasingly cross-pollinate with traditional finance and global mobility.
Despite the explosive growth, there remains a notable divergence in global crypto adoption rates and regulatory environments. Some regions have seen more rapid growth due to favorable regulations and greater acceptance of digital currencies. The anticipation for potential Solana ETFs and other developments suggests that the crypto market’s evolution is far from over, potentially leading to further increases in crypto wealth.
