Bitcoin Millionaires Increase by 111% in 2024 Based on Positive Crypto Market Performance

Despite the widespread price volatility in 2024, the crypto market still recorded massive gains on the year-to-date scale. This can be reflected in the number of crypto millionaires, which has increased significantly over the past year.

A Crypto Wealth report from Henley and Partners reveals that the number of Bitcoin millionaires worldwide increased by 11% within the past year.

The report measured the number of crypto millionaires from July 1, 2023, to June 30, 2024. The study found that the number of people holding over $1 million worth of BTC increased over twice the former value to 85,000.

Bitcoin Millionaires Increase Confirming Positive Market Trend

The Crypto Wealth Report reveals that the wealth increase was not just for Bitcoiners. There are 172,300 individuals worldwide with over $1 million in cryptocurrency.

These crypto millionaire figures represent a 95% increase from the 88,200 people recorded last year. Also, the class of crypto-wealthy individuals with over $100 million in crypto assets increased by 79% to 325.

Meanwhile, six new crypto billionaires emerged in the past year, increasing the total to 28. The report revealed that the millionaire statistics were approximated to the nearest hundred.

The 2024 report's statistics include Wealth Tier models and open-source information from top crypto platforms. Platforms such as Binance, CoinMarketCap, Etherscan, and BscScan provided reliable data for the report.

Head of Research at New World Wealth Andrew Amoils noted that the crypto millionaire group has increased in 2024. He also stated that Bitcoin is responsible for the increase in crypto billionaires.

Amoils noted that five of the six new crypto billionaires in the past year came from Bitcoin. Therefore, Bitcoin holds the dominant position in attracting long-term crypto investors.

Bitcoin has gained 142% over the last year. BTC's price increased from $26,100 on August 1, 2023, to over $62,000.

Spot Bitcoin ETFs Likely Driving Rapid Growth in The Crypto Sector

Dominic Volek, head of private clients at New World Wealth, believes spot Bitcoin ETFs are the future of cryptocurrencies. Volek attributes this increase to a surge in millionaires to the spot BTC ETF market. He also noted that the ETFs attracted an inflow of institutional capital, which made the 2024 crypto market unique.

The expert also believes that Ethereum ETFs and anticipating a potential approval for Solana ETFs boosted the market. Notably, Bitcoin rose to a new all-time high above $73,000 in March 2024, confirming massive investor inflows.

Meanwhile, the CEO of Bison Bank, Antonio Henriques, stated that cryptocurrencies are challenging the traditional fiat currencies. He believes this is a new era in global finance where digital asset innovations intersect with the stability of fiat currency.

Also,Jean-Marie Mognetti, CEO and founder of CoinShares, noted that the US SEC's approval of spot Bitcoin ETFs was transformative.He believes that the approval of the ETFs was the turning point in the digital asset industry, promoting institutional adoption.

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