Bitcoin Millionaires Soared by 111% to 85,400 in 2024, Thanks to Crypto ETFs: Report

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Sujha Sundararajan

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Sujha Sundararajan

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August 27, 2024 05:18 EDT

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There are 85,400 crypto millionaires worldwide, which is a 111% increase from the past year, a new report reveals.

International wealth and investment migration specialists from Henley & Partners have compiled a Crypto Wealth Report 2024, highlighting how Bitcoin rally over the past year has created more crypto millionaires.

Dominic Volek from Henley & Partners attributes the incredible surge to the US spot Bitcoin ETFs approved in January. He said that the long-awaited approval of spot Bitcoin and Ethereum ETFs “unleashed a torrent of institutional capital.”

“Anticipation now builds for potential Solana ETFs joining the Wall Street party. These milestones have seeded a new era of crypto adoption, one where digital assets increasingly cross-pollinate with traditional finance and global mobility.”

Surge in ‘Crypto Centi-Millionaires’

Further, the report said this year, there has been a 95% increase in individuals holding over $1 million in cryptos. Around 172,300 individuals globally are crypto millionaires.

Additionally, a surge is also observed in crypto centi-millionaires, that hold assets of $100 million and more. This year, the report notes an increase in crypto centi-millionaires, reaching 325 globally.

Besides, the total market value of cryptos saw an increase to $2.3 trillion, 89% more compared to last year’s $1.2 trillion.

However, crypto billionaire growth was much lower last year and mainly driven by Bitcoin, says Andrew Amoils, Head of Research at New World Wealth.

“Of the six new crypto billionaires created over the past year, five came from Bitcoin, underscoring its dominant position when it comes to attracting long-term investors who buy large holdings.”

Among the crypto billionaires, ex-Binance CEO Changpeng Zhao, aka CZ. Per Forbes profile, that he is estimated to hold $33 billion net worth. Nevertheless, CZ’s wealth has been hit over the last year, following his money laundering charges in November and subsequent resignation.

Following CZ, Brian Armstrong, the co-founder of Coinbase, holds the second place among crypto billionaires, with assets estimated $11 billion. Giancarlo Devasini, chief financial officer of Tether, and Michael Saylor, co-founder of MicroStrategy, closely follows the list.