From 2023 to 2024, Bitcoin millionaires saw an impressive increase of nearly 111%, reaching a total of 85,400, which represents 49.6% of all cryptocurrency millionaires. According to Henley & Partners in their 2024 Crypto Wealth Report, five out of six new billionaires in 2024 owe their fortunes to Bitcoin.
Rising Number of Crypto Millionaires and Billionaires
Since 2023, the global count of individuals holding over $1 million in cryptocurrency has soared by 95%, now totaling 172,300. Currently, Bitcoin millionaires account for almost half of all crypto millionaires globally, marking an increase of over 111% from the previous year.
This year saw five new billionaires joining ranks, all emerging from Bitcoin investments, raising the total count of Bitcoin billionaires to 28. This trend underscores Bitcoin’s popularity among investors looking for lucrative options to enhance their portfolios.
Advancements in Bitcoin Adoption
In the U.S., the approval of 11 spot Bitcoin ETFs has significantly propelled Bitcoin adoption. The growth in Bitcoin millionaires correlates with global regulatory shifts that encourage greater involvement and investment within the cryptocurrency sector.
Approximately $20 million has been funneled into these ETFs as some investors prefer regulated financial vehicles over conventional exchanges. Similarly, nations like Singapore and the UAE have promoted cryptocurrency usage through favorable policies, with the UAE abolishing capital gains taxes and enabling Dubai residents to trade crypto directly from their bank accounts.
The Singaporean government has made significant strides in digital asset regulation, introducing new custody guidelines and amending the Payment Services Act, which is now specifically tailored towards digital payments.
Emergence of Global Crypto Hubs
Several countries have positioned themselves as prominent centers for cryptocurrency investment and research. Caribbean nations including Antigua, Barbuda, St. Kitts, and Nevis have enacted progressive laws to attract digital asset entrepreneurs, enriching the array of crypto-friendly jurisdictions worldwide. Switzerland’s Zug, known as “Crypto Valley,” showcases a dynamic blockchain ecosystem while actively endorsing digital assets.
Image credits: Pexels; Data sourced from TradingView
