Between 2023 and 2024, the number of Bitcoin millionaires increased by almost 111%, reaching 85,400 or 49.6% of all crypto millionaires in 2024. As for cryptocurrency billionaires, five out of six new entrants this year also trace their success to Bitcoin, revealed Henley & Partners. in his Crypto Wealth Report 2024.
The rising tide of crypto millionaires and billionaires
Since 2023, the number of people worldwide who own at least $1 million in crypto assets has increased by 95% to 172,300. Bitcoin millionaires now make up almost 50% of all cryptocurrency millionaires worldwide, reflecting an increase of just over 111% from the previous year.
Five of the new billionaires started with Bitcoins. In 2024, six more billionaires joined the list. This brings the total number of Bitcoin billionaires to 28, showing how popular Bitcoin is in the digital world. As more investors see how profitable this choice could be, they are adding it to their portfolios. This makes Bitcoin the most popular way to make money.
Source: Henley & Partners
Developments in Bitcoin adoption
In the United States, for example, there are 11 places approved Bitcoin ETFs has contributed to this, significantly boosting Bitcoin adoption. The rise of Bitcoin millionaires can be linked to regulatory changes around the world that have promoted greater participation and investment in the cryptocurrency market.
The figures show that almost $20 million of investment has gone into these ETFs, as some investors seemed to prefer regulated funds to traditional exchanges. Other countries, such as Singapore and the United Arab Emirates (UAE), have also promoted crypto usage by being very open in their policies. Such is the case with the UAE, which has abolished capital gains tax and allowed Dubai residents to trade cryptocurrencies directly through bank accounts.
The Singapore government has taken a very bold step in regulating digital assets and has done some exceptionally good things. It issued new asset custody guidelines and amended the Payment Services Act to make the updated version particularly tailored as a bill for digital payments.
Global crypto hubs and their strong influence on the market
A number of other international locations have actually emerged as significant centers for cryptocurrency research and investment. Caribbean countries such as Antigua, Barbuda, St. Kitts and Nevis have also put forward progressive legislation to welcome digital asset entrepreneurs, and this has diversified the landscape of crypto-friendly jurisdictions around the world. This is well proven with the example of Zug’s “Crypto Valley” – Switzerland actually presents a quite robust blockchain ecosystem and actively promotes digital assets.
Featured image from Pexels, chart from TradingView