Bitcoin millionaires double in one year as crypto adoption rises

The number of Bitcoin (CRYPTO:BTC) millionaires has more than doubled over the past year, reflecting the rapid expansion of cryptocurrency adoption.

According to Henley Partners’ 2024 Crypto Wealth Report, the number of individuals holding over $1 million worth of Bitcoin surged by 111%, reaching 85,400 as of July 30.

This significant increase highlights Bitcoin's dominant role in the broader crypto market, where the total number of crypto millionaires worldwide grew by 95% to 172,300.

Bitcoin’s rising value has been a key driver of this wealth creation.

Over the past year, Bitcoin’s price skyrocketed by 142%, climbing from $26,100 in August 2023 to $63,100 by August 2024.

This price surge has not only created new millionaires but also expanded the number of centi-millionaires—those holding more than $100 million in crypto—by 79%, with this group now totaling 325 individuals.

Additionally, five of the six new crypto billionaires generated in the past year owe their fortunes primarily to Bitcoin.

The launch of spot Bitcoin exchange-traded funds (ETFs) has played a crucial role in driving this wealth growth.

On August 26 alone, these ETFs attracted over $200 million in inflows, drawing significant institutional interest and pushing Bitcoin’s value higher.

This influx of capital has solidified Bitcoin’s status as an asset in the digital currency market.

Changpeng Zhao, the founder of Binance, remains the wealthiest crypto billionaire for the third consecutive year, with a net worth of approximately $33 billion.

Despite facing legal challenges in the U.S., Zhao's wealth increased by $10.5 billion in the past year.

Singapore has emerged as a leader in crypto adoption, as noted in Henley Partners’ Crypto Adoption Index.

The country’s favorable regulatory environment and robust banking system have made it an attractive destination for crypto investors.

At the time of reporting, the Bitcoin price was $59,362.79.