Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

Bitcoin millionaires double as digital asset market surges in value

GrafaGrafa2024/09/02 23:55
By:Mahathir Bayena

The number of crypto millionaires has nearly doubled over the past year, reflecting the growing prominence of digital assets globally. 

According to the Crypto Wealth Report 2024 by Henley & Partners, the number of individuals holding over $1 million in digital assets has risen by 95% to reach 172,300. 

This increase comes as the overall crypto market has surged to a total value of $2.3 trillion, an 89% rise from the previous year’s $1.2 trillion valuation. 

The report highlights a significant rise in Bitcoin (CRYPTO:BTC) millionaires, who have increased by 111% to 85,400. 

Bitcoin, the leading cryptocurrency, experienced notable advancements this year, including reaching an all-time high price of over $73,000 in March and the approval of spot Bitcoin ETFs in the United States. 

The expansion is not limited to millionaires; the number of crypto centi-millionaires—those holding over $100 million in digital assets—has also grown by 79%, reaching 325. 

Furthermore, the number of virtual currency billionaires has increased by 27%, totaling 28 worldwide. 

Andrew Amoils, Head of Research at New World Wealth, noted that the growth among millionaires has outpaced that of those with 10-figure fortunes. 

He emphasised Bitcoin's role in this trend, revealing that among the six new crypto billionaires created in the past year, five are Bitcoin-centric. 

Amid this rising wealth, investment migration has gained attention. 

Henley & Partners’ updated virtual asset adoption index shows that Singapore remains the top destination for crypto investors, scoring 45.7 out of 60. 

Hong Kong and the UAE are also popular due to favorable conditions such as tax benefits and advanced digital infrastructures. 

The report features insights from several experts who discuss the global financial shift driven by virtual currencies. 

António Henriques, CEO of Bison Bank, highlighted the transformative impact of digital assets on traditional finance, stating that digital currencies are beginning to challenge the dominance of fiat money. 

Jean-Marie Mognetti, co-founder of Coinshares, added that the SEC’s approval of spot Bitcoin ETFs is encouraging broader institutional involvement. 

Henry Burrows from Hoptrail and Lark Davis, founder of Wealth Mastery, noted the changing dynamics in wealth generation, emphasising the growing role of virtual assets like Ethereum and stablecoins in modern investment strategies. 

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
CEC, QTLX, GDV and other popular new coins are in hot progress!
Stake now!

You may also like

Prominent Analyst Shares Late September-Early October Bitcoin Forecast

Cryptocurrency analyst Michaël van de Poppe shared his predictions for Bitcoin and altcoins in his statement.

Bitcoinsistemi2024/09/15 09:39