In just a year, the number of Bitcoin millionaires worldwide has more than doubled, with 85,400 people now holding over $1 million in Bitcoin.
Growth style
A new survey from Henley and Partners, the Crypto Wealth Report 2024 reveals a pretty huge increase in the number of individuals whose Bitcoin holdings exceed $1 million.
By July 30 this year, the count of these Bitcoin millionaires jumped by 111%, reaching 85,400.
And what’s more interesting, this jump wasn’t limited to Bitcoin alone. The total number of people globally holding more than $1 million in various cryptocurrencies grew to 172,300, nearly doubling from the previous year’s.
The report also highlighted a big rise in the wealthiest crypto holders, with 325 people now possessing over $100 million in crypto assets, which is a 79% increase so far.
In the top level, six new crypto billionaires emerged, bringing the total to 28.
Ten percent luck, twenty percent skill…
Andrew Amoils, head of research at New World Wealth emphasized that Bitcoin, more precisely, the Bitcoin price played an important role in this growth.
Out of the six new crypto billionaires, five amassed their fortunes through Bitcoin, clearly showing its appeal to long-term investors who make substantial investments.
The rapid increase in Bitcoin’s price is a significant factor. Over the past year, Bitcoin’s price surged by 142%, rising from $26,100 on August 27, 2023, to $63,100 by the same date in 2024.
ETF whales
Dominic Volek, the head of private clients at Henley and Partners, attributed much of this wealth growth to the introduction of spot Bitcoin ETFs.
These financial products fueled the rally in the crypto sector. On August 26, 2024, spot Bitcoin ETFs saw over $200 million in new investments, marking the largest single-day inflow record in the past 35 days.
Have you read it yet? Rate cuts alone won’t get the job done
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.
