Bitcoin (BTC) Millionaires Surpass 85,000 as Cryptocurrency Wealth Explodes

A new report from New World Wealth and Henley & Partners shows a significant increase in cryptocurrency wealth over the past year, with Bitcoin (BTC) leading the charge.

Cryptocurrency wealth has seen a substantial increase over the past year, with a surge in Bitcoin (CRYPTO: BTC) ownership among the ultra-wealthy, according to a new report from New World Wealth and Henley & Partners.

The report, which was obtained by Benzinga, highlights a significant rise in crypto wealth, with a 95% year-over-year increase in the number of crypto millionaires, reaching 172,300 as of June 30, 2024.

Among these millionaires, Bitcoin ownership surged, rising to 85,400 millionaires, an increase of 111% from the previous year.

Crypto centi-millionaires, defined as those individuals with holdings of $100 million or more, also saw an increase, growing to 325, a 79% year-over-year rise.

The number of crypto billionaires also rose, reaching 28, an increase of 27% year-over-year.

The total market value of all cryptocurrencies hit $2.3 trillion, showing an 89% year-over-year increase, with Bitcoin accounting for $1.2 trillion of that value.

The report also noted a total of 560 million crypto users worldwide, a 32% increase from the previous year.

According to Henley & Partners, the introduction of crypto ETFs in major financial markets, such as the Fidelity Wise Origin Bitcoin Fund (NYSE:FBTC), iShares Bitcoin Trust ETF (NYSE:IBIT) and Grayscale Bitcoin Trust ETF (NYSE:GBTC), has been a key driver of this rapid growth in crypto wealth, leading to a significant influx of institutional capital.

"The cryptocurrency landscape of 2024 bears little resemblance to its predecessors, with Bitcoin's rise to over $73,000 in March setting a new all-time high and the introduction of crypto ETFs in major financial markets," said Dominic Volek, Group Head of Private Clients at Henley & Partners.

"This rapid growth in crypto wealth has also led to a growing interest among crypto-wealthy individuals in alternative residence and citizenship options. We observed a significant uptick in such clients in 2024, which led us to unveil our second annual Henley Crypto Adoption Index."

The report highlights several factors that have contributed to the surge in Bitcoin billionaires.

In April 2024, Benzinga reported on the influence of large Bitcoin holders, known as whales, on the cryptocurrency's price, particularly in the absence of a Bitcoin spot ETF.

Later, Robert Kiyosaki, author of "Rich Dad Poor Dad," pointed to Bitcoin as the simplest path to becoming a millionaire in June.

Additionally, MicroStrategy (NASDAQ:MSTR) co-founder Michael Saylor's disclosed ownership of nearly $1 billion in Bitcoin was highlighted in August.