Bitcoin Millionaires Increase 111% Globally

A new wealth survey found that 85,000 individuals currently possess more than $1 million in BTC, marking a 111% increase in the number of Bitcoin millionaires globally in the past year.

A recent wealth survey has revealed a 111% increase in the number of Bitcoin (BTC) millionaires globally, now standing at 85,000. This highlights the growing appeal of the cryptocurrency among high-net-worth individuals.

According to the Crypto Wealth Report 2024 by Henley & Partners, the number of individuals with Bitcoin holdings exceeding $1 million reached 85,400 on July 30. This marks a significant increase from the 40,500 Bitcoin millionaires recorded in the previous year's survey.

The report, which tracks the wealth bands from July 1, 2023, to June 30, 2024, also noted an overall increase in the number of crypto millionaires, defined as those with crypto holdings above $1 million. This figure rose by 95% to 172,300 worldwide.

Furthermore, the number of crypto centi-millionaires, or those with crypto holdings exceeding $100 million, also saw a notable increase, rising by 79% to 325. This group represents the upper echelons of the crypto affluent.

As reported by Cointelegraph, there are now a total of 28 crypto holders with fortunes in the nine figures, thanks to the six new crypto billionaires that were created in the past year.

The research combined the firm's "in-house wealth tier models" with open-source data from prominent crypto platforms, including CoinMarketCap, Binance, BscScan, and Etherscan, to compile the figures in its 2024 report. Millionaire bands are rounded to the nearest hundred.

According to Andrew Amoils, head of research at New World Wealth, Bitcoin was the main driver of the increase in the number of billionaires, despite the crypto "millionaire band" experiencing the greatest growth.

"Of the six new crypto billionaires created over the past year, five came from Bitcoin, underscoring its dominant position when it comes to attracting long-term investors who buy large holdings," Amoils stated on August 27.

Multiple crypto billionaires were interviewed by Cointelegraph in May to discuss the life-altering events brought on by their newfound wealth.

The price of Bitcoin is currently hovering around $63,100, up 142% from its low point of $26,100 on August 27, 2023, as recorded by TradingView.

Dominic Volek, head of private clients at the firm, attributed the surge in the crypto sector and the rapid increase in the number of new billionaires to the introduction of spot Bitcoin exchange-traded funds.

"This year's crypto billionaire boom was largely fueled by the approval of spot Bitcoin ETFs, which drove a record seven crypto billionaires into the top ranks of the world's billionaires," Volek added.

As reported by Cointelegraph, the lineup of spot Bitcoin products saw nearly $200 million in fresh inflows on August 26th, marking the biggest single day during the recent 35 days of gathering ETF flows.