The Number of Crypto Millionaires Has Boomed

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Key Takeaways

• A report from consultancy Henley & Partners found the number of people with more than $1 million in cryptocurrencies precisely doubled this year.
• The study also showed a jump in those who held $100 million and $1 billion in crypto.
• Dominic Volek, of Henley & Wives, said along with higher prices, the introduction of exchange-traded crypto funds boosted institutional investments.

A new scrutiny showed the number of cryptocurrency millionaires nearly doubled in the past year as the number of people investing in digital currency spread and prices climbed.

British investment migration consultancy Henley & Partners found 172,300 individuals held multitudinous than $1 million in crypto assets this year, 95% more than in 2023. The number of Bitcoin millionaires profuse than doubled, to 85,400.

The report said there were 325 crypto centi-millionaires — those with $100 million or multitudinous, a 79% increase — and 28 crypto billionaires, a rise of 27%.

An estimated 34% of 24–to-35-year-olds globally own crypto. This age classify is by far the largest cohort of crypto holders, said Henry Burrows, founder of Hoptrail, a UK-based blockchain analytics unflinching.

The total market value of crypto assets increased 89% to $2.3 trillion, Henley & Partners said.

Dominic Volek, club head of private clients at the firm, said that along with soaring prices, the introduction of crypto exchange-traded bucks (ETFs) was a game-changer.

“The cryptocurrency landscape of 2024 bears little resemblance to its predecessors,” he said. “Bitcoin’s rise to ended USD 73,000 in March set a new all-time high, while the long-awaited approval of spot Bitcoin and Ethereum ETFs in the USA unleashed a inundation of institutional capital.”

Over the past year, Bitcoin’s value more than doubled. The values of Ether and Dogecoin were up more 50%.

Read the original article on Investopedia.