Number of Bitcoin Millionaires Soars 111% in a Year as Cryptocurrency Rally
Date: 2024-08-27 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
The number of people holding more than $1 million in Bitcoin has more than doubled to 85,400, according to the Crypto Wealth Report 2024 from Henley and Partners.
But it’s not just Bitcoin that’s seeing growth. The total number of people worldwide holding more than $1 million in the cryptocurrency has reached 172,300, up 95% from 88,200 last year.
The “upper echelons” of crypto wealth also grew significantly, with the number of people holding more than $100 million in cryptocurrency growing 79% to 325.
In addition, six new crypto billionaires emerged in the last year, bringing the total number of cryptocurrency owners with a net worth of over nine figures to 28.
The report states that millionaire statistics are rounded to the nearest hundred, and growth is measured between July 1, 2023 and June 30, 2024. Henley and Partners noted that the 2024 report’s data is based on a combination of “internal wealth distribution models” and publicly available data from major crypto platforms such as CoinMarketCap, Binance, BscScan, and Etherscan.
Andrew Amoils, head of research at New World Wealth, noted that while the “crypto millionaire cohort” saw the biggest growth, the increase in billionaires was largely due to Bitcoin.
“Of the six new crypto billionaires created in the last year, five made their fortunes in Bitcoin, highlighting its dominance in attracting long-term, high-volume investors,” Amoils said on August 27.
The price of Bitcoin has risen 142% in the last year, rising from $26,100 on August 27, 2023, to $63,100 at press time, according to TradingView.
The firm’s head of private client services, Dominik Volek, pointed to the introduction of spot Bitcoin ETFs as a major factor in the rapid growth of new millionaires and the broader rally in the cryptocurrency market.
The Bitcoin spot product ledger saw more than $200 million in new inflows on August 26, marking the largest one-day gain in 35 days.
