Between 2023 and 2024, the number of Bitcoin millionaires rose by almost 111%, reaching 85,400 or 49.6% of all cryptocurrency millionaires in 2024. As for crypto billionaires, five of the six new entrants this year also attribute their success to Bitcoin. , as revealed by Henley & Partners. In it Crypto Wealth Report 2024.
The emerging tide of cryptocurrency millionaires and billionaires
Since 2023, the number of people worldwide who own at least $1 million in crypto assets has increased by 95%, to 172,300. Bitcoin Millionaires now make up nearly 50% of all cryptocurrency millionaires globally, reflecting an increase of just over 111% from the previous year.
Five new billionaires started using Bitcoin. Six more billionaires joined the list in 2024. This brings the total number of Bitcoin billionaires to 28, which shows how popular Bitcoin is in the digital world. As more investors see how profitable this option is, they are adding it to their portfolios. This makes Bitcoin the most popular way to make money.
Source: Henley & Partners
Developments in Bitcoin adoption
In the US, for example, the approval of 11 Bitcoin ETFs has contributed to this, significantly boosting Bitcoin adoption. The rise in the number of Bitcoin millionaires can be linked to regulatory changes around the world that have promoted greater participation and more investment in the cryptocurrency market.
The numbers show nearly $20 million worth of investment in these ETFs because some investors seem to prefer regulated funds over traditional exchanges. Other countries, such as Singapore and the United Arab Emirates, have equally promoted the use of cryptocurrencies by being very open in their policies. This is the case with the United Arab Emirates, after it abolished capital gains taxes and allowed Dubai residents to trade cryptocurrencies directly using bank accounts.
The Singapore government has taken a very bold step in regulating digital assets and has done some exceptionally good things. It issued new asset custody guidelines and amended the Payment Services Act to make the updated version specifically designed as a bill for digital payments.
Global cryptocurrency positions and their strong influence on the market
A number of other international locations have already emerged as major centers for cryptocurrency research and investment. Caribbean countries such as Antigua and Barbuda and Saint Kitts and Nevis have also introduced progressive legislation to welcome digital asset entrepreneurs, and this has diversified the landscape of cryptocurrency-friendly jurisdictions around the world. This is well illustrated with an example “Crypto Valley” in Zug – Switzerland actually offers a very strong blockchain technology ecosystem and is actively promoting digital assets.
Featured image from Pexels, chart from TradingView