Between 2023 and 2024, the number of Bitcoin millionaires increased by nearly 111%, reaching 85,400 or 49.6% of all crypto millionaires in 2024. When it comes to cryptocurrency billionaires, five of this year’s six newcomers also trace their success to Bitcoin, Henley & Partners in Crypto Wealth Report 2024.
The Rise of a Wave of Crypto Millionaires and Billionaires
Since 2023, the number of people worldwide who own at least $1 million in crypto assets has jumped by 95%, reaching 172,300. Bitcoin millionaires now account for nearly 50% of all cryptocurrency millionaires globally, representing an increase of more than 111% from the previous year.
Five of the new billionaires started their careers with Bitcoin. Six more billionaires joined the list in 2024. This brings the total number of bitcoin billionaires to 28, showing how popular Bitcoin has become in the digital world. As more investors see how profitable this option is, they add it to their portfolios. This makes Bitcoin the most popular way to make money.
Source: Henley & Partners
Bitcoin Adoption Development
In the United States, for example, the approval of 11 spot Bitcoin ETFs has contributed to this, significantly driving Bitcoin adoption. The increasing number of Bitcoin millionaires can be attributed to regulatory changes around the world that have encouraged greater participation and more investment in the cryptocurrency market.
The numbers represent nearly $20 million invested in those ETFs as some investors appear to prefer regulated funds over traditional exchanges. Other countries, such as Singapore and the United Arab Emirates (UAE), are also promoting the use of crypto by being very open in their policies. Something similar is happening in the UAE, which has abolished capital gains taxes and allows Dubai residents to trade cryptocurrencies directly using bank accounts.
The Singapore government has taken very bold steps in regulating digital assets and has done some very good things. They issued new asset custody guidelines and amended the Payment Services Act to make this latest version specifically designed as a law for digital payments.
Global Crypto Hub And Its Powerful Influence On The Market
A number of other international locations have emerged as major centers for cryptocurrency research and investment. Caribbean countries such as Antigua, Barbuda, St. St. Kitts, and Nevis have also proposed progressive legislation to welcome digital asset entrepreneurs, and this has diversified the landscape of crypto-friendly jurisdictions around the world. This is proven by the example of the Zug “Crypto Valley” – Switzerland actually presents a fairly strong blockchain ecosystem and actively promotes digital assets.
Featured image from Pexels, chart from TradingView
