Exploring the Rise of crypto Millionaires Worldwide
As the crypto market continues to evolve and gain momentum, a recent report by international wealth and investment migration specialists from Henley & Partners sheds light on the increasing number of crypto millionaires worldwide. According to the crypto-wealth-report-2024#:~:text=There%20are%20now%20172%2C300%20individuals,wealth%20and%20investment%20migration%20specialists">crypto Wealth Report 2024, there are currently 85,400 crypto millionaires globally, marking a significant 111% surge from the previous year.
The Impact of bitcoin's Rally on crypto Millionaires
Dominic Volek, a representative from Henley & Partners, attributes this remarkable growth to the rally of bitcoin over the past year. The approval of US spot bitcoin ETFs in January played a pivotal role in attracting institutional capital to the crypto market. Volek highlights how the approval of spot bitcoin and ethereum ETFs has initiated a new phase of crypto adoption, where digital assets are increasingly intersecting with traditional finance and global mobility.
The Emergence of 'crypto Centi-Millionaires'
The report also indicates a notable surge in the number of individuals holding over $1 million in cryptocurrencies, with approximately 172,300 crypto millionaires globally this year. Moreover, the term 'crypto centi-millionaires' has gained prominence, referring to individuals holding assets of $100 million or more. This year, the report identifies 325 crypto centi-millionaires worldwide, showcasing a substantial increase in this elite category.
Milestone in Total Market Value
Notably, the total market value of cryptocurrencies has witnessed a significant upsurge to $2.3 trillion, representing an 89% increase compared to the previous year's $1.2 trillion. Despite this overall growth, the expansion of crypto billionaires has been more subdued, primarily driven by bitcoin, as highlighted by Andrew Amoils, Head of Research at New world Wealth.
“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.”
Among the notable figures in the realm of crypto billionaires is ex-binance CEO Changpeng Zhao, better known as CZ. With an estimated net worth of $33 billion, CZ ranks at the top of the list. However, his wealth has experienced fluctuations over the past year, following legal challenges and his resignation from binance. Following CZ, Brian Armstrong, the co-founder of Coinbase, holds the second position among crypto billionaires, with assets valued at approximately $11 billion. Giancarlo Devasini, the chief financial officer of Tether, and Michael Saylor, the co-founder of MicroStrategy, closely trail behind on the list of crypto billionaires.
With the crypto market continually evolving and reshaping the landscape of wealth accumulation, the rise of crypto millionaires and billionaires signifies the growing mainstream acceptance and adoption of digital assets across the globe.
