Lawrence Damilola
A new report from Henley & Partners reveals a 111% increase in the number of crypto millionaires worldwide, bringing the total to 85,400.
The Crypto Wealth Report 2024, released on Tuesday, attributes this rise to the recent approval of U.S. spot Bitcoin ETFs, which has driven substantial institutional investment into the market. Dominic Volek from Henley & Partners stated that these approvals “unleashed a torrent of institutional capital,” noting that they have played a key role in pushing crypto adoption forward. Volek also mentioned the growing anticipation around potential Solana ETFs, which could further influence the market.
In addition to the rise in millionaires, the report reveals a significant 95% increase in individuals holding over $1 million in cryptocurrencies, totaling 172,300 globally. The number of crypto centi-millionaires with assets of $100 million or more has also risen to 325 this year.
The report also indicates that figures on millionaires were approximated to the closest hundred, tracking their increase from July 1, 2023, to June 30, 2024. It pointed out that the data in its 2024 publication was derived from a blend of proprietary wealth classification frameworks and publicly available data sourced from leading digital currency platforms including CoinMarketCap, Binance, BscScan, and Etherscan.
Furthermore, the report also notes that the total market value of cryptocurrencies has grown to $2.3 trillion, up from $1.2 trillion last year. According to Andrew Amoils, Head of Research at New World Wealth, most of this growth is driven by Bitcoin. He emphasized that “five of the six new crypto billionaires created over the past year came from Bitcoin,” highlighting the continued dominance of the cryptocurrency in wealth generation.
Among the newly reported crypto billionaires, Changpeng Zhao (CZ), the former CEO of Binance, remains the most prominent, with an estimated net worth of $33 billion, according to Forbes. However, CZ’s wealth has been impacted over the past year due to legal challenges, including money laundering charges and his resignation from Binance.
The report lists Brian Armstrong, co-founder of Coinbase, as the second-largest crypto billionaire with assets valued at $11 billion. Other notable figures include Giancarlo Devasini, Chief Financial Officer of Tether, and Michael Saylor, co-founder of MicroStrategy.
According to Henley & Partners, the recent influx of institutional capital, spurred by the approval of ETFs, marks a new phase in integrating digital assets into traditional financial systems.
Meanwhile, Bitcoin is trading at $62,451 at the time of reporting, down by 2.26% in the last 24 hours, according to CoinMarketCap.
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Lawrence does not hold any crypto asset. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
