The Crypto Wealth Report 2024, compiled by Henley & Partners, indicates a substantial increase in the number of individuals holding over $1 million in digital assets. The report shows a staggering 95% surge to 172,300 individuals in this category. Moreover, the total value of the crypto market has seen a remarkable rise to $2.3 trillion, marking an 89% increase from the previous year’s valuation.
Surge in Bitcoin Millionaires
The report highlights a significant growth in the number of Bitcoin millionaires, with the count soaring by 111% to 85,400 individuals. Bitcoin, the leading cryptocurrency, has witnessed notable advancements, such as reaching an all-time high price of over $73,000 in March and the approval of spot Bitcoin ETFs in the U.S. This growth in Bitcoin millionaires has played a crucial role in driving the overall increase in crypto wealth.
Expansion in Upper Echelons of Wealth
The survey also reveals an expansion at the upper echelons of wealth in the crypto space. The number of crypto centi-millionaires, those holding digital assets exceeding $100 million, has increased by 79% to 325 individuals. Additionally, virtual currency billionaires have seen a 27% uptick, totaling 28 globally. This growth among millionaires has outpaced those with 10-figure fortunes and above, with Bitcoin emerging as a major driver of this trend.
Amidst the increasing wealth in the crypto market, investment migration has become more relevant. The report’s updated virtual asset adoption index highlights Singapore as the top destination for investors, scoring 45.7 out of 60. Hong Kong and the UAE closely follow, offering favorable conditions such as tax advantages and advanced digital economies. This trend underscores the shifting landscape of global finance driven by virtual currencies.
Several experts featured in the report emphasize a global financial shift brought about by virtual currencies. António Henriques, CEO of Bison Bank, stresses the transformative effect of digital assets on global finance, stating that we are entering a new era challenging the dominance of traditional fiat currencies. Coinshare co-founder Jean-Marie Mognetti and other experts point to the SEC’s approval of spot Bitcoin ETFs as facilitating broader institutional engagement. This marks a significant milestone in the wider adoption of cryptocurrencies.
The report also highlights emerging trends in the crypto market. Henry Burrows, a top executive at Hoptrail, observes a shift in wealth generation, noting that contemporary wealth is increasingly derived from virtual assets rather than traditional investments. Lark Davis, founder of Wealth Mastery, emphasizes Ethereum’s pivotal role in the sector, while Guneet Kaur of Cointelegraph underscores the growing importance of stablecoins as reliable investments during market fluctuations. These trends shape the evolving landscape of crypto wealth in 2024.
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