Global Crypto Wealth Explosion: Number of Millionaires and Billionaires Soars

According to the latest 2024 Crypto Wealth Report from Henley & Partners, the meteoric rise of cryptocurrencies has not only changed the market landscape but also significantly increased the number of crypto millionaires and billionaires around the world. The number of individuals holding more than $1 million in crypto assets has nearly doubled, reflecting the leap in acceptance and value of digital currencies, the report noted.

The rapid growth of crypto wealth:
The 2024 Crypto Wealth Report shows that the number of cryptocurrency millionaires worldwide has soared by 95% in the past year, reaching a staggering total of 172,300. Among them, the number of Bitcoin millionaires has increased significantly to 85,400, an increase of 111% compared to last year. This data highlights Bitcoin's irreplaceable status as digital gold.

Billionaires surge:
The report also revealed a dramatic increase in the number of cryptocurrency billionaires, with 28 billionaires now in the world, six of whom were newly minted in the past year. Of particular note, five billionaires’ wealth is directly tied to Bitcoin’s market dominance. Binance founder Changpeng Zhao (CZ) became the richest billionaire in the crypto space for the third consecutive year, with a net worth of $33 billion, having seen his wealth grow by more than $10.5 billion in a year despite facing legal challenges in the United States.

Bitcoin’s strong performance: the engine driving wealth growth

Bitcoin price surges:
Bitcoin has surged 45% this year and is currently trading at around $63,160. This upward trend has not only pushed the overall market value of crypto assets to $2.21 trillion, but has also almost doubled from $1.2 trillion last summer. Bitcoin's strong performance is undoubtedly the core driver of global crypto wealth growth.

The driving force behind Bitcoin ETF:
The launch of Bitcoin ETFs in January this year has been one of the main drivers of this growth. Currently, the total assets of these ETFs have exceeded $50 billion. The continued investment of major asset management companies such as BlackRock and Fidelity has further promoted the growth of the market and the accumulation of crypto wealth.

The Rise of Crypto-Friendly Countries: The Formation of a Global Crypto Hub

To cater to the explosive growth of crypto wealth, Henley & Partners has developed the "Cryptocurrency Adoption Index" to assess the tax and regulatory environment of various countries to support cryptocurrencies. According to the index, Singapore ranks first with its supportive banking system, large investments and comprehensive regulatory policies including the Payment Services Act.

Following closely behind are Hong Kong, the United Arab Emirates, and the United States, which have strong infrastructure, dense cryptocurrency ATMs, and relatively high densities of crypto-friendly banks. Their policies and infrastructure provide fertile soil for the growth of global crypto wealth.

Summary: The advent of a new era of crypto wealth

The rapid growth of the global cryptocurrency market has not only driven a huge increase in personal wealth, but also marked the beginning of a new golden age for digital currency. As the price of Bitcoin and other crypto assets continues to rise, the number of crypto millionaires and billionaires around the world continues to rise. Future investors should pay close attention to these trends to seize the wealth opportunities brought by digital currency.

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