Author: Barron Chinese

The number of cryptocurrency millionaires is set to double in the year ending June 30, 2024, driven by regulatory approval, rapidly increasing adoption and the rise of a “crypto elite” class, according to a new report from wealth and immigration advisory firm Henley & Partners.

Cryptocurrency adoption rose 31% in the 12 months to June, with a total of 560 million users worldwide, while the total market value of cryptocurrencies nearly doubled to $2.3 trillion as of June 30. In March, when the price of Bitcoin peaked at $73,000, the number of investors reached 275 million and the market value reached $1.2 trillion, up 103% from the previous year, the report said.

The surge in cryptocurrency prices and adoption has created a new class of millionaires.

The number of cryptocurrency millionaires nearly doubled to 172,300 in the 12 months to June, with Bitcoin millionaires more than doubling to 85,400, accounting for about half of the total.

The number of people holding at least $100 million in cryptocurrencies (Centi-millionaires) increased from 181 last year to 325, with Bitcoin investors accounting for about half of the total.

The number of cryptocurrency billionaires is 28, including the Winklevoss brothers (Brett Winklevoss and Cameron Winklevoss), SecondMarket founder Barry Silbert, MicroStrategy co-founder Michael Saylor and Binance founder Changpeng Zhao, who was found guilty of money laundering by a California court earlier this year and sentenced to four months in prison, according to MarketWatch.

The growth in the number of people getting rich through cryptocurrencies is largely due to a change in regulatory winds, with cryptocurrencies becoming more regulated. The approval of the launch of cryptocurrency spot ETFs in the United States in January this year marked the arrival of a new era of institutionalization.

“The much-anticipated Bitcoin and Ethereum spot ETFs have attracted significant institutional capital following their approval in the U.S.,” Dominic Volek, head of private clients at Henley & Partners, said in the report.

Henley & Partners' analysis of "global cryptocurrency centers" shows that the United States ranks fourth, which incorporates an assessment of factors such as regulation, infrastructure adoption, technological strength and tax friendliness. Singapore, which recently implemented a regulatory framework for crypto assets and has advantages in infrastructure, technology and economic indicators, ranks first, Hong Kong, China, which approved a cryptocurrency spot ETF in January this year, ranks second, and the United Arab Emirates, which scored the highest in tax friendliness, ranks third.