Number of Crypto Millionaires Surge in 2024
The world of cryptocurrency has seen a significant transformation over the past year, with the number of crypto millionaires nearly doubling, fuelled by a surge in Bitcoin and other digital assets. According to a new report from Henley & Partners, the number of individuals holding over $1 million in cryptocurrencies has skyrocketed to 172,300—a 95% increase from the previous year.
Among these digital asset millionaires, Bitcoin holders have seen particularly impressive growth. The number of Bitcoin millionaires more than doubled, reaching 85,400, representing a 111% increase over the past 12 months. This surge is closely tied to Bitcoin’s remarkable price rally. Currently trading at around $61,800, Bitcoin has climbed 136% from its price of approximately $26,000 just a year ago. The cryptocurrency even reached an all-time high of $73,157 in March, reflecting its growing appeal among both individual and institutional investors.
The rapid increase in Bitcoin’s value has not only created new millionaires but also contributed to the rise of centi-millionaires—those with at least $100 million in crypto assets. The report noted a 79% increase in this elite group, bringing the total number to 325. Additionally, the ranks of crypto billionaires have expanded by 27%, now totalling 28 individuals. High-profile figures such as the Winklevoss twins, MicroStrategy’s Michael Saylor, and Binance founder Changpeng Zhao are among those who have seen their fortunes swell due to the ongoing crypto boom.
A key factor driving this wealth accumulation has been the growing institutional adoption of cryptocurrencies. The approval of Bitcoin and Ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) earlier this year marked a significant milestone in the mainstreaming of digital assets. These ETFs have made it easier for traditional investors to gain exposure to the crypto market, triggering a flood of institutional capital into the sector. Companies like BlackRock and Fidelity have launched funds that allow investors to participate in the crypto market without directly handling the complexities of buying, storing, and selling digital coins.
The approval of these ETFs has had a profound impact on the broader crypto market. The total number of global crypto users increased by 31% over the past year, reaching 560 million, while the total market value of crypto holdings nearly doubled to $2.3 trillion as of June 30. Bitcoin, which represents about half of this market value, has been at the forefront of this growth, with 275 million investors now holding the digital currency.
Despite the high-profile collapses of some crypto firms in recent years, the sector’s resilience and ongoing regulatory advancements have continued to attract significant investment. The U.S. approval of spot Bitcoin and Ethereum ETFs has signalled a new era of institutionalization, paving the way for even greater adoption of digital assets. According to Henley & Partners, the U.S. ranks as the fourth most crypto-friendly country globally, behind Singapore, Hong Kong, and the United Arab Emirates, all of which have also made significant strides in crypto regulation and adoption.
As the crypto market continues to evolve, the rise of a new “crypto elite” underscores the potential for digital assets to reshape the global financial landscape. With the number of crypto millionaires and billionaires on the rise, the sector shows no signs of slowing down, suggesting that the future of finance may increasingly be dominated by those who hold digital wealth.
