The Rapid Ascent Of Crypto-Millionaires: Decoding A Financial Revolution
Date
8/28/2024 3:32:41 PM
(MENAFN- The Rio Times) In the span of a year, individuals with crypto holdings above $1 million nearly doubled, soaring from 88,200 to 172,300.
This 95% increase reflects a dramatic shift in wealth through digital assets. The group exclusively holding bitcoin has seen even greater growth, now tallying 85,400 millionaires.
A report from New World Wealth and Henley & Partners sheds light on this wealth explosion. It credits the surge to rising Cryptocurrency values and the quick adoption of Bitcoin ETFs.
This year, Bitcoin's price jumped by 45%, reaching about $64,000. This increase was mainly driven by the burgeoning Bitcoin ETFs launched in the U.S. early this year. These funds alone now encompass assets totaling $50 billion.
Moreover, Bitcoin's rise has buoyed other cryptocurrencies, pushing the total crypto market value to $2.3 trillion. This is a significant jump from $1.2 trillion in August of the previous year.
As values soared, the ranks of crypto-millionaires worldwide expanded rapidly. Even the more exclusive hundred-million and billion-dollar clubs have grown. Presently, there are 325 crypto-centimillionaires and 28 crypto-billionaires.
Over the past 12 months, six new crypto-billionaires have emerged. Among them is Changpeng Zhao, founder and former CEO of Binance.
The Rapid Ascent of Crypto-Millionaires: Decoding a Financial Revolution
Forbes reports his net worth at approximately $33 billion, with an increase of over $10.5 billion last year.
Other notable figures include Brian Armstrong, co-founder of Coinbase; Giancarlo Devasini, CFO of Tether; and Michael Saylor, co-founder of MicroStrategy. These entrepreneurs have capitalized significantly on the crypto boom.
This shift in wealth is not just financial growth. It represents a pivotal change in the global financial landscape, emphasizing the growing influence of digital assets on traditional systems and wealth distribution.
The Rapid Ascent of Crypto-Millionaires: Decoding a Financial Revolution
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