Report states some crypto millionaires doubled during 2023

(MENAFN) A recent report highlights a dramatic increase in the number of crypto millionaires worldwide, revealing that the ranks of individuals holding USD1 million or more in cryptocurrency assets have nearly doubled over the past year. According to the Crypto Wealth Report 2024, published by the London-based wealth and investment migration firm Henley & Partners, the number of such high-net-worth crypto holders surged by 95 percent since 2023. More than half of these investors are focused on Bitcoin, underscoring the cryptocurrency's dominant position in the market.

The report also notes a significant rise in the overall market value of crypto assets, which has grown from USD1.2 trillion last year to USD2.3 trillion, marking an 89 percent increase. Dominic Volek of Henley & Partners attributes this growth to recent developments, such as the long-awaited approval of spot Bitcoin and Ethereum exchange-traded funds (ETFs). Volek remarked that these approvals have catalyzed a substantial influx of institutional capital into the cryptocurrency market.

As of June 30, the report identifies 172,300 individuals with cryptocurrency assets valued at USD1 million or more. Specifically, the number of Bitcoin millionaires has surged by an impressive 111 percent to 85,400. The report also highlights a 79 percent increase in the number of individuals holding crypto assets worth USD100 million or more, now totaling 325. Additionally, the number of crypto billionaires has expanded by 27 percent, reaching 28 individuals globally.

Andrew Amoils, head of research at South Africa-based New World Wealth, notes that of the six new crypto billionaires created in the past year, five emerged from Bitcoin investments. This statistic underscores Bitcoin's leading role in attracting substantial long-term investments. Despite this, cryptocurrency investor Lark Davis emphasizes Ethereum’s importance, describing it as a “keystone asset” within the market.

The report’s findings illustrate the rapidly growing influence of cryptocurrency investments and the expanding wealth within this sector, highlighting Bitcoin's continued dominance and the significant rise in high-net-worth crypto investors.

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