The Crypto Market Has Created 88k New Millionaires in 2024: Report

A report by Henley & Partners, a top international wealth and investment migration firm, revealed that the cryptocurrency market produced 88,000 crypto millionaires and six billionaires in 2024. The number of people holding over $1 million in crypto assets has surged by 95% from last year, bringing the global total to 172,300, the firm said.

The study also showed a significant surge in Bitcoin millionaires, rising 111% to 85,400. The overall market value of crypto assets has reached $2.3 trillion, reflecting an 89% increase from the $1.2 trillion recorded in the company’s first report from last year.

Furthermore, the ranks of the wealthy in the crypto space have also grown significantly. The number of those holding $100 million or more in crypto increased by 79% to 325. Crypto billionaires have also grown to 28, with a 27% rise.

Bitcoin Makes Largest Contribution

Bitcoin, the largest crypto asset by market capitalization ranking, highly contributed to the rise in billionaires. Five of the six billionaires achieved their status through investments in Bitcoin.

The recent influx of new crypto billionaires comes after a remarkable market surge that propelled BTC’s value to an all-time high of $73,800 in March 2024. This unprecedented price profoundly impacted the crypto wealth landscape, creating more millionaires and billionaires.

ETFs Played Major Part: Volek

Dominic Volek, Group Head of Private Clients at Henley & Partners, attributed the rapid growth to the introduction of cryptocurrency exchange-traded funds (ETFs) in major financial markets. He explained that the launch of the Bitcoin spot ETF in January and the debut of the Ethereum spot ETF in July attracted substantial institutional capital.

“The cryptocurrency landscape of 2024 bears little resemblance to its predecessors. Bitcoin’s rise to over USD 73,000 in March set a new all-time high, while the long-awaited approval of spot Bitcoin and Ethereum ETFs in the USA unleashed a torrent of institutional capital,” Volex said.

Also, anticipation is building for the potential introduction of Solana ETFs on Wall Street. These developments signify the onset of a new phase in cryptocurrency adoption, characterized by the increasing integration of digital assets with traditional financial systems and their expanding influence on a global scale.