Bitcoin Millionaires: Growth in Crypto Investors' Income

The 2024 Crypto Wealth report compiled by Henley & Partners shows that 85,000 individuals have become millionaires by investing in Bitcoin.

The 2024 Crypto Wealth report, compiled by Henley & Partners, reveals a striking increase in the number of individuals becoming millionaires through crypto investments. This year's report shows a total of 173,200 crypto millionaires worldwide, a remarkable 95% surge from last year.

Of these newly minted crypto millionaires, an impressive 85,400 are Bitcoin millionaires, indicating a substantial 111% rise from last year. This highlights the enduring appeal and value proposition of Bitcoin among traders and investors.

Moreover, the report unveils the emergence of 28 crypto billionaires globally, out of which 11 are Bitcoin investors. This signifies the significant role that Bitcoin plays in attracting large-scale, long-term investors.

Notably, six new crypto billionaires were created last year, and five of them emerged from Bitcoin. This underscores Bitcoin's dominance in captivating the attention of substantial investment.

The total market value of cryptocurrencies has surged by 89% to $2.3 trillion, a substantial increase from the $1.2 trillion reported in the firm's inaugural report last year.

Binance founder and CEO Changpeng Zhao, known as CZ, remains the richest crypto billionaire for the third consecutive year. Despite serving a jail term in the United States, his net worth soared from over $10.5 billion to $33 billion in just a year.

Another Bitcoin billionaire whose net worth rivals CZ's is Michael Saylor, the former CEO and current Chairman of MicroStrategy. Saylor has been instrumental in facilitating the firm's large-scale acquisition of Bitcoin since 2020.

As highlighted in our earlier report, Saylor claims to still own the 17,000 BTC he purchased four years ago. Over the years, he has added more to his personal Bitcoin stack, which now translates to over $1 billion.

According to MicroStrategy, the firm now holds 226,500 BTC in its reserve despite a recent quarterly loss due to an impairment charge on its Bitcoin holdings.

Several factors have contributed to this rapid growth in Bitcoin millionaires.

The introduction of crypto Exchange-Traded Funds (ETFs) has played a pivotal role in ushering substantial institutional capital into the ecosystem. Following the launch of spot Bitcoin ETFs, the cryptocurrency's price soared to a record high of over $73,000 in March.

This investment vehicle has attracted a torrent of institutional capital into the market, boosting Bitcoin's price. According to our recent analysis, 66% of institutional investors held or increased their Bitcoin ETF positions in the second quarter of 2024.

Major banks like Morgan Stanley and Goldman Sachs have large stakes in Bitcoin ETFs. Specifically, Morgan Stanley holds $188 million in BlackRock's iShares Bitcoin Trust.

In addition to being favored by institutional players, Bitcoin is also gaining increased relevance in jurisdictions with favorable regulatory requirements.

For instance, many local businesses in Singapore are beginning to accept Bitcoin payments for transactions. Furthermore, traditional banks and asset management firms in Singapore have disclosed intentions to offer Bitcoin-related services like custody and advisory.

These milestones are collectively paving the way for a new era of Bitcoin adoption, one where crypto is becoming increasingly intertwined with traditional finance.

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