The latest Crypto Wealth Report 2024 by Henley & Partners has revealed some staggering statistics regarding the growth of wealth in the crypto market. The number of individuals holding over $1 million in digital assets has surged by 95% to 172,300, with the total value of the crypto market reaching $2.3 trillion, an 89% increase from the previous year.
One of the most notable findings from the report is the rise in the number of Bitcoin millionaires, which has increased by 111% to 85,400. This spike in Bitcoin wealth can be attributed to the cryptocurrency’s advancements this year, including hitting an all-time high price of over $73,000 in March and the approval of spot Bitcoin ETFs in the U.S.
Expansion at the Upper Echelons of Wealth
The report also highlighted the expansion of wealth at the upper echelons, with the number of crypto centi-millionaires (those with assets over $100 million) increasing by 79% to 325. Additionally, the ranks of virtual currency billionaires have seen a 27% uptick, totaling 28 globally. This growth in wealth has been primarily driven by Bitcoin.
Several experts shared their views in the report, with a major theme being a global financial shift driven by virtual currency. António Henriques, CEO of Bison Bank, emphasized the transformative effect of digital assets on global finance, stating that we are entering a new era where traditional fiat currencies are being challenged. Coinshare co-founder Jean-Marie Mognetti supported this view, noting that the SEC’s approval of spot Bitcoin ETFs is encouraging broader institutional engagement. Henry Burrows of Hoptrail highlighted a shift in wealth generation, noting that contemporary wealth is increasingly coming from virtual assets rather than traditional investments. Lark Davis, founder of Wealth Mastery, spoke of Ethereum’s pivotal role in the sector, while Guneet Kaur of Cointelegraph pointed out the growing importance of stablecoins as a reliable investment during market fluctuations.
The findings of the Crypto Wealth Report 2024 paint a picture of a rapidly growing and evolving crypto market, with Bitcoin leading the way in creating new wealth opportunities. The insights from experts suggest that we are on the cusp of a major global financial transformation driven by digital assets. As the market continues to mature and innovate, it will be interesting to see how these trends unfold and shape the future of wealth creation in the digital age.