Topic: [2024-08-29] Study: Bitcoin Millionaires up by 111%, ... (Read 71 times)

Study: Bitcoin Millionaires up by 111%, Crypto Users Reach 560 Million

A new report reveals a significant increase in wealthy crypto asset holders, with bitcoin (BTC) millionaires rising 111% to 85,400 and individuals with crypto assets worth $1 million increasing 95% to 172,300. Dominic Volek of Henley & Partners attributes this surge to the introduction of crypto exchange-traded funds (ETFs) and a BTC rally surpassing $70,000. The report also shows a 32% increase in crypto users to 560 million and a 31% rise in BTC users to 275 million.

Crypto Millionaires Surge Amid Spot ETF Approvals

According to a new report, the number of bitcoin (BTC) millionaires soared 111% to 85,400, while the number of individuals holding crypto assets worth $1 million increased 95% to 172,300. The report data also shows that since the inaugural Crypto Wealth Report was published in 2023, the number of centi-millionaire crypto asset holders has risen 79% to 325, while the number of billionaires globally increased by 27% to 28.

In a statement, Dominic Volek, Group Head of Private Clients at Henley & Partners, attributed the surge in wealthy crypto holders to the introduction of crypto exchange-traded funds (ETFs) in major financial markets. Additionally, the BTC rally, which saw the top crypto asset surpass $70,000, was another contributing factor.

Volek meanwhile said he anticipates the approval of a Solana spot ETF to be another factor likely to drive the crypto market.

“Anticipation now builds for potential Solana ETFs joining the Wall Street party. These milestones have seeded a new era of crypto adoption, one where digital assets increasingly cross-pollinate with traditional finance and global mobility,” Volek said.

Besides observing a surge in the number of wealthy crypto asset owners, the Henley & Partners report data shows that the number of crypto users grew 32% to 560 million, while BTC users increased 31% to 275 million.

Singapore Tops Crypto Hub Preferences

The Henley & Partners statement meanwhile quotes several key players in the crypto sector sharing their sentiments on the Crypto Wealth Report 2024 findings. For instance, Henry Burrows, CEO of Hoptrail, points to the staggering returns made from relatively small amounts of initial capital as one of the reasons explaining the surge in the number of wealthy crypto asset owners.

Lark Davis, cryptocurrency investor and founder of Wealth Mastery, identifies Ethereum, the number two crypto asset by market capitalization, as the “keystone asset of the market.” Davis also argues that the way Ethereum has evolved demonstrates that cryptocurrencies are no longer just simple currency alternatives.

In addition to unveiling the Crypto Wealth Report 2024, Henley & Partners also published the second Henley Crypto Adoption Index. The index, which evaluates the investment migration programs from the perspective of crypto investors, shows Singapore to be the most preferred hub with a score of 45.7 out of 60.

Hong Kong is the next highest ranked with a score of 42.1, while the United Arab Emirates is in third with a score of 41.8. The United States and the United Kingdom complete the top five with scores of 41.7 and 36.1, respectively.

Source: https://news.bitcoin.com/study-bitcoin-millionaires-up-by-111-crypto-users-reach-560-million/