- The number of Bitcoin millionaires has more than doubled over the past year, reaching 85,400 people.
- The approval of Bitcoin and Ethereum exchange-traded funds (ETFs) has driven institutional investment into cryptocurrencies.
- There are now 172,300 crypto millionaires globally, a 95% increase from 2023, and 28 crypto billionaires, up 27% from last year.
The number of crypto millionaires has nearly doubled over the past year according to a new report. This growth coincides with the rising prices of Bitcoin and other digital assets.
Millionaires Multiply Alongside Surging Crypto Prices
The consultancy Henley & Partners reports that the number of people holding over $1 million in cryptocurrency worldwide now stands at 172,300. This represents a 95% increase since 2023.
The growth in Bitcoin millionaires has been even more dramatic. Their ranks have more than doubled to 85,400 people, jumping 111% year-over-year.
This surge comes as the price of Bitcoin has climbed 136% over the past 12 months. The leading cryptocurrency now trades above $61,800, up from below $43,000 at the start of 2023. Other major crypto assets like Ethereum have seen similar price appreciation.
Institutional Investors Fuel Adoption Through New Products
The report credits the rise in crypto prices and millionaires to growing institutional adoption. New financial products like Bitcoin and Ethereum exchange-traded funds (ETFs) have opened the floodgates to big money inflows.
ETFs trade on stock exchanges and allow mainstream investors to gain exposure to cryptocurrencies through buying shares. Their approval has helped cement digital assets as part of the financial mainstream.
The number of crypto centi-millionaires swelled by 79% to 325 individuals. There are now 28 cryptocurrency billionaires as well, a 27% increase versus last year.
Conclusion
The data paints a picture of a growing crypto elite fueled by rising prices and growing institutional adoption. With more products allowing mainstream investors to access the asset class, the ranks of crypto millionaires seem poised for continued expansion.
