The cryptocurrency market is currently growing significantly, with Bitcoin at the forefront. According to a recent report by Henlеy and Partners, the number of Bitcoin millionaires has increased by 111% in the last year. As of June 30, 2024, around 85,400 people had over $1 million in Bitcoin, more than double the previous year’s figure.
This increase isn’t limited to millions. The number of Bitcoin millionaires with assets of more than $100 million has increased by 100%, reaching 156. Bitcoin Billionaires, the most exclusive club, has seen an 83% increase, bringing the total to 11.
While Bitcoin remains a key driver, the broader cryptocurrency market is also expanding. The Crypto Wealth Report 2024 shows a 95% increase in the number of people possessing more than $1 million in total crypto assets. This increase in crypto wealth is not limited to millionaires; the number of crypto-cent millionaires has increased by 79%, reaching 325. The elite cryptocurrency billionaires’ club has grown by 27%, comprising 28 members.
This wealth gain corresponds to increased user adoption, with the global crypto community expanding by 32% to reach 560 million users worldwide.
Bitcoin ETFs Boost Crypto Wealth.
The advent of spot BTC exchange-traded funds (ETFs) is one of the key factors driving the increase in crypto wealth, mainly for BTC. These investment methods enable traditional investors to gain access to BTC without the complications of direct ownership.
Industry experts attribute the recent rally to these ETFs. The surge of institutional capital through spot Bitcoin ETFs has been noticeable, with over $200 million in new investments on August 26—the most significant single-day inflow in over a month.
Bitcoin’s dominance in generating new cryptocurrency wealth is evident. Andrеw Amoils, head of research at New World Wealth, has stated that five of the six new crypto billionaires over the last year owe their wealth mostly to BTC holdings. This highlights its appeal to long-term investors seeking sustainable returns from large-scale investments.
With BTC’s price rising by 142% in the last year, from $26,100 on August 27, 2023, to its current price of $63,100, the future looks positive for cryptocurrеnciеs and investors who have trusted them.
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Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.
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