Crypto Millionaires Surge by 95% Amid 2024 Bull Run

The number of investors holding at least one million dollars in cryptocurrencies has reached 172,300, marking a 95% increase from the previous year, according to the Crypto Wealth Report 2024 by Henley & Partners.

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The number of billionaires in digital assets has risen to 28, a 27% increase, while those with million-dollar fortunes in Bitcoin now number 85,400, up 111% year-on-year.

Experts noted that market capitalization grew by 89% during the period, from $1.2 trillion to $2.3 trillion.

Dominic Volek, head of the private investor group at Henley & Partners, attributed the accelerated growth of wealth, particularly large fortunes, to the emergence of cryptocurrency exchange-traded funds.

“The cryptocurrency landscape of 2024 bears little resemblance to its predecessors. Bitcoin’s rally to over $73,000 in March set a new all-time high, while the long-awaited approval of spot Bitcoin and Ethereum ETFs in the US unleashed a wave of institutional capital,” the analyst stated.

Expectations are now mounting for Solana to “join the party,” Volek added.

Lark Davis, founder of Wealth Mastery, emphasized the importance of the second-largest cryptocurrency by market capitalization as “a key market player.”

“Much of what is built in cryptocurrencies is created on Ethereum, based on the blockchain, or channels liquidity back into the ecosystem,” he believes.

Singapore Retains Title as Leading Crypto Hub

Henley & Partners experts also examined the appeal of various jurisdictions from the perspective of digital asset investors. They noted Singapore’s dominance as the leading crypto hub, with leadership in technological innovation, regulatory framework, and infrastructure development.

Hong Kong followed in the rankings, distinguished by its “economic fundamentals and friendly tax policy.” The UAE ranked third, benefiting from its fiscal regime and rapidly growing digital economy.

None of the three jurisdictions impose capital gains tax, a significant advantage for crypto investors, analysts highlighted.

In August, 59% of asset management representatives expressed readiness to increase the share of digital assets in client portfolios, according to a survey published by the law firm Barnes & Thornburg.