The world of cryptocurrency has seen a significant rise in the number of millionaires over the past year, with a new report from consultancy Henley & Partners shedding light on this growing trend. According to the report, the number of individuals holding more than $1 million in crypto assets nearly doubled in 2024, reaching a total of 172,300 millionaires. This represents a staggering 95% increase from the previous year, highlighting the surging interest in digital currencies among investors.
Bitcoin, the most well-known cryptocurrency, saw a particularly sharp increase in the number of millionaires, with 85,400 individuals now holding at least $1 million worth of the digital currency. This more than doubled the number of Bitcoin millionaires from the year before, underscoring the meteoric rise of the cryptocurrency market.
In addition to the rise in millionaires, the report also revealed a significant increase in the number of centi-millionaires and billionaires in the cryptocurrency space. There are now 325 individuals holding $100 million or more in crypto assets, representing a 79% increase from the previous year. Furthermore, there are 28 crypto billionaires, marking a 27% rise in the number of individuals with over $1 billion in digital currencies.
One striking statistic from the report is the prevalence of cryptocurrency ownership among young adults aged 24 to 35. According to Henry Burrows, founder of UK-based blockchain analytics firm Hoptrail, an estimated 34% of individuals in this age group globally own cryptocurrency. This demographic group is by far the largest cohort of crypto holders, indicating that young adults are driving the growth of the digital currency market.
The total market value of crypto assets also saw a significant increase, reaching $2.3 trillion in 2024, an 89% jump from the previous year. This surge in market value reflects the growing interest and investment in digital currencies, as well as the increasing acceptance of cryptocurrencies as a legitimate asset class.
Dominic Volek, group head of private clients at Henley & Partners, attributed the rise in cryptocurrency millionaires to a combination of soaring prices and the introduction of crypto exchange-traded funds (ETFs). Volek noted that the cryptocurrency landscape in 2024 looks vastly different from previous years, with Bitcoin reaching new all-time highs and the approval of spot Bitcoin and Ethereum ETFs in the USA attracting institutional capital to the market.
In the past year, the value of Bitcoin more than doubled, while Ether and Dogecoin also saw significant increases in value. This growth in value, coupled with the increasing adoption of cryptocurrencies by institutional investors, has fueled the rise of cryptocurrency millionaires and billionaires.
As the cryptocurrency market continues to evolve and mature, it is likely that we will see even more individuals joining the ranks of crypto millionaires. With the increasing acceptance of digital currencies as a legitimate investment option, the future of the cryptocurrency market looks promising for both investors and enthusiasts alike.
