Bitcoin Powers Wealth: Nearly 50% Of Crypto Millionaires Owe Success To BTC
Between 2023 and 2024, the number of Bitcoin millionaires climbed by almost 111%, reaching 85,400 or 49.6% of all crypto millionaires in 2024. Regarding cryptocurrency billionaires, five of the six newcomers this year also trace their success to Bitcoin, Henley & Partners disclosed in its 2024 Crypto Wealth Report.
The Emerging Tide Of Crypto Millionaires And Billionaires
Since 2023, the number of people worldwide holding at least $1 million in crypto assets has surged by 95%, reaching 172,300. Bitcoin millionaires now make up nearly 50% of all cryptocurrency millionaires globally, reflecting an increase of just over 111% from the previous year.
Five of the new billionaires got their start with Bitcoins. Six more billionaires joined the list in 2024. This brings the total number of bitcoin billionaires to 28, showing how popular Bitcoin is in the digital world. As more investors see how profitable this choice could be, they add it to their portfolios. This makes Bitcoin the most popular way to make money.
Developments In The Adoption Of Bitcoin
In the United States, for example, the approval of 11 spot Bitcoin ETFs has contributed to this, significantly fueling the adoption of Bitcoin. The rise in Bitcoin millionaires can be linked to regulatory changes around the world that have fostered greater participation and more investment in the cryptocurrency market.
The numbers show close to $20 million in investment in those ETFs because some investors appeared to prefer regulated funds over traditional exchanges. Other countries, such as Singapore and the United Arab Emirates (UAE), have equally promoted crypto usage by being very open in their policies. That is so with the UAE, having eliminated capital gains taxes and allowed Dubai residents to trade cryptocurrencies directly using bank accounts.
The Singapore government has taken a very bold step in regulating digital assets and has done some exceptionally good things. It issued new asset custody guidelines and amended the Payment Services Act to make the updated version particularly tailored as a bill for digital payments.
Global Crypto Hubs And Their Strong Influence On The Market
A number of other international locations have actually emerged as key centers for cryptocurrency research and investment. Caribbean nations such as Antigua, Barbuda, St. Kitts, and Nevis have also brought forward progressive legislation to welcome digital asset entrepreneurs, and this has diversified the landscape of crypto-friendly jurisdictions around the world. This is well evidenced with the example of Zug’s “Crypto Valley” – Switzerland actually presents a quite robust blockchain ecosystem and is actively promoting digital assets.
Featured image from Pexels, chart from TradingView