Remember the days when Bitcoin was considered little more than a passing fad? Well in 2024, the doubters have well and truly been proved wrong, because today, it’s one of the most sought-after assets in the investment sphere and along with the numerous other cryptocurrencies that have sprung up since, has made a huge number of people across the globe into millionaires.
Today, there are said to be 172,300 individuals worldwide who hold in excess of $1 million USD in crypto assets – that’s a whopping 95 per cent increase just on last year alone. Of those, the number of Bitcoin millionaires has surged by 111 per cent to 85,400.
The statistics were recently unveiled by the Crypto Wealth Report, which was published this month by Henley and Partners – leading specialists in international wealth and investment migration, and are testament to the fact that despite its characteristic market volatility, cryptocurrency, from BTC to XMR, is here to stay, and is now considered a more valuable investment than ever before.
The total market value of crypto assets has climbed to a $2.3 trillion, marking an 89 per cent increase when compared to the USD 1.2 trillion reported in the firm’s inaugural report last year, with the wealthiest crypto holders, who have amassed fortunes upwards of $100 million, is up by 79 per cent to 325.
Perhaps more impressively still, some individuals have built crypto-related wealth that far exceeds six figures, and there are now 28 crypto billionaires worldwide, with that number expected to spike even higher over the next five years.
According to Dominic Volek, group head of private clients at Henley and Partners, the rapid growth has been fuelled by the introduction of crypto ETFs in major financial markets, ushering in significant institutional capital. “The cryptocurrency landscape of 2024 bears little resemblance to its predecessors. Bitcoin’s rise to over USD 73,000 in March set a new all-time high, while the long-awaited approval of spot Bitcoin and Ethereum ETFs in the USA unleashed a torrent of institutional capital. Anticipation now builds for potential Solana ETFs joining the Wall Street party. These milestones have seeded a new era of crypto adoption, one where digital assets increasingly cross-pollinate with traditional finance and global mobility.”
The Crypto Wealth Report 2024 includes exclusive statistics on crypto and Bitcoin millionaires, centi-millionaires, and billionaires provided by global wealth intelligence firm New World Wealth, along with insights from leading academics, industry experts, and crypto players, as well as featuring an updated version of the Henley Crypto Adoption Index 2024, comparing the best residence and citizenship by investment programs for crypto investors.
Andrew Amoils, head of research at New World Wealth, says the millionaire band performed best over the past year, while billionaire growth was much lower and mainly driven by Bitcoin. “Of the six new crypto billionaires created over the past year, five came from Bitcoin, underscoring its dominant position when it comes to attracting long-term investors who buy large holdings,” he explained.
As the cryptocurrency market continues to evolve, this could just be the start when it comes to the number of those set to make millions – and billions – from it over the coming years. With Google searches for ‘online crypto exchange’ at an all time high, we’re seeing an influx of new users to some of the most popular trading platforms as newbies and seasoned investors alike seek to dip their toe in the waters of this burgeoning space and claim their very own slice of the pie.
Investors are, by all accounts, getting younger and younger, and it has now become the norm for Generation Z-ers to hold crypto wallets that could be worth huge amounts in years to come. While the majority of these are still learning the ropes, if they are able to get their head around how the market works and create an informed strategy and a diversified portfolio to mitigate any potential losses, then there are no limits to the amount of crypto wealth they could accrue over the next 30-40 years. And with time on their side, they will likely go on to become the richest generation of crypto holders yet.
So the big question on everyone’s lips is, is it still all about Bitcoin? Or are alt coins now catching up?
Well, there’s no denying that the original pioneer in the crypto space is still the global market leader, but Ethereum has proved time and again that it is another key player that shouldn’t be overlooked for those looking to build long-term wealth.
Lark Davis, cryptocurrency investor and founder of Wealth Mastery, says: “Ethereum is a keystone asset of the market. The majority of what is built in crypto is built on Ethereum, based on Ethereum, or bridges liquidity back to Ethereum.”
It’s an insight that highlights the complex ecosystem that has developed around cryptocurrencies, extending far beyond simple currency alternatives, and shows that whilst crypto investors will likely always want to have Bitcoin in their digital wallets, they shouldn’t be afraid to look at the alternatives.
Disclaimer: Investing money carries risk, do so at your own risk and we advise people to never invest more money than they can afford to lose and to seek professional advice before doing so.
