What to Take Away
- The number of people with more than $1 million in cryptocurrencies nearly doubled this year, according to a report by consulting firm Henley & Partners.
- The study also revealed a rise in crypto holdings of $100 million and $1 billion.
- According to Dominic Volek of Henley & Partners, the introduction of exchange-traded cryptocurrency funds increased institutional investment in addition to raising prices.
- As the number of people investing in digital currency increased and prices increased, a new study revealed that the number of cryptocurrency millionaires nearly doubled in the past year.
Henley & Partners, a British investment migration consultancy, found that 172,300 people held crypto assets worth more than $1 million this year, 95% more than in 2023. According to the report, there were 325 crypto centi-millionaires (those with $100 million or more), a 79% increase, and 28 crypto billionaires (a 27% increase) in the number of Bitcoin millionaires.
Worldwide, an estimated 34% of people between the ages of 24 and 35 own crypto. According to Henry Burrows, founder of Hoptrail, a UK-based blockchain analytics company, this age group is by far the largest group of crypto holders.
According to Henley & Partners, the total market value of crypto assets increased by 89 percent to $2.3 trillion.
According to Dominic Volek, the company’s group head of private clients, the introduction of crypto exchange-traded funds (ETFs) was a game-changer in addition to skyrocketing prices.
He stated, “The cryptocurrency landscape of 2024 is very different from its predecessors.” While the long-awaited approval of spot Bitcoin and Ethereum ETFs in the United States unleashed a torrent of institutional capital, Bitcoin’s March rise to over USD 73,000 marked a new all-time high.
The value of Bitcoin has more than doubled in the past year. Ether and Dogecoin were up about 50% in value.
