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The global population of crypto millionaires has surged by 95% over the past year, driven by the rise of Bitcoin ETFs and other crypto assets, according to a new report.
The latest Crypto Wealth Report 2024 published by New World Wealth and Henley & Partners reveals that 172,300 individuals worldwide now hold over $1 million in crypto assets, up from 88,200 last year. The number of Bitcoin millionaires more than doubled, increasing by 111% to 85,400.
According to the report, crypto wealth has expanded across all levels, with the number of centi-millionaires (those holding $100 million or more in crypto) rising by 79% to 325 and the number of crypto billionaires growing by 27%, totaling 28 individuals globally.
The rapid growth of Bitcoin ETFs has contributed to the growth in crypto millionaires, per the report. The launch of crypto ETFs by financial giants like BlackRock BLK and Fidelity FNF has made it easier for investors to own cryptocurrency. The growth has also fueled a significant rise in the total market value of crypto assets, which has reached $2.3 trillion—an 89% increase from the $1.2 trillion recorded in last year’s report.
Bitcoin, the leading cryptocurrency, peaked at $73,737 in March and currently stands at $60,000. It made a big comeback this year after suffering through a prolonged crypto winter brought about by FTX’s collapse. It underwent a major technical event known as “the halving” and is increasingly gaining mainstream acceptance.