The Crypto Wealth Report 2024 by Henley & Partners has revealed some astounding numbers in the world of digital assets. The report states that the number of individuals holding over $1 million in digital assets has increased by a staggering 95% to 172,300. This growth comes alongside a significant surge in the total value of the crypto market, which has now reached $2.3 trillion – an 89% jump from the previous year’s valuation of $1.2 trillion. Interestingly, the report also highlights a remarkable increase in the number of Bitcoin millionaires, which has grown by 111% to 85,400.
Bitcoin, the number one cryptocurrency, has made significant strides this year. With its price hitting an all-time high of over $73,000 in March and the approval of spot Bitcoin ETFs in the U.S., Bitcoin has been at the forefront of the crypto market’s success. The report also acknowledges the growth at the upper echelons of wealth, with the number of crypto centi-millionaires (those with assets over $100 million) rising by 79% to 325. Additionally, the number of virtual currency billionaires has seen a 27% increase, totaling 28 globally.
Andrew Amoils, Head of Research at New World Wealth, points out an interesting trend in the crypto space. He notes that the growth in millionaires has outpaced those with billion-dollar fortunes, with Bitcoin playing a significant role in driving this trend. Amoils highlights that out of the six new crypto billionaires created in the past year, five are Bitcoin-centric.
With the increasing wealth in the crypto space, investment migration has become a relevant topic. Henley & Partners’ updated virtual asset adoption index ranks Singapore as the top destination for investors, scoring 45.7 out of 60. Hong Kong and the UAE follow closely, offering favorable conditions like tax advantages and advanced digital economies. The report also features insights from experts, all pointing towards a global financial shift due to virtual currencies.
António Henriques, CEO of Bison Bank, emphasizes how digital assets are challenging the dominance of traditional fiat currencies, leading us into a new era of finance. Coinshare co-founder Jean-Marie Mognetti highlights how the SEC’s approval of spot Bitcoin ETFs is encouraging broader institutional engagement. Furthermore, other experts like Henry Burrows of Hoptrail and Lark Davis of Wealth Mastery shed light on the shift in wealth generation towards virtual assets and the pivotal role of Ethereum in the sector.
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