Summary:
Crypto millionaires surged by 95% in the past year.
The number of bitcoin millionaires more than doubled to 85,400.
Bitcoin's price has increased by 45%, nearing $64,000.
The total market cap of crypto assets reached $2.3 trillion.
Top crypto billionaire Changpeng Zhao is worth an estimated $33 billion.
In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is on display in Paris, France, on March 5, 2024.
The Rise of Crypto Millionaires
The population of crypto millionaires has soared by 95% over the past year as bitcoin exchange-traded funds and other crypto assets experience significant growth. According to a report from New World Wealth and Henley & Partners, there are now 172,300 individuals worldwide holding more than $1 million in crypto assets, up from 88,200 last year. Notably, the number of pure bitcoin millionaires has more than doubled to 85,400.
Wealth Accumulation Across the Board
The ranks of the crypto-rich have expanded, now including 325 crypto centimillionaires (those with $100 million or more in crypto holdings) and 28 crypto billionaires. This surge is largely attributed to the rapid growth of bitcoin ETFs, which now boast over $50 billion in assets since their launch in January, fostering a wave of institutional participation.
Bitcoin's Price Surge
This year, the price of bitcoin has jumped 45%, reaching around $64,000. As other coins have also appreciated, the total market cap for crypto assets has risen to $2.3 trillion, a significant increase from $1.2 trillion last summer.
According to Andrew Amoils, head of research for New World Wealth, of the six new crypto billionaires created over the past year, five owe their wealth to bitcoin, highlighting its dominant position in attracting long-term investors.
Top Crypto Billionaires
The richest crypto billionaire remains Changpeng Zhao, founder of Binance, with an estimated net worth of $33 billion. Zhao's wealth has surged by over $10.5 billion this past year, despite facing legal challenges. Following him is Brian Armstrong, co-founder of Coinbase, estimated at $11 billion, along with Giancarlo Devasini of Tether and Michael Saylor of MicroStrategy.
Changing Crypto Landscape
Despite many crypto assets still being below their 2021 highs, the growing acceptance of cryptocurrencies among major asset managers like BlackRock and Fidelity could lead to further wealth creation among large crypto holders.
The surge in crypto wealth is changing where the rich reside, with many newly crypto-rich individuals seeking tax-friendly and crypto-friendly jurisdictions. According to Henley & Partners, Singapore tops the Crypto Adoption Index due to its supportive banking system and comprehensive regulations. The U.S. follows closely, where 15% of the population owns cryptocurrencies, supported by a robust infrastructure.
Conclusion
The crypto landscape is evolving, and with it, the dynamics of wealth distribution and investment strategies.
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