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- The crypto-rich list has increased over the past year, with 85,000 confirmed Bitcoin millionaires.
- Binance Founder and MicroStrategy Chairman are on the BTC billionaires list.
The 2024 Crypto Wealth report compiled by Henley & Partners shows that 85,000 individuals have become millionaires by investing in Bitcoin. This indicates an increasing value in Bitcoin and its adoption among traders and investors.
Bitcoin Millionaires: Growth in Crypto Investors’ Income
According to the report, the total number of individuals globally who are now millionaires from crypto investments is 173,200. This represents a 95% increase from just a year ago. Of these, 85,400 individuals are Bitcoin millionaires, demonstrating a 111% rise from last year. The report also shows the emergence of 28 crypto billionaires worldwide, out of which 11 are Bitcoin investors.
Notably, six new crypto billionaires were created last year, five of whom emerged from Bitcoin. This highlights Bitcoin’s dominant position in attracting large-scale, long-term investors. The total market value of cryptocurrencies has increased by 89% to $2.3 trillion, a remarkable increase from the $1.2 trillion reported in the firm’s inaugural report last year.
Binance founder and CEO Changpeng Zhao, popularly called CZ, remains the richest crypto billionaire for the third consecutive year. Despite serving a jail term in the United States, his net worth increased from over $10.5 billion to $33 billion in just a year.
Another Bitcoin billionaire contending with CZ is Michael Saylor, MicroStrategy’s Chairman and former CEO. Saylor has been facilitating the firm’s acquisition of Bitcoin since 2020. As highlighted in our earlier report, Saylor says he still has the 17,000 BTC he purchased four years ago. Over the years, he has added more to his personal Bitcoin stack, translating to over $1 billion.
Per MicroStrategy, the firm now holds 226,500 BTC in its reserve despite a recent quarterly loss due to an impairment charge on its Bitcoin holdings.
Factors Fueling Rapid Growth in Bitcoin
Introducing crypto Exchange-Traded Funds (ETFs) has ushered substantial institutional capital into the ecosystem. Bitcoin’s price rose to over $73,000 in March, a record high for the cryptocurrency following the launch of spot Bitcoin ETFs. This investment vehicle has attracted a torrent of institutional capital into the market, boosting Bitcoin’s price.
According to our recent analysis, 66% of institutional investors held or increased their Bitcoin ETF positions in the second quarter of 2024. Major banks such as Morgan Stanley and Goldman Sachs have large stakes in Bitcoin ETFs. Specifically, Morgan Stanley holds $188 million in BlackRock’s iShares Bitcoin Trust.
Besides adoption by institutional players, Bitcoin is gaining increased relevance in jurisdictions with favorable regulatory requirements.
For instance, many local businesses in Singapore are beginning to accept Bitcoin payments for transactions. Traditional banks and asset management firms in Singapore have also disclosed intentions to offer Bitcoin-related services like custody and advisory.
These milestones have seeded a new era of Bitcoin adoption, one where crypto is increasingly infused with traditional finance.
