Bitcoin (BTC) millionaires have increased by 110% in 1 year due to market volatility.

According to the 2024 Crypto Wealth Report by Henley & Partners, the number of individuals holding more than $1 million in digital assets rose 95% to 172,300.

This comes amid a boom in the crypto market, whose total value has risen to $2.3 trillion, an 89 percent increase from last year's value of $1.2 trillion.

Bitcoin millionaires rose by 111 percent

The report shows that the number of Bitcoin (BTC) millionaires has increased by 111% to 85,400. The number one cryptocurrency has seen significant developments this year, including reaching a value of over $73,000 in March and the approval of spot Bitcoin ETFs in the US.

The Henley & Partners survey also highlighted expansion at the highest levels of wealth. The number of crypto centimillionaires with digital assets worth more than $100 million rose by 79% to 325. Meanwhile, the ranking of virtual currency billionaires also showed a growth of 27%, to a total of 28 worldwide.

Interestingly, Andrew Amoil, head of research at New World Wealth, notes that growth among millionaires outpaces those with 10-figure or more wealth, with BTC being the main driver of this trend. “Five of the six new crypto-billionaires created last year are Bitcoin-centric,” he explained.

Amidst this increasing wealth, investment migration has become more important. Henley & Partners' updated Virtual Property Adoption Index confirms that Singapore remains the top destination for investors, scoring 45.7 out of 60.

Hong Kong and the United Arab Emirates follow closely behind, both offering favorable conditions such as tax advantages and advanced digital economies.

Global financial transformation

The report also features the opinions of several experts, the main theme of which is the global financial revolution caused by virtual currency.

Antonio Henriques, CEO of Bison Bank, emphasized the transformation of such assets in global finance, “We are entering a new era where digital assets challenge the dominance of traditional currencies.

Coinshare co-founder Jean-Marie Mognetti echoed Henriques' comments, noting that the SEC's approval of the spot Bitcoin ETF is facilitating broader institutional participation.

Additionally, Henry Burrows, senior executive at Hoptrail, highlighted the shift in wealth generation, noting that current wealth is coming from virtual assets rather than traditional investments.

Another financial expert, Lark Davies, founder of Wealth Master, spoke about the important role of Ethereum in the sector. Guneet Kaur of Cointelegraph pointed out the growing importance of a stable coin as a stable investment during market fluctuations.