49.6% Of Global Crypto Millionaires Owe Their Fortunes To Bitcoin

Crypto millionaires have increased by 95% from last year’s figures

Currently, 172300 people hold 1 million crypto assets and counting, a massive 95% spike from 2023. BTC holders have notably contributed to the surge in crypto millionaires, with the asset-related millionaires growing by over 111% in the same period to 85400. Bitcoin millionaires now make up nearly half of global crypto millionaires.

Source: Henley & Partners

Moreover, there are now 28 crypto billionaires, with six new entrants this year. Five of the six new billionaires in 2024 have most of their assets in Bitcoin. In terms of users, Bitcoin holders stand at 275 million, representing 49% of the total 560 million+ crypto users. 

ETFs and friendly regulations drive the rise in Bitcoin millionaires

In the US, the approval of the 11 spot Bitcoin ETFs has helped drive Bitcoin adoption and, by extension, the number of millionaires, as some investors prefer the funds over trading on centralized exchanges. So far, close to $20 million has been poured into these ETFs, pointing to the growing interest in their spot products and services.

Countries like Singapore and UAE are encouraging crypto adoption with their progressive regulations. The UAE, for starters, introduced zero capital gains taxes and allowed Dubai’s residents to trade cryptocurrencies directly with their bank accounts.

In April 2024, Singapore also provided detailed guidelines on digital asset custody and introduced cryptocurrency-related amendments to the Payment Services Act, focusing on digital payment token (DPT) service providers and user protection standards.

Switzerland also stands out with its renowned “Crypto Valley” in Zug, which supports a vibrant blockchain ecosystem and offers favourable conditions for digital assets. Additionally, Caribbean nations, such as Antigua, Barbuda, St. Kitts, and Nevis, have also implemented forward-thinking legislation to attract digital asset entrepreneurs.

Source: https://www.mitrade.com/insights/news/live-news/article-3-420826-20241020