The number of individuals worldwide holding more than $1 million in crypto assets has soared by 95 per cent to 172,300, according to the Crypto Wealth Report 2024 by Henley & Partners. Bitcoin millionaires saw an even more dramatic increase, jumping 111pc to 85,400.

The total market value of crypto assets reached a staggering $2.3 trillion, a 89pc increase from last year’s $1.2trn. The number of crypto centi-millionaires (those with holdings of $100m or more) grew by 79pc to 325, and crypto billionaires increased by 27pc to 28 globally.

Dominic Volek of Henley & Partners attributed the rapid growth to the introduction of crypto ETFs in major financial markets, attracting significant institutional capital.

“The cryptocurrency landscape of 2024 is vastly different from its predecessors,” he said. “Bitcoin’s surge to over $73,000 in March and the approval of spot Bitcoin and Ethereum ETFs in the US have fuelled a new era of crypto adoption.”

The report also featured an updated Henley Crypto Adoption Index 2024, ranking countries based on their attractiveness to crypto investors. Singapore maintained its top position, followed by Hong Kong and the UAE.

Andrew Amoils of New World Wealth noted that the millionaire band performed best over the past year, while billionaire growth was primarily driven by Bitcoin. “Of the six new crypto billionaires created over the past year, five came from Bitcoin,” he said.

The Crypto Wealth Report 2024 delves into various considerations for crypto investors beyond tax implications. It examines regulatory environments, technological infrastructure, estate planning, decentralised finance, and the impact of cryptocurrencies on traditional financial systems.

António Henriques of Bison Bank highlighted the growing influence of cryptocurrencies in the financial world. “As these two realms intersect, we are witnessing the dawn of a new era,” he said.

Jean-Marie Mognetti of CoinShares emphasised the significance of the SEC’s approval of spot Bitcoin ETFs. “This paves the way for broader institutional adoption,” he said.

Henry Burrows of Hoptrail noted the shift in wealth creation paradigms. “Today, wealth stems from Bitcoin, Ethereum, NFTs, mining, yield farming, and staking,” he said.

Lark Davis of Wealth Mastery emphasised the importance of Ethereum. “The majority of what is built in crypto is built on Ethereum,” he said.

Guneet Kaur of Cointelegraph highlighted the role of stablecoins in addressing volatility concerns. “Stablecoins offer a refuge for investors and a powerful tool for savings and investments,” she said.

Henley & Partners has seen a surge in crypto-wealthy clients seeking alternative residence and citizenship options. The firm’s Henley Crypto Adoption Index evaluates investment migration programmes based on factors such as public adoption, infrastructure, innovation, regulation, economics, and tax-friendliness.

Mr Volek concluded that as the lines between traditional and digital finance blur, the synergy between investment migration and cryptocurrencies grows stronger. “The crypto millionaires of 2024 seek the freedom of global mobility to match their borderless assets,” he said.

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