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27/08/24
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Bitcoin Millionaires Surge: 111% Increase in Wealth Amid Crypto Market Boom
The global landscape of Bitcoin millionaires has seen a remarkable surge, with the number of individuals holding over $1 million in Bitcoin increasing by 111% in just one year. As of July 30, 2024, approximately 85,400 people now possess this level of wealth in Bitcoin, according to a recent wealth survey.
In addition to Bitcoin millionaires, the cryptocurrency market has witnessed a broader increase in wealthy individuals. The total number of people holding more than $1 million in various cryptocurrencies has jumped to 172,300, marking a notable 95% increase from the previous year’s count of 88,200. This growth also extends to the highest echelons of cryptocurrency wealth, with the number of centi-millionaires — those holding over $100 million in crypto — rising by 79% to reach 325. Furthermore, the past year has seen the emergence of six new billionaires in the cryptocurrency space, bringing the total to 28.
The report analyzed wealth statistics from July 1, 2023, to June 30, 2024, utilizing a combination of internal wealth tier models and publicly available data from major cryptocurrency platforms. The findings suggest that while the millionaire segment experienced immense growth, the rise in billionaires predominantly hinged on Bitcoin’s performance. Experts indicate that five out of the six newly minted billionaires attribute their wealth directly to Bitcoin’s robust market appeal, showcasing its capacity to attract significant long-term investments.
Over the past year, Bitcoin’s value appreciated by an impressive 142%, rising from approximately $26,100 to about $63,100. Industry analysts attribute this substantial increase partly to the introduction of spot Bitcoin exchange-traded funds (ETFs), which has sparked a significant influx of capital into the market. Recent data showed that spot Bitcoin products attracted over $200 million in new investments in a single day, highlighting the ongoing interest and activity in the cryptocurrency sector.
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