Bitcoin drives wealth with nearly 50% of crypto millionaires

Between 2023 and 2024, the number of Bitcoin (CRYPTO:BTC) millionaires surged by 111%, reaching 85,400, according to Henley & Partners' 2024 Crypto Wealth Report.

This figure represents nearly 50% of all cryptocurrency millionaires worldwide, highlighting Bitcoin's strong influence in creating wealth within the digital asset space.

Additionally, five of the six new cryptocurrency billionaires in 2024 owe their success to Bitcoin.

The global number of people with at least $1 million in crypto assets grew by 95% over the past year, totaling 172,300.

Bitcoin’s increasing role in wealth accumulation reflects its status as a favored investment option for those seeking long-term returns.

According to the report, Bitcoin’s profitability has attracted more investors who see its potential as a key asset for financial growth.

The adoption of Bitcoin has been driven by several factors, including the approval of 11 spot Bitcoin exchange-traded funds (ETFs) in the United States.

These ETFs, which saw nearly $20 million in investments, have given investors a regulated alternative to traditional exchanges, contributing to Bitcoin’s rising popularity.

Global regulatory changes, such as the UAE’s elimination of capital gains taxes on cryptocurrencies and Singapore’s updated Payment Services Act, have also fueled Bitcoin’s adoption by creating more crypto-friendly environments.

International hubs like Zug’s "Crypto Valley" in Switzerland and the Caribbean nations of Antigua, Barbuda, and St. Kitts and Nevis have become prominent centers for cryptocurrency research and investment.

These locations have enacted progressive legislation to attract digital asset entrepreneurs, further diversifying the global landscape of crypto-friendly jurisdictions.

At the time of writing, the Bitcoin price was $69,268.25.