Key Takeaways

A new study showed the number of cryptocurrency millionaires nearly doubled in the past year as the number of people investing in digital currency increased and prices climbed.

British investment migration consultancy Henley & Partners found 172,300 individuals held more than $1 million in crypto assets this year, 95% more than in 2023. The number of Bitcoin millionaires more than doubled, to 85,400.

The report said there were 325 crypto centi-millionaires — those with $100 million or more, a 79% increase — and 28 crypto billionaires, a rise of 27%.

An estimated 34% of 24–to-35-year-olds globally own crypto. This age group is by far the largest cohort of crypto holders, said Henry Burrows, founder of Hoptrail, a UK-based blockchain analytics firm.

The total market value of crypto assets increased 89% to $2.3 trillion, Henley & Partners said.

Dominic Volek, group head of private clients at the firm, said that along with soaring prices, the introduction of crypto exchange-traded funds (ETFs) was a game-changer.

“The cryptocurrency landscape of 2024 bears little resemblance to its predecessors,” he said. “Bitcoin’s rise to over USD 73,000 in March set a new all-time high, while the long-awaited approval of spot Bitcoin and Ethereum ETFs in the USA unleashed a torrent of institutional capital.”

Over the past year, Bitcoin’s value more than doubled. The values of Ether and Dogecoin were up about 50%.

Read the original article on Investopedia .