Bitcoin’s Booming Billionaires: Population of Crypto Millionaires Doubles as Prices Soar
Table of Contents
The Dream of Getting Rich from Crypto Came True
The dream of getting rich from crypto came true for thousands of investors in the past year.
A Surge in Crypto Millionaires
From July 2023 to June 2024, the number of bitcoin millionaires increased to 85,400, up 111% in the one-year period, according to a new report from Henley & Partners, a U.K.-based residence and citizenship planning firm. Meanwhile, the number of overall cryptocurrency millionaires — those with crypto holdings of $1 million or more — increased 95%, rising to 172,300.
A Major Rally for Bitcoin
The price of bitcoin more than doubled over the same period, posting an impressive 105% increase in 12 months, reaching an all-time high of $73,157 in March. (Today, bitcoin is trading around $62,000.) The rally came after bitcoin experienced a major crash last summer partially due to concerns about high interest rates and regulation.
How Does This Compare to Bitcoin’s Strongest Years Ever?
How does this recent growth compare to bitcoin’s strongest years ever? It turns out the highs have been even higher at several points in the past.
The Best Year Ever to Invest in Bitcoin
Bitcoin’s best year was 2013 when prices surged more than 5,600%, according to Trading Economics. If you’d invested about $17,500 in bitcoin at the start of the year, you would’ve been a millionaire by year’s end. One coin, which was worth $13 as 2013 began, had shot up $754 by the end of the year.
Why Bitcoin Prices Are Up
The approval of bitcoin and ethereum (ETH) spot ETFs earlier this year has made it easier for U.S. investors to get involved with crypto as part of a diversified investment portfolio. This change has driven recent price growth, according to Dominic Volek, group head of private clients at Henley.
Tracking the Number of Crypto Millionaires
In addition to tracking the number of crypto millionaires, Henley also reports that the number of centi-millionaires ($100 million+) increased 79% to 325 over the past year, while the number of crypto billionaires increased 27%, rising to 28.
If You Were Wondering
Anyone with the good fortune or uncanny foresight to have invested $81,000 in bitcoin in 2012 and held onto it would be a billionaire today.
