111% Rise in Bitcoin Millionaires – Why, How and Will They Get Richer Now?

• Bitcoin Millionaires Up 111% in 2024, Pushed by New ETFs and Bitcoin Highs
• Prime crypto hubs corresponding to Singapore and Hong Kong benefited from favorable tax insurance policies

Regardless of the current dip within the cryptocurrency market, a dip was accelerated by Bitcoin [BTC] traps under $60,000 on August 28, there stays a silver lining. That is because of Bitcoin’s stellar efficiency via most of 2024.

Crypto Wealth Report Analyzed

In accordance with “The Crypto Wealth Report 2024” by New World Wealth and Henley & Companions, the variety of BTC millionaires has elevated by 111% prior to now yr. Actually, the figures for this at the moment are as excessive as 85,400.

Supply: www.henleyglobal.com

On the identical time, the overall variety of crypto millionaires has additionally seen a major improve, from 88,200 final yr to 172,300.

The rise within the variety of crypto millionaires might be attributed to the introduction of newly authorised spot ETFs within the US, which propelled Bitcoin to new heights in 2024.

After reaching an all-time excessive of over $73,000 in March, Bitcoin rapidly settled round $64,000 – marking a forty five% improve regardless of some retracement. Nonetheless, BTC would later drop even additional within the charts.

Over the previous twelve months, the worth of BTC has elevated by 138%. The launch of those ETFs has had a specific affect, amassing greater than $50 billion in belongings since January, after a protracted battle for approval from the Securities and Change Fee.

Managers weigh in…

Making the identical touch upon this, Dominic VolekGroup Head of Non-public Shoppers at Henley & Companions stated:

“The cryptocurrency panorama of 2024 bears little resemblance to its predecessors. Bitcoin’s rise to over $73,000 in March set a brand new file, whereas the long-awaited approval of spot Bitcoin and Ethereum ETFs within the US unleashed a flood of institutional capital. Anticipation is now rising for potential Solana ETFs to affix the Wall Road occasion.”

He added:

“These milestones have ushered in a brand new period of crypto adoption, one the place digital belongings more and more cross-pollinate with conventional finance and international mobility.”

António Henriques, CEO of Bison Financial institution and Chairman of Bison Digital Property, additionally identified:

“Within the quickly evolving monetary world, cryptocurrencies are difficult the dominance of conventional fiat currencies. As these two monetary domains intersect, we’re witnessing the daybreak of a brand new period in international finance, the place the progressive potential of digital belongings meets the soundness of conventional cash.”

What this implies is that regardless of short-term fluctuations, many nonetheless strongly consider within the potential of Bitcoin and different crypto belongings.

If Michael Saylorformer CEO of MicroStrategy, put it succinctly:

“#Bitcoin is guidelines with out rulers.”

Nation states are stepping up their crypto recreation

Lastly, the report additionally revealed that Singapore tops the worldwide cryptocurrency hub index with a rating of 45.7 out of 60, adopted by Hong Kong and the UAE.

All three stand out for his or her favorable tax insurance policies, particularly their capital positive aspects tax exemption. This advantages crypto buyers and rich people.

Nonetheless, that is not all. Just lately, El Salvador’s Bitcoin reserves grew to five,851 BTC, price roughly $356.4 million.

In the meantime, Russia has shared plans that it’s going to start trials for crypto exchanges and cross-border transactions from September 1, 2024.

This can be a signal of the continued perception in Bitcoin’s potential regardless of short-term market fluctuations.