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In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is on display in Paris, France, on March 5, 2024. Chesnot | Getty Images News | Getty Images The population of crypto millionaires in the world soared 95% over the past year as bitcoin exchange-traded funds and other crypto assets climbed, according to a new report. There are now 172,300 individuals worldwide holding more than $1 million in crypto assets, up from 88,200 last year, according to a report from New World Wealth and Henley & Partners. The number of pure bitcoin millionaires more than doubled, to 85,400. The ranks of the crypto rich have grown all the way up the wealth ladder. There are now 325 crypto centimillionaires — those with $100 million or more in crypto holdings — and 28 crypto billionaires, according to the report. The surge reflects the rapid growth of bitcoin ETFs, which now have more than $50 billion in assets since their launch in January and have touched off a wave of institutional participation. The price of bitcoin has jumped 45% this year to about 64,000. As other coins have increased in value, the market cap of crypto assets has increased to $2.3 trillion, according to Henley & Partners, up from $1.2 trillion last summer. Of the six new crypto billionaires created over the past year, five can attribute their newfound wealth to bitcoin, “underscoring its dominant position when it comes to attracting long-term investors who buy large holdings,” according to Andrew Amoils, head of research for New World Wealth. According to Forbes, the richest crypto billionaire — for the third year in a row — is Changpeng Zhao, the founder and former CEO of crypto exchange Binance, who is worth an estimated $33 billion. Zhao pled guilty to U.S. money laundering…

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Filed under: News - @ August 27, 2024 4:02 am