From CNBC: 2024-08-27 00:01:01

The number of crypto millionaires worldwide has surged by 95% in the past year, with 172,300 individuals now holding over $1 million in crypto assets. Pure bitcoin millionaires more than doubled, reaching 85,400. The rise is attributed to the rapid growth of bitcoin ETFs, now holding over $50 billion in assets since their launch.

The price of bitcoin has increased by 45% this year to approximately $64,000. The overall market cap of crypto assets has grown to $2.3 trillion, up from $1.2 trillion last summer. The number of crypto billionaires has reached 28, attracting more institutional participation.

Changpeng Zhao, founder of Binance, remains the wealthiest crypto billionaire with an estimated worth of $33 billion. Brian Armstrong, co-founder of Coinbase, ranks second with $11 billion. The growing acceptance of crypto assets among asset managers could further increase wealth among large crypto holders, despite some assets still below their 2021 highs.

The rise of crypto wealth is leading individuals to seek residence in tax-friendly and crypto-friendly jurisdictions. Henley & Partners created a “Crypto Adoption Index,” with Singapore ranking first due to its supportive banking system and comprehensive regulations. Hong Kong, the United Arab Emirates, and the U.S. also rank high on the index for crypto residents seeking new homes.



Read more at CNBC: Bitcoin rally helps create 84,000 new crypto billionaires in a year