The second Crypto Wealth report, published for the first time in 2023 by Henley & Partners, has been published.
#Kripto The total market value of its assets reached $2.3 trillion, up 89 percent from the $1.2 trillion reported in the company’s first report last year. The upper echelons of crypto wealth also expanded significantly, with the number of crypto cent-millionaires (those with $100 million or more in crypto assets) increasing by 79 percent to 325. The number of individuals included in the so-called rare group of crypto billionaires also increased by 27 percent globally to 28.
Bitcoin Surpassed $73,000 in March
Henley & Partners Turkey Director Burak Demirel, who made an assessment of the 2024 Crypto Wealth Report results, stated that the rapid growth was fueled by the introduction of crypto ETFs in major financial markets and that significant institutional capital came, and said, “The cryptocurrency landscape in 2024 presents a very different appearance from the previous years. Bitcoin’s rise to over $73,000 in March set a new record, while the approval of the long-awaited spot #Bitcoin and #Ethereum ETFs in the US has unleashed the flow of institutional capital. Expectations are now rising for potential Solana ETFs that will be included in the Wall Street market. These milestones have laid the seeds of a new era of crypto adoption, with digital assets increasingly interacting with traditional finance and global mobility.”
The 2024 Crypto Asset Report features exclusive statistics on crypto and Bitcoin millionaires, centi-millionaires, and billionaires provided by New World Wealth, as well as insights from leading academics, industry experts, and crypto players. It also includes an updated version of the Henley Crypto Adoption Index 2024, which compares the best residency and citizenship programs for crypto investors by investment program.
Burak Demirel said that the millionaire group performed best last year, while billionaire growth was much lower and driven mainly by Bitcoin. “Five of the six new crypto billionaires that emerged last year came from Bitcoin, and this had a dominant effect in attracting long-term investors who bought large assets,” he said.
Digital markets are creating crypto elites
As the cryptocurrency market continues to evolve, the 2024 Crypto Wealth Report examines current trends as well as tax implications for investors. It explores regulatory information in regions with different legal climates, the importance of technology infrastructure, succession planning for digital assets, the rise of decentralized finance, and the impact of cryptocurrencies on traditional financial systems. The report also evaluates how these factors collectively shape the outlook for digital asset investors and entrepreneurs.
‘2024 Could Be a Turning Point for Crypto Assets’
Demirel, who drew attention to the fact that cryptocurrencies are challenging the dominance of traditional currencies in the rapidly developing financial world, said, “As these two financial areas intersect, we are witnessing the dawn of a new era in global finance, where the innovative potential of digital assets meets the stability of traditional money. The SEC’s approval of spot Bitcoin ETFs indicates that 2024 could be a transformational year for the digital asset sector. It is estimated that institutional acceptance in this area will expand further. Bitcoin’s potential to increase the performance of traditional investment portfolios increases its importance in the financial world.”
Burak Demirel, who said that the report also points to the change in wealth creation paradigms, said, “In previous generations, wealth was largely derived from property and stocks. However, today, it comes from sources such as Bitcoin, Ethereum, NFTs, initial coin offerings, mining, yield farming and staking. In many cases, surprising returns are obtained from relatively small amounts of initial capital. Although Bitcoin appears more in the headlines, we see that the underlying asset of the market is Ethereum. Most of the assets built in crypto are built on Ethereum or are vehicles that bridge liquidity back to Ethereum. Within the framework of this insight, we can talk about a complex ecosystem that has developed around cryptocurrencies and extends far beyond simple currency alternatives. Stablecoins created by taking advantage of the inherent qualities of blockchain technology, namely transparency, security and decentralization, are a haven for investors; they offer a powerful tool for savings and investments.”
Source: EkoTurk
