Many people have stumbled upon unexpected wealth thanks to cryptocurrencies. You don’t have to be an expert to see that Bitcoin’s price is sky-high compared to when it first started. Back around 12-15 years ago, you could buy thousands of Bitcoins for almost nothing. 

It’s believed that the biggest gains were made by those who believed in digital currencies at the very beginning. But fast forward to today, and new coins are still popping up, offering fresh opportunities to make a fortune. Recent reports show that the number of crypto millionaires is on the rise, proving that people are still cashing in on this digital gold rush. How many cryptocurrency millionaires are there?

Understanding crypto millionaires

Crypto millionaires come from diverse backgrounds and employ various strategies to maintain their wealth. Beyond early investors, many have made their fortunes through savvy trading, capitalizing on market volatility to buy low and sell high.

Others have really flourished in the world of decentralized finance, finding ways to earn passive income by lending out their assets or providing liquidity to exchanges. Some crypto millionaires really make the most of their expertise by launching exciting projects that solve real problems or offer new experiences, drawing in significant investment.

The crypto world changes fast, and these millionaires realize that staying attuned to market trends is key to their continued success.

Estimating the number of crypto millionaires

How many crypto millionaires are there in the world? According to the 2024 report by New World Wealth and Henley&Partners, there are currently 172,300 individuals worldwide who hold crypto assets worth over $1 million.

The number of millionaires exclusively owning Bitcoin has more than doubled compared to last year, reaching 85,400. Wealth growth in the crypto industry is being observed at all levels. There are now 325 crypto centimillionaires — individuals with crypto assets exceeding $100 million — and 28 crypto billionaires.

Among the six new crypto billionaires who emerged in the past year, five attribute their wealth to Bitcoin, highlighting its dominant role among long-term investors.

Worldwide crypto wealth statistics | Source: Henley&Partners

Factors influencing the number of crypto millionaires

The surge in wealthy individuals within the crypto space can be traced back to the growth of Bitcoin ETFs, which have gathered over $50 billion in assets since their introduction in January 2024, enticing institutional investors.

Additionally, just this March, Bitcoin (BTC) soared to a new all-time high of about $73,750, contributing to the total market value of crypto assets climbing to $2.43 trillion at the time of writing. This growth has undoubtedly made many crypto holders richer. Although some coins still haven’t bounced back to their 2021 peak values, the acceptance of cryptocurrencies by big names like BlackRock and Fidelity could fuel even more wealth for those heavily invested.

Who are some of the top crypto whales?

According to Forbes, the list of crypto whales features the founders of prominent exchanges, developers behind blockchain platforms, and other influential figures closely tied to the crypto scene. Here are the five richest among them.

Paolo Ardoino

Paolo Ardoino is a notable player in the crypto world, stepping into the CEO role at Tether in 2023. His journey began in 2014 as a senior software developer at Bitfinex, and since then, he has been instrumental in Tether’s growth, expanding its stablecoin offerings and enhancing blockchain infrastructure. Ardoino’s net worth is estimated at $3.9 billion.

Michael Saylor

Michael Saylor is the founder and CEO of MicroStrategy, a company that specializes in business analytics software. Since 2020, he has passionately championed Bitcoin, leading his firm to make bold acquisitions in the cryptocurrency. This innovative approach has allowed MicroStrategy to stand out as a pioneer among public companies in the ever-evolving crypto arena. Saylor’s net worth is estimated at $4.4 billion.

Giancarlo Devasini

Giancarlo Devasini co-founded Bitfinex and served as its CEO for a period. Currently, he’s the Chief Financial Officer and holds a 47% stake in Tether, a position that has greatly contributed to his wealth. His net worth is estimated at $9.2 billion.

Brian Armstrong

Brian Armstrong is the founder and CEO of Coinbase, one of the largest cryptocurrency exchanges in the world. With its easy navigation and solid security, Coinbase has gained a loyal following. 

Beyond his work with the exchange, Armstrong actively supports the blockchain community, co-founding the Stand With Crypto movement to encourage education and advocate for favorable regulatory changes. His net worth is estimated at $11.2 billion.

Changpeng Zhao

Often called ‘CZ’, Changpeng Zhao is the founder and former CEO of Binance, the biggest cryptocurrency exchange out there. His wealth stems from his ability to elevate Binance into a premier trading platform and his strategic investments in innovative blockchain projects that are making waves in the industry. Although he stepped down as CEO following an agreement with the U.S. Department of Justice, his influence as a leading crypto whale remains strong. Zhao’s net worth is estimated at $33 billion.

Counting Millionaires

In summary, there are around 85,000 known millionaires in the world, although the true number is difficult to ascertain due to the pseudonymous or even anonymous features baked into cryptocurrency technology.

The wealth of crypto whales reflects not only their personal success but also the growing significance of digital assets in the global economy.

“T-Rex’s 2x Microstrategy ETF MSTU launched a mere six weeks ago and is already up 225% (annualized equivalent of 57,000%) and trades half a billion in volume (Top 1% among ETFs),” said Eric Blachunas, a senior Bloomberg ETF analyst. “It’s so funny they’ve long had 3x MSTR ETFs in Europe but no one cares, no assets, volume. It’s the market for that amount of heat, no degens. The U.S. on the other hand, it’s ‘make it volatile and they will come.'”

A Bitcoin wallet containing around 749 BTC, equivalent to roughly $53.2 million, has been reactivated after nearly 12 years of inactivity.

This sudden move in funds was detected in the early hours of Tuesday, as blockchain tracking platforms such as Mempool and Whale Alert recorded a transfer of approximately 159.2 BTC, valued at $11.3 million, from this long-dormant wallet.

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The last known transaction from this address was back in November 2012, when Bitcoin’s price was around $10, making the wallet’s balance worth below $9,000.

💤 💤 💤 💤 💤 💤 A dormant address containing 749 #BTC (53,227,433 USD) has just been activated after 12.0 years (worth 7,974 USD in 2012)!https://t.co/5SzBYeKlk1

— Whale Alert (@whale_alert) October 29, 2024

Details Of The Moved Millions

Data from on-chain monitoring platform Mempool, shows that the recent transaction was conducted at 7:28 a.m. UTC. Of the 159.2 BTC transferred, about 124.2 BTC, or $8.8 million, was sent back to the sender’s address, labeled as “change” by blockchain analytics firm Blockchair.

The remaining 35 BTC, or $2.4 million, was transferred to an unknown address. Details surrounding the wallet’s owner and their intentions remain unidentified, leaving the crypto community speculating on the motive behind the transaction and the identity of the long-term Bitcoin holder.

However, the timing of the awakening of this dormant wallet is quite noteworthy. It comes at a time when Bitcoin has been seeing consistent increases in price in recent weeks. Particularly, the asset has finally broken above the $70,000 resistance with a current trading price of $72,638 up by 5.3% in the past day.

Notably, movements from long-inactive wallets have historically generated intrigue, with crypto enthusiasts theorizing that these could be the actions of early adopters, lost-and-found wallets, or entities choosing strategic timing to engage with the market.

Although the reason behind this wallet move of its BTC isn’t certain, reactivating wallets like this one especially as Bitcoin continues to surge in price might indicate shifts in holders’ strategies, driven by favorable market conditions or other personal financial objectives.

Bitcoin Onchain Performance

Awakening of wallet aside, Bitcoin has been seeing quite an interesting and positive trend behind the scenes, especially regarding on-chain metrics. So far, analysts have highlighted several BTC metrics that are now flashing a positive momentum for the asset, suggesting further price increases.

For instance, yesterday, a CryptoQuant analyst known as Darkfost disclosed that Bitcoin hash ribbons have flashed a buy signal. Darkfost noted:

Historically, purchasing Bitcoin during a Hash Ribbons signal has aligned with strong long-term returns. Recently, we saw another signal following the major one this past summer.

Another metric suggesting price increase for Bitcoin highlighted by a CryptoQuant analyst named BinhDang is the Stablecoin Supply Ratio Oscillator (SSRO). According to BinhDang in a recent post, this metric has bottomed to levels not seen in 2022. A move that preceded a rally.

Notably, the Stablecoin Supply Ratio Oscillator provides insights into Bitcoin market demand by analyzing Bitcoin’s market cap against that of major stablecoins.

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The oscillator measures the extent to which stablecoins, commonly used for Bitcoin purchases, flow into Bitcoin and thus signal purchasing interest. A low value of the metric signals more stablecoins are being converted to Bitcoin, therefore suggesting increasing demand.

Featured image created with DALL-E, Chart from TradingView