Singapore, known for its thriving cryptocurrency scene, saw a significant increase in Bitcoin millionaires in 2024, attributed to the success of new Exchange Traded Funds (ETFs) and the soaring value of Bitcoin. Despite a recent decline in the cryptocurrency market, Bitcoin’s performance throughout the year has been notable.
A report titled “The Crypto Wealth Report 2024” by New World Wealth and Henley & Partners revealed a remarkable 111% increase in the number of Bitcoin millionaires, reaching a total of 85,400. Additionally, the overall number of crypto millionaires surged to 172,300, up from 88,200 the previous year.
One of the key factors contributing to the rise in crypto millionaires is the introduction of approved spot ETFs in the U.S. These ETFs propelled Bitcoin to new heights in 2024, with its value reaching an all-time high of over $73,000 in March, settling around $64,000 thereafter.
Executives in the industry, such as Dominic Volek, recognized the impact of these milestones on the cryptocurrency landscape. Volek noted the transformation of the industry and the growing intersection between digital assets and traditional finance.
Despite short-term fluctuations, the belief in the potential of Bitcoin and other crypto assets remains strong among investors. Michael Saylor, former CEO of MicroStrategy, emphasized the rules-based nature of Bitcoin.
The report also highlighted the global rise of cryptocurrency hubs, with Singapore leading the way with favorable tax policies. Other countries like Hong Kong and the UAE have also excelled in this area, attracting crypto investors and high-net-worth individuals with their exemption from capital gains tax.
Moreover, nation-states like El Salvador and Russia have taken steps to increase their involvement in the cryptocurrency space. El Salvador’s Bitcoin reserves grew significantly, while Russia announced plans for trials of crypto exchanges and cross-border transactions.
Overall, the increase in Bitcoin millionaires and the growing interest from nation-states indicate a continued belief in the potential of cryptocurrencies, despite market fluctuations.