Richest Crypto Investors: How Many Crypto Millionaires Are There?

The allure of becoming a crypto millionaire has captivated many. Indeed, the appeal of joining the ranks of the richest crypto investors is a driving force for many retail traders and investors. However, what exactly is the number of crypto millionaires?

In an inaugural Crypto Wealth Report, Henley & Partners sheds light on this intriguing subject, revealing that there are currently 88,200 crypto millionaires globally.

Who are they, and what assets do they prefer? This article delves into the prospects, challenges, and realities of crypto millionaires.

Key Takeaways

  • There are 88,200 crypto millionaires worldwide.
  • 40,500 of these millionaires have amassed their fortune in Bitcoin (BTC).
  • The number of global crypto owners reached 580 million by the end of 2023, according to Crypto.com.
  • The recent “crypto winter” has led to a significant increase in the number of Bitcoin millionaires.

Crypto Market Volatility and How It Affects Crypto Millionaires

The crypto market is notorious for its volatility, which plays a significant role in the fluctuating number of crypto millionaires.

For instance, the recent crypto winter that started in 2022 saw a major downturn in the market, provoked by the collapse of crypto giants like FTX.

Yet, surprisingly, the number of Bitcoin millionaires surged.

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Reportedly, more than 81,000 digital asset wallets now hold at least $1 million in Bitcoin, a 237% increase from January 2022.

Importantly, it is worth considering that this fluctuation underscores the high-risk, high-reward nature of cryptocurrency investments.

What Are The Favored Digital Assets of Crypto Millionaires?

While Bitcoin is a predominant asset among crypto millionaires, including 11 Bitcoin billionaires, other cryptocurrencies also play a significant role.

According to bitinfocharts’ Bitcoin Rich List, 86,696 addresses were richer than $1m as of 23 January 2024. Note that several wallets can belong to one person or institution. Therefore, the number of actual crypto millionaires differs.

Ether, the cryptocurrency of the Ethereum network, also has a considerable number of wealthy holders. At the time of writing (January 24, 2024), 1 ETH was worth around $2,233. Hence, to get $1 million at this price, an inverter would need around 448 ETH.

According to the data provided by Etherscan, more than 10,000 addresses had over 500 ETH at the time of writing.

Altcoins, too, have their share of millionaires, particularly among stablecoins like Tether (USDT), where over thirty wallet addresses held over one million coins.

Crypto Millionaires list: Who Are the Richest Crypto Investors?

Despite the cloak of anonymity often associated with cryptocurrency holdings, some high-profile individuals have openly disclosed or been identified as major crypto investors.

Among the richest crypto millionaires are:

Vitalik ButerinChris LarsenMichael SaylorChangpeng ZhaoSatoshi Nakamoto

Vitalik Buterin

As a co-founder of Ethereum, Buterin is known to have a substantial holding in Ether. His public wallet has been tracked and shows significant holdings, making him one of the most notable figures in the crypto space. According to Arkham Intelligence, Buterin’s current crypto holdings amounted to $549.5m at the time of writing.

Chris Larsen

Larcen, the co-founder of Ripple (XRP), holds 2.8 billion XRP tokens on seven different addresses found on Xrpscan under the name ‘chrislarsen’ with a current valuation of $1.43 at the time of writing. These substantial holdings have once placed him among the wealthiest people in America during the crypto boom.

Michael Saylor

Saylor, the CEO of MicroStrategy, is a prominent Bitcoin advocate. Although there is no confirmed data about his personal holdings, he tweeted in October 2020 that he held 17,732 Bitcoin tokens, which would amount to about $709 million at the time of writing.

Changpeng Zhao

The founder and CEO of Binance, one of the world’s largest cryptocurrency exchanges, derives his fortune from the controlling stake in the company. Zhao’s personal wealth is also deeply tied to the crypto market, particularly in Binance Coin (BNB). According to Bloomberg Billionaire’s index, Zhao’s net worth was $22.9 billion at the time of writing.

Satoshi Nakamoto

The pseudonymous creator of Bitcoin is estimated to hold around 1 million Bitcoins. Although their identity remains unknown, this stake places them among the wealthiest in the crypto realm.

Institutional investors have increasingly acknowledged the potential of cryptocurrencies, with several notable entities building significant positions:

Grayscale Bitcoin TrustTeslaSquareMicroStrategyGalaxy Digital Holdings

Grayscale Bitcoin Trust

Grayscale is a leading digital currency asset manager, with its Bitcoin Trust holding 500,000 Bitcoins n trust, making it one of the largest institutional holders. At the time of writing, Grayscale had $21bn worth of assets under management.

Tesla

Under the leadership of Elon Musk, Tesla has invested $1.5 billion in Bitcoin, integrating cryptocurrency into its broader business strategy.

Square

Led by Twitter (now X) co-founder Jack Dorsey, Square has added Bitcoin to its portfolio, investing $50m and reflecting a strong belief in the potential of digital currencies.

MicroStrategy

Under Michael Saylor’s leadership, the company has amassed a substantial holding of 189,150 Bitcoins, making it one of the largest corporate holders globally.

Galaxy Digital Holdings

Founded by Michael Novogratz, Galaxy Digital is a diversified financial services and investment management company in the digital asset, cryptocurrency, and blockchain technology sector, holding significant amounts of various cryptocurrencies, notably 8,100 BTC.

The Challenge in Pinpointing Exact Numbers

So, how many crypto millionaires are there? Identifying the exact number of crypto millionaires is challenging due to the decentralized nature of cryptocurrencies and the use of multiple wallets by individuals and institutions.

Additionally, the constant market fluctuations make it difficult to maintain an accurate count of who is and who isn’t a crypto millionaire.

The Bottom Line

Ultimately, becoming a crypto millionaire is not merely about luck; it requires astute investment strategies, an understanding of the market, and, often, an appetite for significant risk.

While the allure of becoming a crypto millionaire is strong, investors must approach the market with caution and informed decision-making.

With the ongoing evolution of the crypto market, the number of individuals achieving this status will likely change. As cryptocurrencies become more mainstream, and with the increasing interest from both private and institutional investors, the realm of crypto millionaires will remain a key area of interest in the financial world.

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Sam Cooling

Sam is a technology journalist with a focus on cryptocurrency and AI market news, based in London – his work has been published in Yahoo News, Yahoo Finance, Coin Rivet, CryptoNews.com, Business2Community, and Techopedia. With a Master’s Degree in Development Management from the London School of Economics, Sam has previously worked as a Data Technology Consultant for The Fairtrade Foundation and as a Junior Research Fellow for the Defence Academy of the UK. He has traded cryptocurrency actively since 2020, actively contributing to Fetch.ai and Landshare.io. Sam’s passion for the crypto space is fuelled by the potential of decentralisation technology…