How the world’s 240,000 crypto millionaires are spending their fortunes
The meteoric rise in Bitcoin’s price has minted another 70,000 crypto millionaires in the past year, creating a new wave of digital wealth that’s beginning to ripple through the global economy. According to a joint report from Henley & Partners and New World Wealth, there are now about 241,700 individuals with crypto holdings worth over $1 million, a 40% jump from last year. The report also identified 450 crypto centimillionaires—those holding $100 million or more—and 36 crypto billionaires worldwide.
Bitcoin’s value has more than doubled over the past 12 months, crossing $125,000 for the first time this week before settling near $122,000. The total crypto market now exceeds $4.3 trillion, adding $2 trillion in new paper wealth over the last three years. Analysts attribute this surge to a weakening U.S. dollar, inflation concerns, and a wave of institutional adoption. “Bitcoin is becoming the foundation of a parallel financial system,” said Philipp Baumann, founder of Z22 Technologies. “It’s no longer just speculation—it’s becoming the base currency for accumulating wealth.”
A study by economists from Brigham Young University, Northwestern, Emory, and Imperial College London revealed that crypto investors spend roughly 9.7 cents for every dollar gained in crypto wealth—more than double the rate seen in stock or housing markets. This high spending propensity, the researchers say, reflects crypto investors’ younger demographic. The study estimated that crypto-driven gains generated $145 billion in extra spending in 2024, representing 0.7% of total U.S. consumption.
However, the relationship between crypto and consumption works both ways. The same study warned that a sharp market downturn could quickly reverse this spending boom. “Major crypto crashes could exert significant negative pressure on the economy,” the report said, as investors curb discretionary purchases.
While pop culture has long associated crypto wealth with Lamborghinis and luxury watches, the data suggests most spending goes toward restaurants, entertainment, and general goods. Real estate is another major outlet for crypto gains. Researchers found that counties with large crypto populations saw home prices rise 0.46% faster than others during Bitcoin’s previous bull runs.
Many of today’s crypto millionaires are older than during past cycles. “In the last big cycle, they were younger,” said Tad Smith, former Sotheby’s CEO and now a partner at 50T Funds. “Now many of them have families, so their spending patterns have matured.” Smith said most crypto holders are choosing to hold their coins rather than sell, betting on another major rally ahead.
Access to crypto-backed lending could also reshape spending patterns. Zac Prince, head of GalaxyOne, said many crypto millionaires have struggled to get mortgages because traditional banks don’t accept digital assets as collateral. That may change soon, as U.S. housing regulators consider new guidelines to include crypto holdings in mortgage underwriting. “Once borrowing becomes easier,” Prince said, “spending among the crypto wealthy will increase dramatically—they won’t need to sell their holdings for liquidity.”
