The latest crypto rally has minted 70,000 new millionaires in the past year, according to CNBC Wealth Editor Robert Frank, who says the surge in Bitcoin and AI-driven tech is creating a "new class of wealth" unlike any previous financial cycle.
Crypto Wealth Surges Past $2 Trillion
Speaking on CNBC's Squawk Box, Frank said there are now 240,000 people worldwide with crypto holdings worth at least $1 million, based on data from Henley & Partners and New World Wealth.
That number includes 450 centimillionaires (those holding $100 million or more in crypto) and 36 billionaires.
The total crypto market capitalization has grown by over $2 trillion in the past year, largely driven by Bitcoin's rally, which has more than doubled in value.
"The rise in Bitcoin recently helped create another 70,000 crypto millionaires," Frank said.
"There are now 240,000 people with crypto holdings worth $1 million or more."
New Spending Wave Emerges
Research cited by Frank shows that for every dollar gained in crypto wealth, investors spend about 10 cents, translating to roughly $200 billion in additional spending this year.
But unlike previous boom cycles where "buying Lambos" dominated, the new generation of crypto-rich investors — now mostly in their 30s and 40s — are turning their attention to real estate.
Properties in regions with strong crypto adoption, such as Miami, Texas, and Tennessee, have shown higher price appreciation during bull markets, largely due to wealth migration and low-tax incentives.
Crypto Investors Still Holding — Not Selling
Frank added that most large crypto holders are staying invested, with few showing signs of profit-taking.
"There seem to be two big buckets of crypto investors," he explained.
"The whales — long-term holders that rarely sell, and the diversified traders who aren't selling right now because they expect another big run-up."
This outlook echoes recent market commentary from macro investors such as Paul Tudor Jones, who see both inflation hedging and AI-fueled optimism as key drivers of another leg higher in digital assets.
AI + Bitcoin: A Converging Wealth Engine
Frank also highlighted how enthusiasm over artificial intelligence is reinforcing Bitcoin's narrative as part of the broader technological revolution.
The combination of speculative tech investment and hard-asset hedging has made Bitcoin a bridge between innovation and preservation of wealth.
"To the extent that crypto trades a bit like a speculative tech stock, AI euphoria is fueling the same type of wealth creation cycle," Frank said.
Why It Matters
The rise of 70,000 new crypto millionaires is more than a wealth statistic, it is a signal of shifting economic gravity.
Instead of funneling gains into short-term luxuries, this capital is flowing into real estate, regional markets, and long-duration assets.
That kind of allocation changes how wealth migrates, where cities grow, and which industries attract fresh investment.
Layer in AI-driven optimism, and Bitcoin becomes more than a hedge — it acts as a foundation for the next cycle of global capital formation.
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