A recent study by Henley & Partners, a London-based investment migration consultancy shares its crypto wealth report. Around 88,200 individuals out of the total 56.1 million millionaires worldwide have amassed their wealth through cryptocurrencies.
The crypto economy is valued at $1 trillion. Thereby, resulting in the emergence of a new class of wealthy individuals. Therefore, people have become millionaires and billionaires through cryptocurrencies. According to Henley & Partners, a well-known investment consultancy, out of the total 88,200 crypto millionaires today, 40,500 have accumulated their wealth solely through Bitcoin (BTC). Therefore, this indicates that crypto millionaires make up only 0.157% of the global population of 56.1 million millionaires.
Henley & Partners‘ research reveals that a total of 182 individuals have become centi-millionaires through cryptocurrency investments. Therefore, indicating that they have investable assets exceeding $100 million. However, out of these, 78 individuals have solely amassed their fortune through Bitcoin. Furthermore, about 22 billionaires have gained their wealth from the broader crypto industry. Moreover, six individuals have become billionaires solely through BTC.
The elite group of centi crypto millionaires and billionaires in 2023 includes well-known names in the industry. These include:
According to Dr. Juerg Steffen, the CEO of Henley & Partners, crypto investors are looking for investment migration avenues. This is to protect their assets as governments draft crypto regulations. Further, Dr. Steffen highlighted in their report that “We have seen a significant spike in inquiries from crypto millionaires over the past six months, who are all looking to build a viable ‘Plan B’ to protect themselves against any potential future bans on the trading or use of cryptocurrencies in their countries and to allay the risks of aggressive fiscal policies that tax digital assets at source.”
It’s worth noting that Bitcoin and Ethereum have recently seen a dip in value. Moreover, that too with a decline of over 10% in the past month. Bitcoin’s value is currently 62% below its peak of $69K in November 2021. However, Ethereum has dropped 66% from its high of $4,878 during the same period. Expert in personal finance, Jeff D. Opdyke, cited in the Henley & Partners Crypto Wealth Report, suggests that such a downturn is a typical phase in BTC’s financial trajectory.
Moreover, Opdyke states, “From the moment Bitcoin was born in 2009, crypto was always going to become the most inevitable trade in 30 years.” He drew parallels with the initial internet buzz, emphasizing the inevitable boom and bust cycles. “Crypto today, in the wake of a bear market, is a replay of 1999 to 2001. In other words, a fantastic opportunity to buy when blood stains the streets because we’re not likely to ever see these prices again.”
In conclusion, the rise of cryptocurrencies has undoubtedly created a new wave of crypto millionaires and billionaires around the world. The Henley & Partners Crypto Wealth Report highlights the significant number of individuals who have their wealth through Bitcoin. Despite recent dips in value, experts like Jeff D. Opdyke believe that crypto is here to stay and will continue to offer opportunities for those willing to navigate its boom and bust cycles. So, what do you think?