Are you curious about the explosive growth of crypto millionaires in the past year? Well, you’re not alone! The world of cryptocurrency has seen a 95% increase in the number of individuals holding more than $1 million in crypto assets, with bitcoin leading the way.
At Extreme Investor Network, we are committed to providing you with the latest and most valuable information in the business news sector. In a recent report from New World Wealth and Henley & Partners, it was revealed that there are now 172,300 crypto millionaires worldwide, up from 88,200 last year. The number of pure bitcoin millionaires has more than doubled, reaching 85,400.
The rise of crypto millionaires and billionaires is closely tied to the rapid growth of bitcoin exchange-traded funds (ETFs), now boasting over $50 billion in assets since their launch in January. As a result, institutional participation in the crypto market has increased significantly.
The total market cap of crypto assets has reached $2.3 trillion, up from $1.2 trillion last summer, with the price of bitcoin spiking 45% this year to around $64,000. This surge has led to the creation of six new crypto billionaires, five of whom owe their wealth to bitcoin.
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For example, did you know that the richest crypto billionaire, Changpeng Zhao, founder of Binance, has seen his wealth soar by over $10.5 billion in the past year, reaching an estimated $33 billion? Zhao’s success underscores bitcoin’s dominant position in attracting long-term investors with substantial holdings.
As the acceptance of crypto assets grows among major asset managers like BlackRock and Fidelity, further wealth creation among large crypto holders is on the horizon. This trend could also lead to a shift in where the wealthy choose to live and work, with many seeking out tax-friendly and crypto-friendly jurisdictions.
At Henley & Partners, a “Crypto Adoption Index” has been established to rank countries based on their tax and regulatory approach to crypto. Singapore leads the index due to its supportive banking system and comprehensive regulations, followed by Hong Kong, the United Arab Emirates, and the U.S.
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