Report: Mind Blowing Number Of People Who Have Become Millionaires Through Cryptocurrency
In a recent report, it has been revealed that a substantial number of individuals have achieved High Net Worth (HNW) status through cryptocurrency trading, particularly in cryptocurrencies like Bitcoin. This revelation underscores the enduring appeal of the cryptocurrency space within the realm of wealth management, despite its notorious volatility.
According to a survey, an estimated 88,200 millionaires worldwide have accumulated their wealth through cryptocurrency investments, showcasing the profound impact this sector has had on the global wealth landscape. Notably, a significant portion of these millionaires, approximately 40,500, have chosen Bitcoin as their preferred digital asset for accumulating wealth.
The total market capitalization of the cryptocurrency market currently stands at an impressive $1.180 trillion, with approximately 425 million individuals worldwide owning various cryptocurrencies. This data highlights the substantial influence of cryptocurrencies on the financial landscape.
Henley & Partners, a consultancy specializing in migration and cross-border issues, has reported a surge in inquiries from cryptocurrency millionaires over the past six months.
These individuals are actively seeking to establish a secure “Plan B” to safeguard their wealth against potential future bans on cryptocurrency trading or usage in their respective countries.
Additionally, they aim to mitigate the risks associated with aggressive fiscal policies that may impose taxation on digital assets at their source.
Dr. Juerg Steffen, CEO of Henley & Partners, commented on the trend, stating, “We have seen a significant spike in enquiries 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.”
Furthermore, the report reveals that there are now 182 individuals classified as crypto centi-millionaires, each holding crypto assets valued at $100 million or more.
Among these high net worth individuals, 78 have chosen Bitcoin as their primary digital asset. Remarkably, six out of the world’s 22 crypto billionaires have amassed their fortunes predominantly through Bitcoin trading.
This trend underscores the growing intersection of digital assets, which encompass more than just cryptocurrencies, with the realm of wealth management.
The rise of cryptocurrency millionaires and the unique challenges they face in preserving and growing their wealth make for a compelling narrative in the evolving landscape of finance.
This publication has previously explored the intricate relationship between digital assets and wealth management, highlighting the multifaceted nature of this dynamic field.
As a recent example, we had the opportunity to interview SEBA Bank, a Switzerland-based financial institution that bridges the worlds of traditional banking and digital assets, providing valuable insights into this emerging financial frontier.
