Crypto, darling of the digital realm, has been a wild ride, churning out new millionaires like an assembly line that deals only in zeros and ones. According to the Crypto Wealth Report by London's Henley & Partners, at least 88,200 people can claim the illustrious title of "crypto-millionaire."
0.02% of "enthusiasts"
Before you imagine an army of yacht-owning, caviar-munching elites, hold your horses. These crypto-millionaires make up a mere 0.02% of the global crypto community. That’s a handful, especially considering that Henley & Partners estimates that there are 425 million crypto enthusiasts around the world.
As you sift through the report, there are some fun factoids to be had. Nearly half of these digital millionaires — 40,500 of them — are devout Bitcoinbelievers, despite this summer's slump. The original remains strong among the ultra-wealthy.
The report claims that a lucky 182 crypto owners could fill their bathtubs with over $100 million worth of bits and bytes. 22 of them? They’d have to buy swimming pools if they wanted to take a dip, being worth over a billion dollars each.
Crypto-millionaires might occasionally get the press, but they're still outnumbered by the classic millionaires of the world, there are over 20 million of them. But crypto's high-rollers are starting to outnumber the traditional high-rollers in entire countries, including Russia, with 65,000 millionaires, and Saudi Arabia, with 52,000 millionaires. The crypto crowd's on the rise!
Digital ups and downs
Now, you might wonder how these millionaires hit the jackpot. Most of them rode the crypto wave, with investments swelling their coffers. According to Dominic Volek, Group Head of Private Clients at Henley & Partners, most of this newfound wealth is relatively fresh, having flowed in over the past decade.
While the early days might be gone, access to the crypto party has never been easier, thanks to the spate of new apps and exchanges. Binance, for example, boasts over 150 million users, proving that crypto fever continues to spread faster than news of a celebrity breakup.
Volek adds that just five years ago, diving into crypto was akin to navigating a labyrinth blindfolded. Wallets, vaults, exchanges — it was a digital jungle out there. But now, things are much easier, and investing feels safer.
But, as with any thrill ride, there are risks. Volek recalls tales of young ‘uns who rode the crypto rollercoaster, only to see their $20 million-plus fortunes spiral into the abyss during the March 2022 Bitcoin crash. Suddenly, their liquidity dried up, and they could no longer, or would no longer, participate in elite migration programs such as those offered by Henley & Partners.
In the inaugural Crypto Wealth Report, Juerg Steffen, CEO of Henley & Partners, discusses the investment migration strategies that can safeguard the interests of traders, miners, investors, and cryptopreneurs.https://t.co/8tG4Ay5Nz9 #CryptoWealthReport #cryptomillionaires pic.twitter.com/cbvkmERo07
— Henley & Partners (@HenleyPartners) September 7, 2023
So, let this be a cautionary tale. Sure, there are crypto millionaires and even billionaires, but they’re the lucky few. Best be careful when buying into the digital realm as there are risks aplenty.
This article was written by Louis Parks at www.financemagnates.com.
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