“ Once you’ve made a quick buck with cryptocurrencies, you can’t leave.”
A study by London-based investment advisory firm Henley & Partners revealed an interesting insight: out of the world’s 56.1 million millionaires, 88,200 made their fortunes through cryptocurrencies.
The cryptocurrency is currently valued at over $1 trillion.
This massive amount of money has given rise to a new generation of crypto millionaires and billionaires. Popular investment advisory firm Henley & Partners reports that 40,500 of today’s 88,200 crypto millionaires owe their wealth solely to Bitcoin (BTC).
This means that crypto millionaires make up just 0.157% of the world’s total 56.1 million millionaires.
Digging deeper into the data from Henley & Partners, there are 182 people who have become millionaires through cryptocurrency investing. Specifically, a millionaire is someone with more than $100 million in investment assets.
It is worth noting that 78 of these millionaires owe their positions to BTC. In addition, about 6 people became billionaires through BTC, while about 22 billionaires accumulated their wealth through other crypto industries.
88,200 Millionaires Got Rich Through Cryptocurrency, Report Shows
The elite group of crypto millionaires and billionaires of 2023 include Binance CEO Changpeng Zhao (CZ), Ripple’s Chris Larsen, Gemini’s Winklevoss twins, venture capitalist Tim Draper, Galaxy’s Michael Novogratz, Coinbase’s Brian Armstrong, Block.one’s Dan Larimer, Ethereum’s Anthony Di Iorio, Digital Currency Group’s Barry Silbert, Ripple’s Brad Garlinghouse, Bitcoin.com founder Roger Ver, former Bitmain CEO Jihan Wu, and venture capitalist Matthew Roszak.
Dr. Juerg Steffen, CEO of Henley & Partners, emphasized in the report that as governments draft cryptocurrency regulations, cryptocurrency enthusiasts and investors are actively looking for investment migration paths to protect their assets.
“Over the past six months, we have seen a significant increase in inquiries from crypto millionaires looking to establish a viable ‘Plan B’ to protect themselves from any potential future bans on trading or using cryptocurrencies in their countries and mitigate the risk of aggressive financial policies taxing digital assets,” Stephen commented.
On the other hand, the two dominant digital currencies, Bitcoin and Ethereum (ETH), have both lost more than 10% over the past month.
Bitcoin’s value has fallen 62% from its November 2021 peak of $69,000, while Ethereum has plunged 66% from its peak of $4,878 over the same period.
Jeff D. Opdyke, an investment and personal finance expert cited in Henley & Partners’ crypto asset report, said this downturn is a typical stage in BTC’s financial trajectory.
“Crypto has been the can’t-miss trade of the past 30 years, since the creation of Bitcoin in 2009,” Opdyke said. He drew an analogy with the initial craze on the internet, highlighting the inevitable boom and bust cycles.
“After a bear market, crypto today is a repeat of 1999-2001 — in other words, a great opportunity to buy into the market at a loss, because we may never do so. Also look at these prices.”
✏️Disclaimer: This article is for reference only, DYOR
📄Source: Alpha Investment Research, viccrypto
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