Crypto market mints 172,300 people with at least $1 million

A recent report highlighted that the number of cryptocurrency millionaires worldwide increased 95% over the last year due to the rise in bitcoin ETFs and other cryptocurrency assets. In contrast to 88,200 people last year, 172,300 people globally now own over $1 million in cryptocurrency assets, per a report by New World Wealth and Henley and Partners.

 

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To 85,400, the count of pure Bitcoin millionaires more than doubled. The wealth ladder has seen an increase in the ranks of the crypto-rich. The report claims that there are currently 28 crypto billionaires and 325 crypto centi-millionaires, or people who own cryptocurrency worth at least $100 million.

The spike affirms the quick rise in bitcoin exchange-traded funds (ETFs), which have amassed over $50 billion in assets since their January debut and sparked a wave of institutional investment.

This year, Bicoin’s price increased by 45% to roughly $64K. According to Henley, the market capitalization of cryptocurrency assets has surged from $1.22 trillion last summer to $2.03 trillion, largely due to the appreciation of other coins.

According to Andrew Amoils, head of research at New World Wealth, five of the six new cryptocurrency billionaires that have emerged in the last year can credit bitcoin for their financial success, “underscoring its dominant position when it comes to attracting long-term investors who buy large holdings.”.

As Bitcoin has recently experienced a three-year return to its 2021 highs, many cryptocurrency assets are still below those levels. November 2021 saw the market capitalization of cryptocurrency assets reach $3 trillion.

Large crypto holders may create even more wealth, though, as major asset managers like Fidelity and BlackRock, with support from Morgan Stanley’s 15,000 broker sales force, are beginning to accept cryptocurrency assets.

Crypto will not only increase the number of millionaires and billionaires but also alter the residence and workplace of the wealthy. Henley stated the newly minted wealthy entities in the crypto market want to relocate to tax-friendly and cryptocurrency-friendly jurisdictions.

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ABOUT THE AUTHOR See More
Olumide Adesina
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
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