A recent report from Henley & Partners, a London-based investment migration consultancy firm, has revealed that there are over 40,000 crypto millionaires in the world who hold Bitcoin. The firm’s “Crypto Wealth Report,” released on September 5, states that there are approximately 88,200 millionaires worldwide who possess crypto assets, with 40,500 of them specifically holding Bitcoin (BTC).
The report also highlighted that out of the 182 individuals who own more than $100 million worth of cryptocurrency, 78 of them are Bitcoiners. Additionally, six out of the 22 crypto traders who have amassed fortunes exceeding $1 billion gained their wealth solely from trading Bitcoin.
According to Fortunly’s statistics, there are approximately 56.1 million millionaires on Earth as of July 2023. This suggests that less than 0.2% of global millionaires possess significant crypto holdings. However, in recent months, Henley & Partners has witnessed a surge in inquiries related to cryptocurrencies from millionaires. These inquiries reflect their intention to safeguard themselves against potential future bans on crypto trading or usage in their respective countries. The millionaires are also seeking to mitigate the risks arising from aggressive fiscal policies that impose taxes on digital assets at the source.
While an increasing number of jurisdictions recognize the legitimacy of wealth derived from cryptocurrencies and provide secure storage mechanisms for them, there are still some jurisdictions that have yet to embrace this trend, according to cybersecurity specialist Ali Khan.
The report did not disclose the identities of the crypto millionaires and billionaires mentioned. However, well-known figures in the industry, such as Barry Silbert (founder and CEO of Digital Currency Group), Cameron and Tyler Winklevoss (co-founders of Gemini), Changpeng Zhao (CEO of Binance), Brian Armstrong (CEO of Coinbase), Chris Larsen (Ripple co-founder), and Michael Saylor (MicroStrategy executive chair), are notable individuals who have made fortunes in the crypto space.
It is noteworthy that the crypto market crash of 2022 had a significant impact on the number of crypto wallet addresses holding more than $1 million. Approximately 80,000 such addresses were wiped out during that period. Forbes reported in December 2022 that many major players in the industry lost over $116 billion due to bankruptcies of exchanges and the bear market.
The emergence of these crypto millionaires and billionaires demonstrates the potential for substantial wealth creation in the cryptocurrency space. While the market is subject to volatility and risks, it continues to attract wealthy individuals seeking investment opportunities and wealth preservation.