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Report indicates that six wealthy cryptocurrency investors amassed their wealth through Bitcoin.
A report published by the London-based investment migration consultancy Henley & Partners indicates that there are over 40,000 crypto millionaires globally who possess Bitcoin.
As stated in the “Crypto Wealth Report” released on September 5, Henley & Partners estimated that approximately 88,200 millionaires around the world have crypto assets, with 40,500 of them holding Bitcoin (BTC). The report highlighted that among 182 individuals with crypto holdings exceeding $100 million, 78 were Bitcoin holders. Furthermore, six out of 22 crypto traders with more than $1 billion in assets “accumulated their wealth through Bitcoin trading.”
Crypto wealth statistics. Source: Henley & Partners
Fortunly noted that there were approximately 56.1 million millionaires globally as of July 2023, implying that less than 0.2% had considerable crypto investments. Juerg Steffen, the CEO of Henley & Partners, mentioned that the firm experienced a surge in crypto-related inquiries from millionaires over the past six months, as they seek to “shield themselves from potential future restrictions on cryptocurrency trading or usage in their nations” and “mitigate the risks associated with aggressive fiscal policies that tax digital assets at their origin.”
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“The leadership of an increasing number of jurisdictions recognizes the legitimate nature of [crypto-based] wealth and has developed systems for its secure storage, with supportive infrastructure that treats it similarly to nearly any other tangible or intangible asset class,” stated cybersecurity expert Ali Khan. “However, several jurisdictions have yet to take action.”
Related: Millionaires flock to crypto: 82% sought investment advice in 2022
The report did not specifically name the crypto millionaires and billionaires. Among the prominent figures in the industry are Digital Currency Group founder and CEO Barry Silbert, Gemini co-founders Cameron and Tyler Winklevoss, Binance CEO Changpeng Zhao, Coinbase CEO Brian Armstrong, Ripple co-founder Chris Larsen, and MicroStrategy executive chair Michael Saylor.
During the crypto market downturn in 2022, the number of crypto wallet addresses containing over $1 million fell by approximately 80,000. Forbes reported in December 2022 that numerous key players in the sector lost more than $116 billion due to exchange bankruptcies and the bear market.
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