Bitcoin Power: Over 88,000 Millionaires Built Their Wealth Through Crypto – Study
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The crypto world now boasts a staggering 88,200 crypto-millionaires scattered across the globe, according to the latest Crypto Wealth Report. This burgeoning class of wealth holders has seen their fortunes swell thanks to the ever-expanding digital asset universe.
Astonishingly, half of these newly minted millionaires have pinned their financial dreams on Bitcoin (BTC), the world’s largest and most popular cryptocurrency.
The report, which delved deep into the crypto landscape, also uncovered intriguing statistics about the upper echelons of crypto wealth. Among the 182 individuals who wielded more than $100 million worth of crypto assets, a significant 78 were devout Bitcoiners.
Further emphasizing Bitcoin’s sway, the report revealed that six out of the 22 crypto traders who had amassed fortunes exceeding $1 billion had primarily done so through trading the kingpin cryptocurrency, Bitcoin.
Source: Henley & Partners’ Crypto Wealth Report
Experts Laud The Crypto Revolution
Eminent figures in the world of finance have weighed in on the crypto phenomenon. Jeff D. Opdyke, a seasoned investment expert, emphasized in a news release that “from the moment Bitcoin was born in 2009, crypto was always going to become the most inevitable trade in 30 years.”
Opdyke’s assertion is backed by the staggering $3 trillion market capitalization that the sector reached in 2021, marking a historic milestone in its evolution.
According to the Henley & Partners’ Crypto Adoption Index, Singapore has emerged as the undisputed leader in embracing cryptocurrencies. The city-state’s government has played a pivotal role in fostering the growth of its national digital asset sector while ensuring taxation policies that are advantageous for both investors and individuals.
Source: Henley & Partners’ Crypto Adoption Index
Switzerland and the United Arab Emirates (UAE) trail closely in second and third positions, respectively, making them notable contenders in the global crypto race. Surprisingly, the United States and the United Kingdom find themselves ranked in fifth and seventh places, showcasing the potential for regulatory improvements in these major markets.
Cryptocurrencies total market cap at $1.02 trillion today. Chart: TradingView.com
Global Bitcoin Adoption Gains Momentum
Although crypto may no longer be experiencing the explosive growth witnessed during its peak popularity, it continues to enthrall investors and individuals alike. A recent report by the CFA Institute and the Financial Industry Regulatory Authority’s Investor Education Foundation revealed that over half of Generation Z, aged between 18 and 25, have ventured into the world of cryptocurrencies.
The latest Crypto Wealth Report offers a compelling glimpse into the dynamic world of crypto millionaires and the enduring allure of Bitcoin. Clearly, it remains a prominent and enticing investment avenue, drawing in a diverse array of investors, from seasoned traders to the next generation of financial enthusiasts.
Featured image from Adobe Stock
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