• Crypto Wealth Surge: Bitcoin Millionaires Skyrocket 111% in a Year

  • Aug 27 2024
  • Duración: 2 m
  • Podcast

Crypto Wealth Surge: Bitcoin Millionaires Skyrocket 111% in a Year

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  • Bitcoin millionaires surge 111% in a year amid crypto rally. The number of Bitcoin millionaires more than doubled to 85,400 while the total number of crypto millionaires topped 172,300, according to a recent report. This significant increase reflects the rapid growth of Bitcoin ETFs, which now have more than $50 billion in assets since their launch in January. The surge in crypto wealth has also created more than 84,000 new crypto billionaires, with five of the six new billionaires attributing their newfound wealth to Bitcoin. The price of Bitcoin has jumped 45% this year to about $64,000, contributing to the overall market cap of crypto assets increasing to $2.3 trillion, up from $1.2 trillion last summer.

    The growing acceptance of crypto assets among big asset managers such as BlackRock and Fidelity, with help from Morgan Stanley's salesforce of 15,000 brokers, could fuel further wealth creation among large crypto holders. Many of the newly crypto-rich are looking to move to tax-friendly and crypto-friendly jurisdictions, with Singapore ranking first on the "Crypto Adoption Index" due to its supportive banking system and comprehensive regulations.

    The report highlights that the ranks of the crypto rich have grown all the way up the wealth ladder, with 325 crypto centimillionaires and 28 crypto billionaires. The richest crypto billionaire, Changpeng Zhao, the founder and former CEO of Binance, is worth an estimated $33 billion. His wealth has soared by more than $10.5 billion over the past year. Brian Armstrong, the co-founder of Coinbase, ranks second with an estimated worth of $11 billion.

    The crypto rally has not only created more millionaires and billionaires but also changed where the rich live and work. According to Henley & Partners, many of the newly crypto-rich are seeking alternative residence and citizenship options. The report emphasizes that crypto will not only create more millionaires and billionaires but also change where the rich live and work.
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