Despite the current crypto bear market, it appears some are not just surviving but thriving. A recent study by Henley & Partners, a global citizenship advisory firm, peels back the curtain on the mysterious yet burgeoning world of crypto wealth.
The study serves as a snapshot of cryptocurrency’s foothold among the world’s financial elite, revealing six Bitcoin billionaires and an additional 22 billionaires diversified across multiple digital assets. Though it plays coy about the identities of these economic titans, most crypto enthusiasts won’t have a hard time naming some—like Binance CEO Changpeng ‘CZ’ Zhao, Coinbase CEO Brian Armstrong, and Ripple co-founder Chris Larsen.
But let’s zoom out a bit. The study shows that 88,200 individuals worldwide possess more than $1 million in cryptocurrencies. Notably, almost half of these crypto millionaires—40,500, to be exact—are bitcoin heavyweights, holding over $1 million in the iconic digital currency alone.
Before anyone starts feeling like they missed the Bitcoin boat, let’s put those numbers in context. According to a Henley & Partners spokesperson, the crypto millionaire club is exclusive but relatively petite, making up just a minuscule fraction of the over 20 million global millionaires. So while the crypto tide is rising, it has yet to flood the financial landscape fully.
However, for those deep into the crypto game, the stakes are high. The study identified 78 Bitcoin centi-millionaires—those hoarding over $100 million in Bitcoin. Alongside them, 182 individuals have similar-sized pockets but are diversified across various cryptocurrencies.
There’s also a curious disproportionality in the numbers. While Bitcoin millionaires make up roughly 46% of all crypto millionaires, they constitute only 27% of crypto billionaires. This imbalance, as Henley & Partners note, chiefly stems from the significant holdings of original investors and founders in alternate cryptocurrencies, also known as altcoins.
Internationally, the United States is the crypto millionaire capital, followed by a diverse list that includes India, China, Brazil, and Russia. The study leveraged data from major platforms like Binance, CoinMarketCap, and Etherscan, while also incorporating Henley & Partners’ own wealth tier models.
Moreover, Henley & Partners paint a broader picture of crypto’s impact, labeling it as the “pinnacle of trade and technology over the past three decades.” They draw parallels between the crypto market and the dotcom bubble of yesteryears, citing technology’s enduring nature and its potential to revolutionize the business landscape.
The study also casts a spotlight on emerging crypto hotspots, with Portugal and Montenegro leading the charge. Tying it all together is their Crypto Adoption Index, which ranks nations based on their crypto-friendly stances. Singapore clinches the top spot for its tax-friendly approach, while Switzerland and the UAE are nipping at its heels. Interestingly, despite public enthusiasm for crypto in the U.S. and UK, these nations lagged behind when it came to tax benefits.
So, what’s the takeaway here? Whether you’re a Bitcoin billionaire or a crypto rookie, the landscape is evolving rapidly, and there’s no telling who might be the next to strike digital gold. While the financial world’s acceptance of cryptocurrency is still in its infancy, this new asset class is undoubtedly making waves, carving out a space among traditional forms of wealth. And in a world where the lines between physical and digital are increasingly blurred, the boundaries of wealth and how it is measured are being redrawn as well.
