According to a report published by Henley & Partners, the number of crypto millionaires worldwide is increasing. Their research shows that there are approximately 172,300 crypto millionaires worldwide, a 95% increase from last year.
Wealthy Bitcoin holders are rising alongside that number as this sector increased by 111% to 85,400.
The firm explains that the total market value of crypto assets is now is valued at $2.3 trillion, an 89% increase compared to the $1.2 trillion reported in the firm’s inaugural report last year.
The number of crypto investors holding over $100 million popped by 79% to 325.
Crypto billionaires are now numbered at 28 around the world—an increase of 27%.
António Henriques, CEO of Bison Bank and Chairman of Bison Digital Assets, is quoted in the report stating that digital assets are challenging the dominance of traditional fiat.
Co-founder and CEO of CoinShares, Jean-Marie Mognetti, points to the approval of spot Bitcoin ETFs by the US Securities and Exchange Commission as a transformative event that is paving the way for more institutional adoption.
Henley & Partners, a firm that assists the affluent in choosing an advantageous residency, says it has seen a significant uptick in crypto-wealthy clients seeking alternative residences. Singapore, a top Fintech hub well-known for its admirable living environment, is at the top of the list.
Eleanor Gaywood, Head of Strategy at Coincover, shared a comment with CI on the report:
“The rise in the number of crypto millionaires highlights the huge returns that the market can offer, but investors still need to be aware of the security risks. What often doesn’t make the headlines is the growing number of new entrants buying crypto for the first time and losing access to their holdings. These are often people hoping to make a profit but aren’t familiar with the risks of not storing their private keys and seed phrases securely.
“Unlike in traditional banking there’s no “forgot my password” button. Once you’re locked out, it’s incredibly hard to regain access to your account which creates a nightmare scenario for so many users. Volatility will continue to attract new investors seeking lucrative returns, meaning it is vital that exchanges and wallet providers adopt robust recovery systems so that users can recover their funds if and when loss occurs.”
