Report suggests 6 billionaire crypto traders earned their fortunes from Bitcoin

A study released by London-based concern migration consultancy steadfast Henley & Partners suggests determination were much than 40,000 crypto millionaires successful the satellite holding Bitcoin (BTC). 

According to the ‘Crypto Wealth Report’ published connected Sept. 5, Henley & Partners said determination were astir 88,200 millionaires worldwide with crypto holdings, with 40,500 holding BTC. The study suggested that of 182 individuals who held much than $100 cardinal worthy of crypto, 78 were Bitcoiners. In addition, 6 retired of 22 crypto traders who held much than $1 cardinal “amassed their fortunes from trading Bitcoin”.

Source: Henley & Partners

Fortunly reported determination were astir 56.1 cardinal millionaires connected Earth arsenic of July 2023, suggesting little than 0.2% had important crypto holdings. The CEO of Henley & Partners, Dr. Juerg Steffen, said the steadfast had received a spike successful the fig of crypto-related enquiries by millionaires successful the past 6 months arsenic portion of efforts “to support themselves against immoderate imaginable aboriginal bans connected the trading oregon usage of cryptocurrencies successful their countries” arsenic good arsenic “allay the risks of assertive fiscal policies that taxation integer assets astatine source”.

“The enactment of an expanding fig of jurisdictions recognize the morganatic quality of [crypto-based] wealthiness and person produced mechanisms for it to beryllium stored securely, with brushed infrastructure that renders it treated successful the aforesaid mode arsenic astir immoderate different tangible oregon intangible plus class,” said cybersecurity specializer Ali Khan. “But determination are inactive a fig of jurisdictions that are yet to bite.”

Related: Millionaires flock to crypto: 82% sought concern proposal successful 2022

The study did not explicitly notation the names of the crypto millionaires and billionaires. Among those good known successful the abstraction see Digital Currency Group laminitis 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 enforcement seat Michael Saylor.

Amid the crypto marketplace clang of 2022, the fig of crypto wallet addresses holding the equivalent of much than $1 cardinal dropped by astir 80,000. Forbes reported successful December 2022 that galore large players successful the manufacture lost much than $116 billion pursuing bankruptcies of exchanges and the carnivore market.

Magazine: Manzi the magnificent: From millionaire astatine 16 to unthinkable IoT inventor