A study by Henley & Partners, an investment movement firm in London, shows an interesting fact: of the world’s 56.1 million millionaires, an impressive 88,200 made their money in cryptocurrency. At the time this was written, the value of the crypto economy was just above $1 trillion.
According to Bitcoin News, This huge amount has made a new group of crypto millionaires and billionaires. Henley & Partners, a well-known financial firm, says that of the 88,200 crypto millionaires in the world today, 40,500 are only rich because of bitcoin (BTC).
This means that only 0.157% of the world’s 56.1 million millionaires are made up of crypto millionaires. Henley & Partners’ research shows that 182 people have become “hundred millionaires” by investing in cryptocurrencies. For explanation, a “centi-millionaire” is someone who has more than $100 million in investable assets.
Surprisingly, 78 of these 100 millionaires made their money just from BTC. Also, about six people have become billionaires because of Bitcoin, and about 22 people have become billionaires because of crypto in general.
Binance’s CEO Changpeng Zhao (CZ), Ripple’s Chris Larsen, the Winklevoss twins from Gemini, venture capitalist Tim Draper, Galaxy’s Michael Novogratz, Coinbase’s Brian Armstrong, Block.one’s Dan Larimer, Ethereum’s Anthony Di Iorio, Digital Currency Group’s Barry Silbert, Ripple’s Brad Garlinghouse, Bitcoin.com’s founder Roger Ver, ex-Bitmain CEO Jihan.
The CEO of Henley & Partners, Dr. Juerg Steffen, pointed out in the study that as governments work on crypto laws, crypto fans and investors are actively looking for ways to move their investments to protect their assets.
“Over the past six months, we’ve seen a big increase in inquiries from crypto millionaires,” Steffen said. “They all want to build a viable “Plan B” to protect themselves from any future bans on trading or using cryptocurrencies in their countries and to reduce the risks of aggressive fiscal policies that tax digital assets at the source.”
On the other hand, Bitcoin and Ethereum (ETH), the two most popular digital currencies, have dropped by more than 10% in the last month. Bitcoin is worth 62% less than it was in November 2021, when it was worth $69K, and Ethereum is worth 66% less than it was in November 2021, when it was worth $4,878.
A personal finance and business expert named Jeff D. Opdyke, who was quoted in the Henley & Partners Crypto Wealth Report, says that a drop like this is a normal part of BTC’s financial history.
Opdyke said, “From the moment Bitcoin was born in 2009, crypto was always going to become the most inevitable trade in the next 30 years.” He drew comparisons to the original buzz on the internet to show that there will always be booms and busts.
“Cryptocurrency today, after a bear market, is like 1999 to 2001 all over again. In other words, it’s a great time to buy when blood is on the streets because we’re not likely to see prices like these again.” Stay tuned with Crossover99 for more Crypto-related updates and News.
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