The Emerging Tide Of Crypto Millionaires And Billionaires

Since 2023, the number of people worldwide holding at least $1 million in crypto assets has surged by 95%, reaching 172,300.

The number of people worldwide holding at least $1 million in crypto assets has surged by 95% since 2023, reaching 172,300. Bitcoin millionaires now make up nearly 50% of all cryptocurrency millionaires globally, reflecting an increase of just over 111% from the previous year.

This surge in crypto millionaires is largely driven by the astronomical rise in the price of Bitcoin, which has soared by over 400% since the beginning of 2023. As Bitcoin continues to rally, more and more early investors are crossing the $1 million threshold.

The influx of new crypto millionaires is also having a major impact on the global economy. In the United States, for example, the approval of 11 spot Bitcoin ETFs has contributed to this, significantly fueling the adoption of Bitcoin. According to ETF Trends, investors have poured close to $20 million into those ETFs as some appeared to prefer regulated funds over traditional exchanges.

Other countries, such as Singapore and the United Arab Emirates (UAE), have equally promoted crypto usage by being very open in their policies. That is so with the UAE, having eliminated capital gains taxes and allowing Dubai residents to trade cryptocurrencies directly using bank accounts. The government has also announced plans to launch a state-backed cryptocurrency.

Meanwhile, Singapore government has been very bold in regulating digital assets and has done some exceptionally good things. It issued new asset custody guidelines and amended the Payment Services Act to make the updated version particularly tailored as a bill for digital payments.

A number of other international locations have actually emerged as key centers for cryptocurrency research and investment. Caribbean nations such as Antigua, Barbuda, St. Kitts, and Nevis have also brought forward progressive legislation to welcome digital asset entrepreneurs, and this has diversified the landscape of crypto-friendly jurisdictions around the world. This is well evidenced with the example of Zug’s “Crypto Valley” – Switzerland actually presents a quite robust blockchain ecosystem and is actively promoting digital assets.

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