Bitcoin
Six And Counting: The Global Bitcoin Billionaire Phenomenon Unveiled
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According to Henley & Partners’ 2023 Crypto Wealth Report, around 500 million people have made cryptocurrency investments globally, yet just 22 people—a very small percentage—have acquired assets worth more than $1 billion.
According to the survey, as of June 30th, there were about 210 million Bitcoin investors worldwide, and a larger number of 425 million people held various cryptocurrencies.
Bitcoin Billionaires And Millionaires
Surprisingly, just six people worldwide—roughly one-third of all crypto billionaires—were able to attain this position primarily through their ownership of Bitcoin. This statistic shows that only 0.000003% of Bitcoin holders own assets worth more than $1 billion in Bitcoin. Meanwhile, data from the larger cryptocurrency market suggests that 0.000005% of cryptocurrency investors own assets worth more than $1 billion.
A little over 88,200 individuals, or 0.02% of all cryptocurrency investors worldwide, possess at least $1 million worth of cryptocurrency, the report disclosed. A similar number of millionaires have benefited from Bitcoin, with 40,500 investors having seen their holdings surpass $1 million.
Bigwigs With A Grain Of Salt
Cryptocurrencies, with Bitcoin as the most prominent example, have garnered substantial attention and, at times, caution from high-profile figures such as Jamie Dimon, the CEO of JPMorgan, and Warren Buffett, one of the world’s most renowned investors.
This heightened scrutiny primarily stems from the remarkable volatility exhibited by cryptocurrencies in their relatively short history. Bitcoin, in particular, has experienced extreme price fluctuations, with its value soaring to unprecedented heights before plummeting significantly on several occasions.
BTCUSD selling at $26,543 on the weekly chart at TradingView.com
Legal action against prominent cryptocurrency exchanges like Binance and Coinbase due to purported misconduct in the industry has resulted in a more restrictive regulatory climate in the US. These legal proceedings have made the problems facing the cryptocurrency industry even worse, as it continues to struggle with the fallout from the 2022 “Crypto Winter.”
The Henley & Partners Crypto Adoption Index
The value of cryptocurrency assets fell by more than $200 billion in a single day during this market slump in June. According to some experts, this tendency could continue into 2023 and possibly 2024, which would mean severe losses for many cryptocurrency investors.
As an integral component of its comprehensive analysis, Henley & Partners has formulated a Crypto Adoption Index that encompasses a diverse array of elements, encompassing the extent of public acceptance of cryptocurrency, the legislative framework around its usage, and the taxation policies pertaining to cryptocurrency.
Crypto-related issues such as infrastructure adoption, technological progress, and economic viability were also considered.
At the time of writing, Bitcoin is currently selling at somewhat under $26,000, having recovered significantly from its lowest point; nevertheless, it is still a long way from its all-time high of about $69,000.
Featured image from iStock
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