The Crypto-Millionaires, a Tiny Slice of the Pie

<p speechify-initial-font-size="18px">Crypto, darling of the digital realm, has been a wild ride, churning
out new millionaires like an assembly line that deals only in zeros and ones.
According to the <a href="https://www.henleyglobal.com/publications/crypto-wealth-report" speechify-initial-font-size="18px">Crypto Wealth
Report</a> by London's Henley &amp; Partners, at least 88,200 people can claim
the illustrious title of "crypto-millionaire."</p><p speechify-initial-font-size="36px">0.02% of "enthusiasts"</p><p speechify-initial-font-size="18px">Before you imagine an army of yacht-owning, caviar-munching elites,
hold your horses. These crypto-millionaires make up a mere 0.02% of the global
crypto community. That’s a handful, especially
considering that Henley &amp; Partners estimates that there are 425 million
crypto enthusiasts around the world.</p><p speechify-initial-font-size="18px">As you sift through the report, there are some fun factoids to be had. Nearly
half of these digital millionaires — 40,500 of them — are devout <a href="https://www.financemagnates.com/terms/b/bitcoin/" speechify-initial-font-size="18px">Bitcoin</a>
believers, despite this summer's <a href="https://www.financemagnates.com/cryptocurrency/bitcoins-summer-slump-why-august-was-a-nightmare-for-crypto-exchanges/" target="_blank" rel="follow" data-article-link="true" speechify-initial-font-size="18px">slump</a>. The original remains strong among the ultra-wealthy.</p><p speechify-initial-font-size="18px">The report claims that a lucky 182 crypto owners could fill their
bathtubs with over $100 million worth of bits and bytes. 22 of them? They’d
have to buy swimming pools if they wanted to take a dip, being worth over a
billion dollars each.</p><p speechify-initial-font-size="18px">Crypto-millionaires might occasionally get the press, but they're still
outnumbered by the classic millionaires of the world, there are over 20 million
of them. But crypto's high-rollers are starting to outnumber the traditional high-rollers
in entire countries, including Russia, with 65,000 millionaires, and Saudi
Arabia, with 52,000 millionaires. The crypto crowd's on the rise!</p><p speechify-initial-font-size="27px">Digital ups and downs</p><p speechify-initial-font-size="18px">Now, you might wonder how these millionaires hit the jackpot.
Most of them rode the crypto wave, with investments swelling their
coffers. According to Dominic Volek, Group Head of Private Clients at Henley
&amp; Partners, most of this newfound wealth is relatively fresh, having flowed
in over the past decade.</p><p speechify-initial-font-size="18px">While the early days might be gone, access to the crypto party has
never been easier, thanks to the spate of new apps and exchanges. <a href="https://www.financemagnates.com/thought-leadership/how-binance-is-charting-a-path-to-building-a-user-focused-platform/" target="_blank" rel="follow" data-article-link="true" speechify-initial-font-size="18px">Binance</a>, for
example, boasts over 150 million users, proving that crypto fever continues to
spread faster than news of a celebrity breakup.</p><p speechify-initial-font-size="18px">Volek adds that just five years ago, diving into crypto was akin to
navigating a labyrinth blindfolded. Wallets, vaults, exchanges — it was a digital
jungle out there. But now, things are much easier, and investing feels safer.</p><p speechify-initial-font-size="18px">But, as with any thrill ride, there are risks. Volek recalls tales of
young ‘uns who rode the crypto rollercoaster, only to see their $20 million-plus
fortunes spiral into the abyss during the March 2022 Bitcoin crash. Suddenly,
their <a href="https://www.financemagnates.com/terms/l/liquidity/" speechify-initial-font-size="18px">liquidity</a> dried up, and they could no longer, or would no longer,
participate in elite migration programs such as those offered by Henley &amp;
Partners.</p><blockquote speechify-initial-font-size="18px"><p lang="en" dir="ltr" speechify-initial-font-size="18px">In the inaugural Crypto Wealth Report, Juerg Steffen, CEO of Henley &amp; Partners, discusses the investment migration strategies that can safeguard the interests of traders, miners, investors, and cryptopreneurs.<a href="https://t.co/8tG4Ay5Nz9" speechify-initial-font-size="18px">https://t.co/8tG4Ay5Nz9</a> <a href="https://twitter.com/hashtag/CryptoWealthReport?src=hash&amp;ref_src=twsrc%5Etfw" speechify-initial-font-size="18px">#CryptoWealthReport</a> <a href="https://twitter.com/hashtag/cryptomillionaires?src=hash&amp;ref_src=twsrc%5Etfw" speechify-initial-font-size="18px">#cryptomillionaires</a> <a href="https://t.co/cbvkmERo07" speechify-initial-font-size="18px">pic.twitter.com/cbvkmERo07</a></p>— Henley &amp; Partners (@HenleyPartners) <a href="https://twitter.com/HenleyPartners/status/1699703409673134149?ref_src=twsrc%5Etfw" speechify-initial-font-size="18px">September 7, 2023</a></blockquote><p speechify-initial-font-size="18px">So, let this be a cautionary tale. Sure, there are crypto millionaires
and even billionaires, but they’re the lucky few. Best be careful when buying
into the digital realm as there are risks <a href="https://www.financemagnates.com/cryptocurrency/survey-unveils-volatility-and-security-risks-in-crypto-industry/" target="_blank" rel="follow" data-article-link="true" speechify-initial-font-size="18px">aplenty</a>.</p>

This article was written by Louis Parks at www.financemagnates.com.