Many People Hold Crypto Assets, But Few Become Millionaires

Introduction

Many people buy cryptocurrency in the hope of getting rich. But this kind of risky investment doesn’t necessarily mean big bucks for everyone. In fact, relatively few buyers hold millions of dollars’ worth of crypto assets worldwide, according to a recent report.

Crypto Ownership Statistics

• 425 million people hold crypto worldwide, of whom 210 million have Bitcoin.
• Only 88,200 people worldwide own the equivalent of at least US$1mil (RM4.68mil) in crypto.
• Less than 1% of all users of virtual currencies fall into this category.
• Half of the 88,200 individuals hold this amount in Bitcoin.
• 182 individuals are considered crypto centi-millionaires, with 78 of them owing their status to Bitcoin holdings.
• There are reportedly 22 crypto billionaires, with six of them being Bitcoin billionaires.

Crypto Adoption Index

Singapore tops Henley & Partners’ Global Crypto Adoption Index, followed by Switzerland and the United Arab Emirates. The top five also includes Hong Kong and the United States. Other countries embracing cryptocurrency include Australia, Canada, Austria, and Portugal.

Crypto Adoption in Emerging Countries

Cryptocurrency adoption is also flourishing in economically challenged emerging countries such as Malaysia, Thailand, and Antigua and Barbuda.

Conclusion

Investors are keen to embrace cryptocurrency assets, driven by a taste for easy money and distrust of the traditional banking system. However, interest in crypto varies across age groups and from country to country. Many countries offering advantageous tax regimes to crypto owners have seen significant adoption. It is important to note that the highly volatile nature of digital currencies should be considered when interpreting these figures.

Sources: The Crypto Wealth Report, Henley & Partners