September 6, 2023

6 Crypto Billionaires Made Fortune from Trading in Bitcoin

Bitcoin Millionaires

Bitcoin Millionaires

A recent report from Henley & Partners, a London-based investment migration consultancy firm, found that there are over 40,000 individuals around the world who are considered crypto millionaires due to their holdings in Bitcoin. 

The report, titled “Crypto Wealth Report,” was released on September 5 and revealed that approximately 88,200 millionaires globally have invested in cryptocurrency, with 40,500 of them specifically holding Bitcoin. 

According to the report, out of 182 individuals who possess more than $100 million in crypto, 78 are Bitcoin investors. Furthermore, the report notes that six out of 22 crypto traders who have amassed over $1 billion in wealth gained their fortunes through trading Bitcoin.

Fortunly reported there are around 56.1 million millionaires on Earth as of July 2023, and less than 0.2% hold substantial amounts of cryptocurrency. However, the CEO of Henley & Partners, Juerg Steffen, has noted increased inquiries about cryptocurrencies from millionaires in the past six months. This is likely due to their efforts to safeguard themselves against any potential future bans on cryptocurrency trading or use in their countries and mitigate the risks associated with aggressive fiscal policies that tax digital assets at the source.

The report did not explicitly disclose the identities of crypto millionaires and billionaires. However, some well-known figures in the industry include Barry Silbert, the founder and CEO of Digital Currency Group; Cameron and Tyler Winklevoss, the co-founders of Gemini; Changpeng Zhao, the CEO of Binance; Brian Armstrong, the CEO of Coinbase; Chris Larsen, the co-founder of Ripple, and Michael Saylor, the executive chair of MicroStrategy.

Amid the crypto market crash of 2022, the number of crypto wallet addresses holding over $1 million decreased by approximately 80,000. According to a report by Forbes in December 2022, many major players in the industry suffered losses of over $116 billion due to exchange bankruptcies and the bear market.

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