Bitcoin

In the 1972 classic, cult film Godfather, iconic actor Al Pacino had famously said as Don Michael Corleone, “I am going to make him an offer he can’t refuse.” More than five decades later, the financial world has a new Godfather: cryptocurrencies. Whatever your opinion on cryptocurrencies and Bitcoin, it is impossible to shy away from crypto-mania. 
Bitcoin, the world’s first cryptocurrency, has delivered mind-boggling returns to investors since its inception, and is the inspiration behind many rags-to-riches tales. A recent first-of-its-kind crypto wealth report, released by London-based investment migration consultant firm Henley &amp; Partners, has revealed that Bitcoin trading has been the golden goose for six individuals, propelling them to the coveted status of ‘billionaire’.&nbsp; 
The report highlighted that 6 out of 22 individuals, each holding over $1 billion in crypto assets, owe their staggering wealth to Bitcoin trading. And the Bitcoin bonanza doesn’t stop there. Out of the world’s 88,200 crypto millionaires, nearly half (40,500) have amassed their wealth from trading in Bitcoin, the report showed. 
According to the report, of the 182 crypto centi-millionaires, individuals with crypto holdings exceeding $100 million, 78 have placed their bets on Bitcoin. These figures underscore how Bitcoin, which currently boasts a global market value of $518 billion, has reshaped the financial landscape since it first surfaced in 2009. 
The inaugural crypto wealth report by Henley &amp; Partners also shed light on the growing trend among high-net-worth individuals (HNWIs) in the crypto realm, including traders, miners, and investors, who are actively seeking investment migration strategies to protect their assets. The motivation behind this is clear: safeguarding their interests against potential future bans on cryptocurrency trading or usage in their home countries. 
Singapore has emerged as the top preferred destination for crypto investors, thanks to its innovative ecosystem and supportive community. Trailing behind on the number 2 and 3 spots are Switzerland and the UAE, both of which offer robust crypto infrastructures and favorable tax policies. Countries like Canada, Malta, and Malaysia are also gaining traction among the crypto affluent. 
While the crypto industry is fraught with volatility and regulatory challenges, the report suggests that the allure of Bitcoin and the wealth it promises isn’t waning anytime soon. It’s worth mentioning that the number of individuals that own cryptocurrencies has reached 425 million, with the global crypto market valued at $1.18 trillion, as of June 30, 2023, the report stated.&nbsp; 
Although Bitcoin has seen its market capitalization erode by 32.9% in the past year, its popularity remains undeterred. In May this year, Todayq News <a href="https://news.todayq.com/bitcoin-surpasses-one-million-wholecoiner-milestone-amid-market-volatility/">reported</a> that the number of wallet addresses holding at least one BTC crossed one million, marking a significant milestone for Bitcoin. 
A recent report by New York-based blockchain research firm Chainalysis also <a href="https://news.todayq.com/report-bitcoin-adoption-highest-in-sub-saharan-africa-north-america-and-eastern-europe-fall-behind/">revealed</a> that Bitcoin adoption and usage was highest in Sub-Saharan Africa during the July 2022-June 2023 period, with the region leapfrogging markets like North America, and Eastern Europe, among others. The report also highlighted how wealthier nations are trading more crypto, but emerging markets have a greater everyday need for it, which aligns with Bitcoin’s original vision. 
© Todayq News

More than one fourth of world’s Crypto billionaires have amassed their wealth from Bitcoin trading

Todayq News

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