The findings from the latest CNBC Millionaire Survey published Thursday show that 83% of millennial millionaires own cryptocurrencies. What's even more surprising is that more than half (53%) of those youthful, rich investors say they have at least 50% of their wealth in crypto.
There are over 140,000 wallet addresses containing between 10 and 100 BTC, according to the “Bitcoin Rich List”. However, not each of these portfolios will belong to a millionaire. There are roughly 24,233 wallets worth more than $1 million among people who are unquestionably Bitcoin millionaires.
The CNBC survey found that millennial millionaires were more likely to put more of their wealth in crypto. In fact, about 53% of all millennial millionaires currently hold about 50% of their wealth in cryptocurrencies.
As of 2023, we estimated global crypto ownership rates at an average of 4.2%, with over 420 million crypto users worldwide.
reached their all-time high in 2021. The global market cap reached great heights. Not just that, many people made fortunes out of this gold rush, seven people became billionaires via crypto, bringing the total number of crypto billionaires to 19 as per the Forbes Billionares list.
CRYPTO: ETH
There are no guarantees that you'll become a millionaire, but if you invest in the right places and hold those investments for the long term, it's still possible to see significant returns.
In the United States, high-income earners are disproportionately represented among crypto investors, with those making $100,000 or more annually comprising 25 percent of crypto owners but only 15 percent of the general public.
Switzerland is one of the most crypto-friendly countries in the world, and it continues to set the standard for financial innovation. The country has been at the forefront of cryptocurrency adoption, with some of the world's most advanced exchanges.
A year after bitcoin peaked at more than $68,000 it's down below $18,000. The industry has been hit with macroeconomic challenges, market forces and scandals.
Bitcoin millionaires are moving to Puerto Rico for lower taxes and island living. Bitcoin enthusiasts are flocking to Puerto Rico, thanks to tax breaks and an island lifestyle. As the community grows, it's attracting more newcomers from the states as well as curious locals.
Bob Fetti Crypto millionaires are looking for crypto-friendly places. Many of them decided to move to Puerto Rico. It offers legal and financial incentives, great weather, as well as a critical mass of cryptocurrency gurus. The surge is helping reshape the Caribbean island into America's homegrown answer to Dubai.
The crypto market crashed in May 2022 and bitcoin has lost almost half its value in the last six months. But wealthy investors between ages 21-42 are still investing in crypto, says a new study by Bank of America. Over half of young people investing in crypto get their advice from social media platforms, like TikTok.
Wealth and longevity usually go hand-in-hand, but not always. Five crypto billionaires and near billionaires died in the final two months of 2022. Four of the deaths occurred within about a month, with the fifth death occurring about a month after the fourth death.
Bitcoin has always been the go-to crypto for the rich. Ethereum is catching on with the wealthy based on its perceived utility and ability to create value through smart contracts.
Assuming these numbers, to be a millionaire you will need: Worst case scenario: 39 ETH or $82,000 at current prices. Conservative Model: 29 ETH or $61,355 at current prices. Aggressive Model: 18 ETH or $38,243 at current prices.
Some who've braved the crypto waters have dove deep. After removing the top and bottom 1% of survey respondents, the average amount invested in crypto — according to our research — is $7,738, with a median of $500. Many people have a set amount of money they're able and/or willing to invest.
So the average person owns about 0.00244 BTC
However, if you were to pick a person at random from anywhere on the Earth, that person would likely not own any BTC. This is a more casual definition of average, but also more likely to give you the answer you are looking for.
20% of Americans–which would constitute over 50 million people–own crypto. Despite the tumultuous events of 2022, crypto ownership has remained largely unchanged since early 2022, which has been the historic high water mark for crypto ownership in America.
Only 7% of the supply (1.356 million BTC, worth $36.4 billion) is distributed among the nearly 46.5 million addresses with at least some bitcoin — but less than one — per BitInfoCharts. The other 93% (18 million BTC, worth $482.7 billion) exists in the one million addresses that now own a full BTC.
According to statistics, 95% of all traders fail. This doesn't mean that you have a 95% chance of failure, but rather for every hundred traders entering the market, statistically only five make a profit.
And that's why the Oracle of Omaha doesn't own the asset. “If you told me you own all of the bitcoin in the world and you offered it to me for $25, I wouldn't take it because what would I do with it?” he asks. “I'd have to sell it back to you one way or another. It isn't going to do anything.”
Warren Buffett calls Bitcoin a 'gambling token' but doesn't blame people for 'wanting to play the roulette wheel'
In the same vein as its predecessors, yPredict is a new crypto that could make you rich in 2023. The project was created to help financial analysts tackle the issue of financial market volatility. This goal resonated with so many crypto enthusiasts that the network raised over $900,000 in only three and a half months.