Crypto Wealth Report 2024
As you can see the numbers are still relatively small and these numbers will rise and fall according to where we are in the crypto cycle. I am hopeful a few members of the HIVE community will be adding to these numbers later this year and in the future.
I am not 100% sure how Henley Global obtain these reports but they are the only company that is monitoring wealth and migration of wealth including digital assets like crypto. Crypto as we all know is still not main stream and once it becomes more widely used these numbers are going to explode creating instant millionaires and cent (100) millionaires.
What I find interesting looking at these stats is Bitcoin holders make up half of the crypto wealth statistics meaning you do not need to be holding Bitcoin and other crypto does exist offering the same chances of success. Bitcoin may or may not make as many gains as a percentage going forward as some of the alt coins and why I have intentionally avoided Bitcoin for now and is only a very small percentage in my portfolio.
95% of the 172 300 new crypto millionaires created in 2024 alone brings about new hassles which we all know we have to find work arounds for off ramps. If you read my post last night about wealth migration this would explain why places like Singapore and Dubai head the favored hot spots for migration. Both these places offer no capital gains tax which is what we are all looking for.
Dubai has one up on the rest with a new law/regulation allowing crypto investors to trade crypto directly with their bank accounts which is basically adoption. If other countries offered what Dubai and Singapore offers then they would be holding onto the wealth keeping it within their borders and possibly we will see this happen within the next 5 years.
Crypto is a very different type of wealth as this you can take with you by using a cold wallet which does not tie you down to a particular country. This helps protect your wealth and with options like Dubai around this is a no brainer if you have a sizeable portfolio. Tax and remaining legal is on everyone's mind as well as what we see as certain countries not exactly being very fair. I have no problem trying to avoid this as if they had been helpful instead of costing us then I may have thought differently as I do not think they deserve any of what I have accumulated.
I have spoken about Dubai numerous times before mainly for it's confidentiality banking and this is open to everyone as long as you are prepared to visit spending a recommended 48 hours in Dubai to process your bank account. The good part is you do not have to live there to receive the benefits and once I have visited in March this year will do a detailed post of the steps it takes to get this done.
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