Global cryptocurrency market tops USD$1.1T: market report

The total cryptocurrency market value is approximately USD$1,180 billion with over 425 million individuals globally that own cryptocurrencies, according to a new report produced by investment analysis firm, Henley & Partners.

Published on Tuesday, the Crypto Wealth Report noted there were 88,200 crypto millionaires worldwide with under half of those keeping their holdings in Bitcoin.

This report contains information about the count of people who have become millionaires, centi-millionaires (those with over USD$100 million), and billionaires through cryptocurrencies like Bitcoin.

This data is provided by global wealth intelligence firm, New World Wealth, and includes opinions from respected scholars, experts in the field, and individuals involved in the cryptocurrency world. Additionally, it presents Henley & Partners’ Crypto Adoption Index, which helps compare different programs that allow crypto investors to obtain residency or citizenship through investment.

The report determined that out of extremely wealthy people around the world, 182 of them have more than $100 million worth of cryptocurrency, and 78 of these individuals have mainly invested in Bitcoin. Additionally, out of the 22 people who have become billionaires through cryptocurrency, six of them made their wealth by trading Bitcoin.

“We have seen a significant spike in enquiries from crypto millionaires over the past six months looking to protect themselves against any potential future bans on the trading or use of cryptocurrencies in their own countries and mitigate the risks of aggressive fiscal policies that tax digital assets at source,” said Juerg Steffen, CEO of Henley & Partners.

Image via Henley & Partners.

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Singapore is the most cryptocurrency-friendly country

Henley’s Crypto Adoption Index also evaluated and ranked countries based on how friendly they are towards using cryptocurrencies and blockchain technology for investments. Singapore leads the list with a score of 50.2 out of 60, which is 83.76 per cent.

Switzerland is in second place with 78.17 per cent, and the UAE is closely behind at 76.17 per cent. Hong Kong is fourth with 76 per cent, followed by the United States at 73.83 per cent, Australia at 71.83 per cent, and the United Kingdom at 71.17 per cent. Canada, Malta, and Malaysia also made it to the top 10, with scores of 67.33 per cent, 64.83 per cent, and 62.5 per cent respectively.

The report also monitors how friendly a country’s tax policies are towards cryptocurrency with Singapore and the United Arab Emirates (UAE) receiving a perfect score of 10 out of 10. Hong Kong, Mauritius, and Monaco also scored well with 9 out of 10, while Antigua and Barbuda, Malaysia, Namibia, and Switzerland achieved respectable scores of 8 out of 10.

The UAE and Singapore also lead the way with cryptocurrency adoption among ordinary people, scoring 7 out of 10. This metric includes how much people know about, are interested in, and engage with cryptocurrencies.

However, when it comes to the technology and systems needed for cryptocurrency transactions and exchanges, like the availability of crypto ATMs, connections with local banks, and the presence of digital asset exchanges, both the UAE and Singapore didn’t perform as strongly.

The United States is currently ahead in this aspect, and countries like Greece, Thailand, Hong Kong, and New Zealand are also in the top 10 with well-developed systems that make it easier to use cryptocurrencies.

 

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