The Crypto Millionaires, a Tiny Slice of the Pie

The report claims that a lucky 182 crypto owners could fill their
bathtubs with over $100 million worth of bits and bytes. 22 of them? They’d
have to buy swimming pools if they wanted to take a dip, being worth over a
billion dollars each.

Crypto-millionaires might occasionally get the press, but they’re still
outnumbered by the classic millionaires of the world, there are over 20 million
of them. But crypto’s high-rollers are starting to outnumber the traditional high-rollers
in entire countries, including Russia, with 65,000 millionaires, and Saudi
Arabia, with 52,000 millionaires. The crypto crowd’s on the rise!

Digital ups and downs

Now, you might wonder how these millionaires hit the jackpot.
Most of them rode the crypto wave, with investments swelling their
coffers. According to Dominic Volek, Group Head of Private Clients at Henley
& Partners, most of this newfound wealth is relatively fresh, having flowed
in over the past decade.

While the early days might be gone, access to the crypto party has
never been easier, thanks to the spate of new apps and exchanges. Binance, for
example, boasts over 150 million users, proving that crypto fever continues to
spread faster than news of a celebrity breakup.

Volek adds that just five years ago, diving into crypto was akin to
navigating a labyrinth blindfolded. Wallets, vaults, exchanges — it was a digital
jungle out there. But now, things are much easier, and investing feels safer.

But, as with any thrill ride, there are risks. Volek recalls tales of
young ‘uns who rode the crypto rollercoaster, only to see their $20 million-plus
fortunes spiral into the abyss during the March 2022 Bitcoin crash. Suddenly,
their liquidity
Liquidity

The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent

The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent
Read this Term dried up, and they could no longer, or would no longer,
participate in elite migration programs such as those offered by Henley &
Partners.