- Nearly half of all crypto millionaires attribute their wealth to Bitcoin.
- With its market value surpassing $1.4 trillion, Bitcoin remains a dominant force in the crypto market.
Bitcoin remains the cornerstone of wealth accumulation for most of the global elite. BanklessTimes.com sheds light on the dominance of Bitcoin among the world's crypto millionaires. According to the site, Bitcoin is the most dominant and impactful, with 46% of the global crypto millionaires owing to its success.
BanklessTimes CEO Jonathan Merry offered insights on the data:
Bitcoin remains at the top of the crypto chain, showing its endurance as a pioneer crypto. This, coupled with its established reputation as a store of value and hedge against inflation, has solidified its position as a favored asset class among institutional and retail investors alike.BanklessTimes CEO Jonathan Merry
Bitcoin Leads in All Fronts
Of the 88,200 crypto millionaires, 40,500 own Bitcoin, and the rest own diverse digital assets. Presently, the total value of cryptocurrency stands at $2.7 trillion, with Bitcoin alone exceeding $1.4 trillion.
According to Henley and Partners, 425 million people own different cryptocurrency assets worldwide, of which 210 million are Bitcoin holders. This surge in cryptocurrency ownership indicates a shift in investment patterns and investor behavior. It indicates a growing faith in cryptocurrencies as enduring assets.
Among the exclusive cohort of 182 crypto centi-millionaires, individuals holding crypto assets valued at $100 million or more, 78 have significant investments in Bitcoin. Additionally, within the elite group of 22 crypto billionaires worldwide, six have amassed their fortunes predominantly through trading Bitcoin.
Why is Bitcoin Dominant?
Bitcoin's dominance is enriched by several factors, including its fast-mover advantage and brand recognition. As the first crypto, most people view Bitcoin as digital gold. They trust its security and longevity. As a result, it is easier for them to list it as an investment.
Bitcoin scarcity and limited supply play to its advantage, as only 21 million coins are available and circulating. This limited availability ensures sustained demand, thereby driving up its value and facilitating wealth accumulation for holders. The price of Bitcoin, inherently tied to market demand, facilitates wealth accumulation for its holders, contributing to its allure as a store of value.
Moreover, Bitcoin's adoption by prominent institutions like Tesla and MicroStrategy enhances its credibility and fosters confidence in its long-term viability as an asset class.
However, despite the rising number of Bitcoin millionaires, a thought-provoking observation emerges from the Bitboy crypto YouTube channel. Analysts assert that the fixed supply of 21 million Bitcoins means there may never be enough for every millionaire to own one full Bitcoin. With the world's millionaires estimated to exceed 60 million, the scarcity of Bitcoin poses a profound challenge to widespread ownership among the global elite.
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