BTC birth new crypto millionaires as India’s crypto future changes
Find out the latest updates in the crypto industry. Uncover how Bitcoin birth new crypto millionaires and why India's crypto landscape is about to change.
BTC birth new crypto millionaires; India’s crypto future to change
New World Wealth and Henley & Partners, two of the biggest research firms in the world, state that Bitcoin's (BTC) exchange-traded funds (ETFs) value has increased. This resulted in a 95% hike in the number of crypto millionaires since 2023.
Key takeaways
- Over 28 crypto billionaires now own around $100 million or more in crypto assets, increasing the appeal of the crypto market worldwide.
- India’s Department of Economic Affairs (DEA) is working on a paper to address crypto regulation, boosting crypto’s position in the country’s financial sector.
The research found that 172,300 people now have cryptocurrency assets worth more than $1m, which led to crypto millionaires ascending to the highest levels of the world's wealth hierarchy. The study also showed that 325 crypto centi-millionaires and 28 crypto billionaires own $100 million or more in crypto assets.
This increase is a direct result of the tidal wave of institutional investment in BTC ETFs, which have grown rapidly since they were introduced in January 2024. BTC ETFs currently comprise more than $50 billion in assets, much to the surprise of crypto users including those who use crypto to play Bitcoin casino games at Gamdom.
In 2024, BTC prices went up from 45% to around $64,000. As the value of other coins also increases, Henley reports the market cap of all crypto assets has grown from $1.2 trillion in the summer of 2023 to $2.3 trillion.
Head of research for New World Wealth Andrew Amoils mentioned that five of the six new crypto billionaires created over the last year owe their wealth to BTC. He also mentioned that this underlines the coin's strong position when it comes to attracting long-term investors who buy huge holdings.
For three years in a row, Forbes has listed Changpeng Zhao, Binance’s former CEO, as the biggest crypto billionaire, worth about $33 billion. In November 2023, Zhao admitted to moving money to the United States and agreed to pay a $50 million fine. In the past year, he has become more than $10.5 billion richer.
Zhao is followed by Brian Armstrong, co-founder of Coinbase and is ranked second on the Forbes list, with a worth of about $11 billion. The list then names Giancarlo Devasini, Tether’s (USDT) chief financial officer, and Michael Saylor, who is the creator of MicroStrategy.
New World Wealth and Henley & Partners further stated that not only will crypto increase the number of millionaires, but it will also alter the lifestyles and employment patterns of the elite. Many new crypto-rich are reportedly trying to relocate to countries that are both crypto and tax-friendly.
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India’s crypto future regulation expected to change
The Department of Economic Affairs (DEA) is currently working on a crucial consultation paper regarding crypto law, which could change India's crypto landscape. The paper will also seek opinions from various interested parties, with the Indian government actively guiding the country's crypto development.
This is a major step in India's ongoing efforts to strike a balance between regulation and innovation in its rapidly growing crypto sector. India has always been cautious with its regulation of crypto, despite previously imposing a harsh tax regime on crypto transactions.
India’s first major step towards regulating the crypto sector was the adoption of a 30% tax on crypto gains and a 1% tax withheld in April 2022. The DEA's impending paper ought to cover the bigger issues about how to regulate crypto assets, including the multi-regulatory approach that the Securities and Exchange Board of India (SEBI) has brought up.
In May 2024, SEBI offered a multi-regulatory strategy, which would have different financial authorities keep an eye on various aspects of crypto trading. This partial method shows how challenging it is to regulate a technology that goes beyond traditional financial boundaries and how important it is to be addressed.
With BTC’s value increasing, many expect the crypto market to continue to prosper, urging more to adopt it. The crypto regulation efforts of countries like India are also seen as a major step in crypto’s impending financial domination.
