Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Crypto’s 22 Billionaires & the Global Adoption Index
Crypto Research | Sep 6, 2023
Image: Unsplash/Engin akyurt
The Rise of Crypto Billionaires and Charting Global Adoption
As highlighted in the 'Crypto Wealth Report' by Henley & Partners, a select group of 22 individuals stands tall as crypto billionaires, testament to the monumental growth of the industry. The past decade has witnessed the emergence of a new breed of billionaires: the crypto magnates. This cadre of ultra-wealthy individuals owes their colossal fortunes to the burgeoning world of cryptocurrencies, particularly Bitcoin and a variety of altcoins.
A Glimpse into the Numbers
According to a recent report from Henley Global, the number of crypto billionaires has seen a significant uptick. Bitcoin alone has been responsible for creating six billionaires, while the broader crypto ecosystem has given rise to an impressive 22 billionaires.
- Millionaires: These are individuals who have a net worth of at least one million USD in cryptocurrency.
- 40,500 individuals in Bitcoin
- 88,200 individuals in Total Crypto
See: Millennials and Crypto: Understanding the Generational Shift in Investment Mindset
- Centi-millionaires: These are individuals who have a net worth of at least 100 million USD in cryptocurrency.
- 78 individuals in Bitcoin
- 182 individuals in Total Crypto
- Billionaires: These are individuals who have a net worth of at least one billion USD in cryptocurrency.
- 6 individuals in Bitcoin
- 22 individuals in Total Crypto
- Total crypto users (million): This is the total number of users who own any amount of cryptocurrency.
- 210 million users in Bitcoin
- 425 million users in Total Crypto
- Total market value (USD billion): This is the total market capitalization of the cryptocurrency.
- 602 billion USD for Bitcoin
- 1,180 billion USD for Total Crypto
It's important to approach any count of "crypto billionaires" with caution, as the crypto market's volatility and the private nature of many holdings can make exact figures elusive.
Top Countries Embracing the Crypto Revolution
The Crypto Adoption Index is a comprehensive metric that evaluates countries based on their receptiveness and infrastructure for cryptocurrencies. The index considers various parameters, allowing users to customize the index based on factors that are most relevant to them. Here's a breakdown of the top countries leading the crypto adoption race in 2023:
See: Blockchain Coalition Report: The State of Web3 in the U.S. – State by State Analysis
Metrics tracked by the Index:
- Public Adoption: Measures the general public's acceptance and use of cryptocurrencies.
- Infrastructure Adoption: Evaluates the availability and accessibility of crypto-related infrastructure such as ATMs, exchanges, and merchants.
- Innovation and Technology: Assesses the country's technological advancements in the crypto domain.
- Regulatory Environment: Considers the country's legal framework and its stance on crypto regulations.
- Economic Factors: Includes considerations like tax-friendliness towards crypto assets and transactions.
How Does Canada Rank in the 20234 Global Crypto Adoption Index?
Canada's position in the global crypto adoption index provides an insightful perspective into its stance and environment regarding cryptocurrencies. Let's break down the various parameters and analyze Canada's ranking:
Read: Canadian Government Publishes Report with 16 Recommendations: Calls for a National Blockchain Strategy to Support Adoption and Industry Growth
- Public Adoption (5.1/10): This score suggests that while the Canadian public is showing interest in cryptocurrencies, there's room for growth. The score is relatively moderate, indicating a budding curiosity and acceptance but not yet a widespread embrace.
- Infrastructure Adoption (9.3/10): One of the highest scores in this category across all countries listed. It indicates that Canada has robust infrastructure in place for crypto trading, exchanges, and other services. This is a positive sign of an established and growing ecosystem.
- Innovation and Technology (5.3/10): A more moderate score in this category suggests that while Canada might have the infrastructure, it's still evolving in terms of technological advancements and innovation in the crypto space.
- Regulatory Environment (7.4/10): A fairly strong score, indicating that Canada has a conducive regulatory framework that's relatively friendly or neutral towards cryptocurrencies. This ensures a safer and more structured environment for crypto enthusiasts and investors.
- Economic Factors (8.1/10): This score suggests that the economic conditions in Canada are favorable for crypto adoption, perhaps due to a stable economy, a tech-savvy populace, or other macroeconomic factors.
- Tax Friendliness (5.2/10): While not the highest, this score suggests a moderate stance on crypto taxation. It's neither too punitive nor very encouraging, making it neutral for potential investors.
- TOTAL (40.4/100): Canada's cumulative score of 40.4 places it 8th in the list. It's evident that while Canada is a front-runner in terms of infrastructure, it has room for improvement in terms of public adoption, innovation, and a more favorable tax environment.
Canada exhibits a healthy environment for crypto, backed by solid infrastructure and a conducive regulatory landscape. However, to climb the ranks further, there's a need for more public awareness, technological innovation, and perhaps a more encouraging tax policy. Recently, the Canadian government published 16 recommendations calling for a National Blockchain Strategy to support adoption and growth.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
 |  |  |
Support NCFA by Following us on Twitter!Follow @NCFACanada  |
Related Posts
Solana’s Summer Shandy Beer just Dropped- APIs and the Evolution of Digital Platforms: Towards a Three-Sided Market
- Indiegogo Announces Equity Investing For All
- Ontario moving ahead with expanded mandate for OSC
- As Interest Rates Climb and the Tide Goes Out, BNPL’s Resiliency Will be Tested
- UK Budget extends Seed Investment Tax Relief
Leave a Reply