Sure thing, darling! Let’s dive into this riveting and rich world of cryptocurrency, shall we? And, trust me, when I say rich, I do mean *loaded*.
A wealth tsunami
Picture this: You decided to dabble in cryptocurrency. A small investment here, a bitcoin there. Well, guess what? You could be joyously swimming in a pool of Benjamins right about now. As per the good folks at Henley & Partners, kingpins in the world of citizenship and residency planning, there’s been more than a small ripple in the big pond of bitcoin wealth.
Fasten your seat belts as these numbers will surely make your head spin. From July 2023 to June 2024, we’ve witnessed the creation of a small army of bitcoin millionaires – 85,400 to be precise – a jaw-dropping 111% increase! If we expand our purview to include all cryptocurrencies, the number of nouveau riche ticks up to 172,300.
Meanwhile, our beloved bitcoin has been acting like the social climber of the decade. Its value has seen a whopping 105% increase reaching an all-time high of $73,157 in March (as of my last check, it’s comfortably lounging at around $62,000). All of this came after a rough patch in 2023 when the threat of increased regulatory scrutiny and concerns about interest rates turned it into quite the wallflower.
The good old days of Bitcoin
However irresistible the current boom might seem, the vault to Bitcoin’s golden olden times presents some record-breaking numbers. Surely enough, the recent gains feel like jackpot, but back in the day, it was like winning the Powerball.
Let’s step into the time machine and go back to 2013. A measly $17,500 invested into Bitcoin could’ve turned Joe Schmo into a bona fide millionaire by the end of the year. Even if I say ‘so myself, it does sound like a bargain considering a single Bitcoin skyrocketed from $13 in January to a whopping $754 in December.
Fast forward to 2017, and we get to witness Batman-like rises again, as Bitcoin’s value recorded yet another stunning surge, exceeding $10,000 for the first time. Simply put, while the recent surge is awe-inspiring, those canny investors who took a punt on Bitcoin before it became the talk of every town — even with a modest investment — have been laughing all the way to the bank.
Bitcoin’s roller coaster ride
To put things into perspective, have a look at what’s been a thrilling decade for bitcoin:
- 2012: +164.4%
- 2013: +5,605.1%
- 2014: -58.4%
- 2015: +38.2%
- 2016: +130%
- 2017: +1,247.3%
- 2018: -71.6%
- 2019: +94.4%
- 2020: +309.5%
- 2021: +62.4%
- 2022: -65.2%
- 2023: +162.8%
- 2024 (YTD): +41.2%
If bitcoin is Bruce Wayne, then who’re its Alfred and Lucius?
Well, the introduction of spot Bitcoin and Ethereum ETFs has certainly opened a wealth of opportunities for American investors. As per Dominic Volek of Henley, it’s played quite the role in blowing the prices sky-high. Go forth and diversify, comrades!
The who’s who of the Bitcoin world
Now, to the crux of it all. Just how many folks out there can brag about being crypto millionaires? According to Henley, quite a few! Their research points towards a 79% bump in those boasting over $100 million in crypto, totaling up to 325. Oh, and let’s not forget the elites of the elite – the crypto billionaires – currently standing tall at 28.
But here’s a zinger for you – anyone who’d invested a cool $81,000 in Bitcoin in 2012 would now be sunning themselves on their very own billionaire’s beach. So, any takers for a time machine?