2x Crypto Millionaires 🎰
Digital assets market steps up the gas - minting millionaires. Donald Trump adds RFK Jr to transition team. Binance CEO calls for US intervention. Buterin reveals salary and the Foundation spending.
Hello, y'all. The music quiz game that’s got over million plays. Who are you playing with then? Have you played it as yet 👇
Crypto millionaires have nearly doubled as digital assets market steps up the gas. Music to the ears, ain’t it?
Now who is saying that? A report by consultancy Henley & Partners.
The New World Wealth data, shows that 172,300 individuals worldwide now hold over $1 million in cryptocurrencies, a 95% increase from 2023.
And Bitcoiners? That number has more than doubled, reaching 85,400 individuals, marking a 111% increase over the past year.
Market performance drives wealth creation
Bitcoin prices have surged. So has Ethereum. Along with that, the other digital assets. Rising from the ashes of the prolonged bear market of 2022-23.
Report TL;DR: Reasons behind this surge?
Institutional capital fuels growth: The report attributes this growth to the approval of Bitcoin and Ethereum exchange-traded funds (ETFs) by the SEC, which have "unleashed a torrent of institutional capital" into the market.
Emergence of ultra-high-net-worth individuals: A new class of high-net-worth individuals has emerged, with the number of crypto centi-millionaires (over $100 million in crypto assets) growing by 79% to 325, and crypto billionaires increasing by 27% to 28.
Mainstream adoption through ETFs: The approval of Bitcoin ETFs in January and Ethereum ETFs in May has made these digital assets more accessible to traditional investors, with firms like BlackRock and Fidelity launching funds for easy exposure.
Before we all get carried away …
Spare a thought for this latest study by researchers from the University of Toronto and the University of Miami.
What? Well, it found that cryptocurrency owners are more likely to exhibit "dark" personality traits (narcissism, Machiavellianism, psychopathy, and sadism).
Shoot us with it then, alright.
30% of the 2,001 American adults surveyed owned cryptocurrency
Owners showed a tendency to believe in conspiracy theories.
More frequent use of alternative and fringe social media platforms.
Strongest predictors of crypto ownership.
Reliance on fringe social media for news.
Being male.
Argumentativeness.
Aversion to authoritarianism.
Demographic insights: Crypto investors tend to be young and male. Many are not generally well-educated, according to previous research.
Political leanings: Contrary to common belief, crypto owners showed diverse political allegiances. A slight tendency towards liberal views and Democratic identification was noted.
Expert commentary: Study author Shane Littrell cautioned against misrepresenting the results as concluding all crypto owners are psychopaths.
Professor Andrew Urquhart of the University of Birmingham emphasised that owning cryptocurrencies doesn't determine an investor's mental state.
“We all know when things are bad, you go into gold because it does very well in bad times, so a safe haven hedge—and cryptos were seen as a safe haven hedge back in 2018, 2019, and 2020 … I definitely wouldn't agree that people who invest in cryptos are necessarily psychopaths.”
Future research: The study suggests exploring global trends in distrust, populism, and cynicism towards established institutions.
Cautionary note: The study warns that correlations were small and may not indicate strong or consistent patterns among crypto owners.
The Quiz Game For The Music Lovers
Musicnerd.io - is more than just a platform; it's a journey into the world of music.
It provides an interactive experience through quizzes and exploration tools. For artists it’s a powerful tool for artists to connect with their fans.
Through custom quizzes artists can engage their audience, receive direct feedback, and build a loyal following eagerly anticipating their next release.
The platform offers a direct line to the fans, fostering a sense of connection that goes beyond mere listening.
Block That Quote 🎙️
The long-time Democrat and one-time political rival of Trump, Robert F. Kennedy Jr.
“I’ve been asked to go on the transition team, you know, and to help pick the people who will be running the government.”
Donald Trump has added RFK Jr. to his presidential transition team.
Kennedy, a former political rival, will co-chair the team alongside ex-Democrat Tulsi Gabbard. He made that revelation in an interview with Tucker Carlson.
The move was confirmed by Trump senior advisor Brian Hughes in a statement, according to Reuters.
Kennedy, a member of the renowned Kennedy political dynasty, is known for his pro-crypto stance, particularly his support for Bitcoin.
"An exit from the inflation highway."
A means of "taking control away from the government."
An "honest currency."
Kennedy suspended his own presidential campaign on August 23 and endorsed Trump.
Despite campaign suspension, he has applied to appear on ballots in Kentucky and remains on the ballot in Colorado.
Binance Urges Release of Executive Detained in Nigeria
Binance CEO Richard Teng has requested the US government and global organisations to pressure Nigeria for the release of Tigran Gambaryan, citing humanitarian grounds and unjust detention practices.
Read: Nigeria's Crypto Crime Thriller 🇳🇬
“Despite Tigran being in severe pain and unable to walk, the Nigerian government has refused to provide him with necessary medical care or access to legal counsel, which is unconstitutional. He has also been denied access to US consular support.
The Nigerian government justifies Tigran’s detention with baseless allegations linking Binance to the country's economic issues, including the Naira’s decline. This claim is not backed up by facts.
There is no need to imprison an innocent employee to answer for any allegations against Binance. We have settled issues in countries around the world … without threat or harm inflicted on our employees.
Deteriorating health conditions: Gambaryan, Binance's Head of Financial Compliance, is reportedly suffering from severe pain and is unable to walk.
He has been denied necessary medical treatment and access to legal counsel.
Charges and legal proceedings
Detention Context: Gambaryan and Nadeem Anjarwalla were detained in February over allegations of illegal transaction profits linked to Binance.
Indictment Details: They faced a $35 million money laundering and tax violation indictment; tax charges against Gambaryan were later dropped.
Current Status: Anjarwalla escaped custody in March, while Gambaryan remains detained.
Family's plea and upcoming court hearing
Wife's statement: Gambaryan’s wife Yuki released a plea for his release.
“Tigran Gambaryan, my husband, a former US federal agent, has now been detained in a Nigerian prison for half a year. His health is deteriorating to the point where he can no longer walk and he is being inhumanely denied the use of a wheelchair. Between bouts of malaria, pneumonia, and the incredible mental toll of his detention, Tigran, who is usually so strong, is reaching a breaking point. He needs immediate medical treatment and risks permanent damage.
For six months, our living nightmare has been filled with pleas. Pleas to the US government, pleas to the Nigerian government, pleas to the media, pleas to anyone who will listen. I am pleading for their mercy, for their understanding, for their humanity. My husband is innocent and needs to be released before it is too late and the damage done to him is irreversible. Six months is too long, please help me bring my husband home."
US lawmakers' involvement: US representatives French Hill and Chrissy Houlahan visited Gambaryan in June, advocating for his immediate release.
They reported Gambaryan was suffering from malaria and pneumonia, which the Nigerian government later disputed.
Court hearing rescheduled: The next court hearing has been moved up to September 2, from an earlier date in October.
In The Numbers 🔢
3%
The amount of circulating Bitcoin that BlackRock and Grayscale's Bitcoin ETFs hold.
BlackRock's iShares Bitcoin Trust (IBIT): Holds 357,736.76150 BTC.
Grayscale's GBTC: Holds 227,712.3295 BTC.
Combined total: Together, they represent 2.97% of Bitcoin's circulating supply (per Glassnode).
Additional Holdings: Grayscale also has Bitcoin in its Digital Large Cap Fund (5,962 BTC) and Grayscale Bitcoin Mini Trust (32,692 BTC).
Nasdaq has filed with the SEC to list and trade Bitcoin Index Options (XBTX), in partnership with CF Benchmarks.
If approved, these options would track the CME CF Bitcoin Real-Time Index (BRTI), offering investors a new tool to manage and hedge Bitcoin positions through regulated derivatives.
Vitalik Buterin Reveals His Salary
Vitalik Buterin announced that he earns an annual salary of approximately US $140,000 ( 182,000 SGD) from the Ethereum Foundation.
Nansen estimated Buterin's net worth at over $1 billion in April.
His on-chain holdings are valued at around $632 million, with over 99% in Ethereum.
Why this now?
ETH transfer: The Ethereum Foundation moved around $94 million worth of ETH to Kraken, raising questions about its financial practices.
Annual budget: Executive Director Aya Miyaguchi explained that the foundation has an annual budget of about $100 million, primarily for grants and salaries.
Upcoming report: The foundation is preparing to release a detailed spending report for 2022 and 2023.
Promise of transparency: Josh Stark from the Ethereum Foundation addressed key spending questions and promised a full report in the coming months.
2022 spending report: The last report indicated the foundation spent $48 million in the previous year.
Treasury value: The foundation's treasury was valued at approximately $1.6 billion, with $1.3 billion in crypto assets.
The Surfer 🏄
Celsius' bankruptcy administrator has distributed over $2.53 billion to 251,000 creditors, covering 93% of eligible claims, while 121,000 creditors still need to claim their funds. Distribution involves 375,000 creditors across 165 countries.
Bitwise Bitcoin ETF (BITB) has acquired the Osprey Bitcoin Trust (OBTC), a $120 million asset fund, with OBTC unit holders set to receive BITB shares in a liquidating distribution. Bitwise's Europe includes purchase of ETC Group, bringing its total assets under management to $4.5 billion.
Australians lost AUD 180 million ($122 million) to crypto scams in the past year, with 60% of victims under 50. Investment scams accounted for 47% of the total AUD 382 million ($269 million) lost to scams, primarily through pig butchering and deepfakes.
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RFK Jr. and Trump on the same team? Sounds like a plot twist from a soap opera I didn’t know I was watching!
Is Binance really concerned about their employee’s health or just worried that he might reveal some dirty secrets if things get worse?