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Among wealthy individuals around the world, nearly 90% of those with a general interest in cryptocurrency are self-made, with just 0.5% relying solely on inheritance, according to a Wealth-X report released on Thursday.
The report takes a deeper look at how wealth generation and crypto investment intersect. Wealth-X, a global wealth information and insight provider, defines wealthy individuals as those with at least US$5 million in net assets. In 2021, approximately 3.6 million people fell into this class.
The report came out on the heels of the White House’s executive order on digital assets, which aims to strengthen oversight over the cryptocurrency industry in the U.S., as its market cap continues to rise.
The action is also a result of increasing concerns among U.S. lawmakers and administration officials that Russia may be using cryptocurrency to avoid the impact of sanctions imposed on its banks, oligarchs and oil industry due to the invasion of Ukraine.
The executive order calls for the Federal Reserve to explore whether the central bank should jump in and create its own digital currency, and for the Treasury Department and other federal agencies to study the impact of cryptocurrency on financial stability and national security.
Wealthy crypto investors, which includes the likes of Vitalik Buterin, co-founder of Ethereum, and the Winklevoss brothers, co-founders of Gemini, are more male dominant compared to the general wealthy population. While 83.7% of all the world’s wealthy are male, 92.9% of wealthy crypt investors are made up of men, according to the Wealth-X report.
Wealthy individuals with a focus on crypto are substantially younger and have a more pronounced interest in technology, Wealth-X found.
The average age of the general wealthy population was 60.5 years old, and the average age of crypto entrepreneurs and investors was 47, according to the report.
Technology and sports were the top two hobbies among wealthy crypto investors, while their counterparts from the general wealthy population were mostly interested in sports and philanthropy, the report said.