Author: Douglas Steffler

By Henry Burrows A recent study by crypto payments service Triple A found that there are now over half a billion cryptocurrency owners worldwide. That number has attracted a lot of headlines. But the more eye-opening statistic is that an estimated 34% of 24–35 year olds globally own crypto. This age group is by far the largest cohort of crypto holders. Underlining how important crypto is for younger generations, in May 2023, FINRA Investor Education Foundation in the USA released a research study on investment trends among Gen Z, those aged 18–25. The study examined attitudes and behaviors around investing among young people in the USA, the UK, and Canada. The numbers for the UK were stark when it came to cryptocurrencies: 50% of Gen Z investors owned crypto. In the USA, the trends were similar: 55% of Gen Z investors primarily invest in crypto, rising to 57% for millennials. And this adoption is driving…

By Amanda Ong With Bitcoin up more than 40% year-to-date,1 it's no surprise that the number of crypto millionaires has surged, climbing from 88,000 in 2023 to over 172 300 as reported by Henley & Partners in 2024. This strong performance has created a wave of ‛new money’, but it’s crucial to remember that cryptocurrencies remain one of the most volatile asset classes. To put this into perspective, Bitcoin’s volatility is 3.9 and 4.6 times that of gold and global equities, respectively.      For these newly minted millionaires, the challenge now is not just about holding onto their wealth but growing it sustainably. Diversifying into traditional and alternative investments, which are largely uncorrelated with cryptocurrencies, can provide a decent hedge against the unpredictable nature of crypto The role of traditional investments Traditional asset classes such as equities and bonds offer a reliable foundation for long-term wealth. These investments provide steady income and capital…

As cryptocurrencies continue to revolutionize the world of finance, the world of tax tries to keep up. When something is virtual, it is much more difficult to work out where it exists for tax purposes, but at the same time, while in some respects ‘this time it’s different’, the general principles that apply to all other assets can equally apply to crypto. So, to a certain extent, the answer to ‘which countries are the most tax friendly for crypto?’ is ‘those that are most welcoming to investors generally’, as opposed to uniquely favoring digital asset investors. How money gets made in crypto Let’s start with a summary of the three main ways money can be made in crypto. Firstly, there is mining, the process whereby investors create currencies through computing power. Under most country tax systems, this equates to carrying on a trade with a view to making a profit…

Matt Since it was first released in January 2009, bitcoin — the digital currency associated with the Bitcoin network — has evolved from an unknown digital asset with no users and no marketable value to one with a global market capitalization exceeding USD 1 trillion. The per-unit price of bitcoin continues to fluctuate dramatically, but since January 2024 has dipped below USD 40,000 only once. At the time of writing, bitcoin is trending in the low-to mid-USD 60,000 range, representing over 43% growth in the asset’s value year to date.1 Of course, by the time this article is published, the price of bitcoin might well have varied by 20% or more in either direction. Or both. The economic success of bitcoin and the broader crypto market have contributed to a new generation of highly affluent individuals and families. As New World Wealth Report 2024 reveals, at 30 June 2024, at least 172,300…

Singapore’s journey from a humble maritime outpost to a global financial powerhouse is well documented. Since gaining independence in 1965, the city-state rapidly industrialized, with GDP growth topping 9.2% in the first 25 years. This remarkable development has continued, with Singapore now ranking #1 on the World Bank’s Human Capital Index, which measures the human capital that a child born today can achieve by age 18. While the island nation’s economic success story is widely known, less explored is its latest metamorphosis into a crypto and blockchain hub — a transformation as swift and ambitious as its rise from colonial outpost to economic titan. This pivot has earned Singapore the top spot in Harley and Associates Crypto Adoption Index 2024, further cementing its status as a global financial innovator. The Lion City roars digital Singapore’s crypto story begins not with Bitcoin, but with the foresight of leaders who recognized the transformative potential of technology…

The financial landscape is undergoing a seismic shift as blockchain technology disrupts traditional paradigms. Private wealth management, long considered a bastion of stability and conservatism, is at the brink of a revolutionary transformation. Blockchain, with its promise of enhanced transparency, security, and efficiency, is reshaping how wealth managers operate and how high-net-worth individuals manage their assets. Blockchain is a decentralized ledger that records transactions across multiple nodes in a way that ensures the data is secure, transparent, and immutable. Each block contains a list of transactions, and once a block is completed, it is added to the chain in a linear, chronological order. This structure makes blockchain inherently resistant to modification, providing a high level of security and trust. For private wealth management, the implications of this technology are profound. The traditional model, which relies on intermediaries and central authority, is being challenged by blockchain’s decentralized approach. Enhanced security and transparency One of the primary advantages…