Although we cannot estimate the exact number of crypto millionaires, the number of crypto-addressed with a balance over USD 1 million can be used as a convenient measurement as Christian Henrik Nesheim reported in IMIdaily.

In February 2020, there were 11,000 million-dollar-plus bitcoin-addresses, but interestingly after only one year this number raised almost 10-fold, and this is only based on the bitcoin addresses (BTC).  

Prior to the recent year, BTC owned 50 to 70 percent of the aggregate cryptocurrency market.

By considering BTC dominance at 60 percent then we can consider the number of alt-coin accounts worth 1 USD million or more is 40%. As a result, the number of crypto millionaires was about 144,000 in February 2021.

However, the crypto market behaves very differently today and the price of bitcoin is less than half of its value this time last year.

Also, the share of bitcoin to the total cryptocurrency is about 41%, which is almost 20 percent less compared to the last year.

Based on the recent changes, it is assumed that the number of crypto millionaires is decreased to 106,000 individuals.

Andrew Henderson, the founder of Nomad Capitalist, reported that the reduction in the price of cryptocurrencies affects the interest in investment migration (IM) of the crypto community by almost two-thirds.

Nevertheless, the crypto HODLers (crypto investors who buy and hold their positions regardless of price) who are still seeking the IM programs are even more determined due to the volatile changes in the market.

 The unpredictable changes in the cryptocurrency market have made a stressful condition for crypto investors.

Additionally, governments around the world are imposing taxes on cryptocurrency, which makes the Citizenship or Residency by Investment (RCBI) programs an encouraging solution.

 There are some important factors that members of the Crypto Community should consider before choosing the best scheme and avoiding the loss of time and money.

1. First, you should evaluate your current homeland tax system and assess the requirements for moving to a lower tax jurisdiction, in some countries like the US you should renounce your citizenship in order to be able to have another nationality.

2.  Besides that, in some regimes there would be an Exit Tax to be paid if you have a certain amount of wealth.

3. The next step would be selecting a new destination by considering your own desired lifestyle and business needs along with your family’s you can choose among many available options.

4. Another important factor that should be considered is the cost and tax system of the chosen destination to avoid any unpredictable expenses. Pay attention that the new jurisdiction must have no or low Income and Capital Gain tax policies to protect your money.

It should be noted that tax authorities in some countries like the US, UK, and Canada are planning to levy tax on crypto incomes.

Thus, after careful examination of the required steps, members of the crypto community should act fast and plan their dream future soon.