Number of Cryptoasst Millionaires Revealed for 2023

Dear Readers,

Welcome to the latest edition of XEROF's weekly newsletter. Our European research team provides the most recent information on digital assets and high-end living.

Our top digital currency news stories this week are as follows:

• 2023 Report Reveals Surge in Cryptoasset Millionaires: 88,200 and Counting
• XRP Price Surges to 10-Day High of $0.53
• Bitcoin ETFs Could Drive $1 Trillion Growth

We also cover the most recent developments in high-end living, such as:

• Knight Frank Report: India's Ultra-Wealthy to Surge 63% by 2025
• Toronto's Affluent Homebuyers Drive 37% Surge in Luxury Real Estate Transactions
• City Leaders in Luxury Real Estate: Dubai, Aspen, and Riyadh

Cryptoasset News

2023 Report Reveals Surge in Cryptoasset Millionaires: 88,200 and Counting

Cryptoasset millionaires are rising globally, with the U.S., Europe, and Asia leading. In September 2023, approximately 88,200 individuals worldwide achieved millionaire status through cryptoassets. In January 2023, there were only 28,084 Bitcoin millionaires; however, 50,000 new Bitcoin millionaires joined the list as the year progressed. XEROF anticipates further growth in Bitcoin millionaires in 2024.

Bitcoin ETFs Could Drive $1 Trillion Growth

If approved, Bitcoin spot exchange-traded funds (ETFs) could propel Bitcoin to a $900 billion asset, contributing to a potential $1 trillion growth in the overall cryptoasset market, according to CryptoQuant. The influx from spot ETFs could surpass funds entering Grayscale Bitcoin Trust (GBTC) in previous bull cycles, which currently manages $16.7 billion in digital assets. Historical trends indicate that Bitcoin's market capitalisation typically grows 3–5 times more than its realised capitalisation, suggesting a $1 influx could increase market capitalisation by $3–$5, noted XEROF.

XRP Price Surges to 10-Day High of $0.53

XRP, the fifth largest cryptoasset, recently broke its price barrier, reaching $0.53, its highest in a decade. The surge aligns with the growing accumulation of XRP addresses holding 10,000 to 10 million tokens. This specific group of investors has held the largest amount of XRP since July 27, making up 29.5% of the total supply. XEROF notes that this uptrend followed the SEC's move to dismiss claims against Ripple's CEO and executive chair on October 19.

Luxury Real Estate News

Knight Frank Report: India's Ultra-Wealthy to Surge 63% by 2025

A new report from Knight Frank reveals a remarkable 63% expected increase in the number of ultra-high-net-worth individuals (UHNWIs) in India within the next five years, reaching 11,198 by 2025. This growth signals significant potential for luxury real estate, particularly in top cities like Delhi, Mumbai, Bengaluru, Chennai, Hyderabad, and Pune. Additionally, the report notes a rising demand for homes that combine luxury with eco-friendly sustainability among buyers.

Toronto's Affluent Homebuyers Drive 37% Surge in Luxury Real Estate Transactions

Amidst rising interest rates, Toronto's luxury real estate market experienced a summer surge, driven by pent-up demand from affluent residents. According to a new report from Sotheby's International Realty Canada, residential real estate transactions exceeding $4 million increased by 37% year-over-year between July 1 and August 31. This surge was primarily due to single-family homes, contrasting with the modest 1.5% increase in overall residential sales compared to the previous year.

City Leaders in Luxury Real Estate: Dubai, Aspen, and Riyadh

In 2022, 17% of ultra-high-net-worth individuals invested in residential properties, marking the second-strongest year on record, according to Knight Frank's Prime International Residential Index. Among the 100 global markets assessed, 85 cities reported positive price growth last year. Dubai led the charge with a 44.2% increase, followed by Aspen with 27.6% and Riyadh with 25%. The report also anticipates a further improved performance in the luxury real estate market in 2024.