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Health, Wealth, and Happiness

September 8, 2023

"Wealth, like happiness, is never attained when sought after directly. It comes as a by-product of providing a useful service."

- Henry Ford

Howdy investors!

A new report finds that 425 million people globally hold some form of cryptocurrency. About 80,000 own crypto worth more than $1 million, and 22 people (that we know of) have $1 billion or more. Our numbers are growing!

We've seen another regulator weigh in with their proposal for crypto regulation. CFTC Commissioner Caroline Pham has released a proposal based on risk management to ensure market integrity and prevent fraud.

And speaking of regulation, our featured piece looks at a recent IMF report claiming crypto could topple the global economy - if it isn't regulated properly. We explain how the report is a good thing for investors.

Keep reading to find out more.

Crypto Could Topple the Global Economy

by John Hargrave

Investor Takeaway: Despite the alarmist tone taken by a recent joint IMF/FSB report, a deeper look reveals that regulation could benefit crypto investors, providing a framework that could lead to mainstream adoption and price stability. When that happens, your crypto holdings are likely to go up.

The world’s top financial watchdogs have issued a stern warning to governments: crypto could topple the global economy.

That’s the clear message issued by the International Money Fund (IMF) and the Financial Stability Board (FSB) in a paper released yesterday. 

This is a big deal.

Their opinion matters. Governments listen to them. And now they’ve said crypto could take down the global financial system.

I think they’re right. 

But their recommendations are ultimately good news for crypto investors. Here’s why.

Click here to find out why >>

Must Read

Today's most important stories for crypto investors.

Long-Awaited Bitcoin Accounting Rules are Approved(Bloomberg Tax)

Investor takeaway:The U.S. Financial Accounting Standards Board (FASB) has unanimously voted to introduce new accounting rules for companies holding cryptocurrencies. These rules will require companies to report their crypto holdings at "fair value," aiming to reflect the most current asset value.

This is a significant improvement over the current practice, which treats cryptocurrencies as intangible assets. As explained in our featured piece above, tax clarity will lead to mainstream adoption ... and that's a good thing.

CFTC Commissioner Proposes Program to Regulate Crypto (The Block)

Investor takeaway: CFTC Commissioner Caroline Pham has proposed a limited pilot program to regulate cryptocurrencies. The program would involve stakeholder consultations and rule-setting for registration and risk management.

As explained in our featured piece, this kind of regulation would help ensure market integrity and prevent fraud, and comes as U.S. lawmakers are also considering crypto regulation.

There are Just Six Bitcoin Billionaires in the World, New Crypto Super-Rich Report Says

(CNBC)

According to Henley & Partners' Crypto Wealth Report, 425 million people hold some form of cryptocurrency globally. Henley & Partners also revealed that 88,200 people have crypto assets worth at least $1 million, and 22 people have holdings worth at least $1 billion, with just six holding bitcoin exclusively.

What does this mean? In some ways, crypto mirrors the real world with a concentration of wealth at the top. What remains to be seen is if crypto can break that pattern and open up wealth to typical investors worldwide.

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Regulation is coming. Get your bags ready.

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