Explosive Growth of Crypto Millionaires in 2024

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There are now 172,300 individuals worldwide holding over USD 1 million in crypto assets — a 95% increase compared to last year — with the number of Bitcoin millionaires soaring by 111% to 85,400, according to the Crypto Wealth Report 2024 published by leading international wealth and investment migration specialists Henley & Partners.

The total market value of crypto assets has now reached a staggering USD 2.3 trillion, an 89% increase when compared to the USD 1.2 trillion reported in the firm’s inaugural report last year. The upper echelons of crypto wealth have also expanded dramatically, with the number of crypto centi-millionaires (those with crypto holdings of USD 100 million or more) rising by 79% to 325, and even the rarefied cohort of crypto billionaires seeing a 27% increase to 28 globally.

Dominic Volek, Group Head of Private Clients at Henley & Partners, says the rapid growth has been fueled by the introduction of crypto ETFs in major financial markets, ushering in significant institutional capital. “The cryptocurrency landscape of 2024 bears little resemblance to its predecessors. Bitcoin’s rise to over USD 73,000 in March set a new all-time high, while the long-awaited approval of spot Bitcoin and Ethereum ETFs in the USA unleashed a torrent of institutional capital. Anticipation now builds for potential Solana ETFs joining the Wall Street party. These milestones have seeded a new era of crypto adoption, one where digital assets increasingly cross-pollinate with traditional finance and global mobility.”

The Crypto Wealth Report 2024 includes exclusive statistics on crypto and Bitcoin millionaires, centi-millionaires, and billionaires provided by global wealth intelligence firm New World Wealth, along with insights from leading academics, industry experts, and crypto players. It also features an updated version of the Henley Crypto Adoption Index 2024, comparing the best residence and citizenship by investment programs for crypto investors.

Colonel Telbert Benjamin of the Antigua & Barbuda Defence Force has been promoted to Brigadier General

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Colonel Telbert Benjamin of the Antigua & Barbuda Defence Force has been promoted to Brigadier General, effective August 26, 2024, following approval by the Defence Board.

Benjamin, who has served for 29 years and became Chief of Defence Staff in March 2020, was honored at a ceremony attended by Governor General Sir Rodney Williams.

His promotion marks a significant milestone for the Defence Force, with the rank of Colonel now standard for future Chiefs of Defence Staff. Commissioner of Police Atlee Rodney and Benjamin emphasized continued collaboration for national security.

Antigua and Barbuda celebrates a significant milestone in the Tourism sector

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During the first half of the year, the twin-island nation welcomed an impressive 176,665 stop-over visitors, marking a 15% increase compared to the same period last year.

 

Minister of Tourism, Max Fernandez, shared the news during a press conference at the Tourism Authority headquarters on Monday.

He attributed the significant increase in arrivals to the industry’s resilience and the dedication of tourism officials.

Despite potential challenges such as hurricanes and shifts in the political climate of key source markets like the United States and the United Kingdom following a change in government, Antigua and Barbuda’s tourism industry continues to thrive.

“Stopover visitor arrivals increased from January to June 2024, from 154,333 in January to June 2023 to 176,655 in January to June 2024, when comparing the same period in 2019, which was our best year this represents a +10% increase from161,434 at the end of June of that year. We are well on the way to a record year for Tourism arrivals.”

The first half of 2024 sees record breaking numbers in air and sea arrivals

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Tourism officials are in very high spirits as Antigua and Barbuda get ready to celebrate yet another record-breaking year for air and sea arrivals to the twin-island destination, surpassing 2019, which saw the country welcoming 19,971 arrivals.

 

During a news conference, Tourism Minister Charles Fernandeez disclosed that Antigua and Barbuda welcomed 176,665 stop-over visitors between January and June 2024, a 15 percent increase in air arrivals.

He said this is due to the hard work and dedication of touriism stakeholders both here and abroad.

“Stop-over arrivals increased from January to June 2024 from154,333 to 176,665 this year.

When comparing the same period in 2019, this represents a 10percent increase,” the minister said.

Talks underway for direct flights between Barbuda and Anguilla

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The governments of Antigua and Barbuda and Anguilla are ciurrently discussing establishing direct flights connecting the British territory with Barbuda.

The discussions, which have involved Prime Minister Gaston Brownhe and the Premier of Anguilla, Ellis Webster, aim to enhance travel and connectivity between the two destinations.

This potential development is expected to provide greater convenierce for travelers and further strengthen the ties between Antigua and Barbuda and Anguiilla.

Both governments are working collaboratively to explore the feasibility arnd logistics of this initiative, with the shared goal of improving accessibility and promoting tourism and economic opportunities between the territories.

“We are talking about doing joint flights between Barbuda and Anguilla. They are also building a new airport to accommodate these larger jets. On the basiis we can do a joint flight, maybe two or three times a week, that would help bring sometraffic into Barbuda,” Browne said.

The new international airport at Barbuda is expected to cofficially open in the next few weeks.

Antigua–Barbuda And The State Of Palestine Establish Diplomatic Relations

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Antigua and Barbuda and the State of Palestine, on Friday, June 14, 2024, signed an agreement, establishing diplomatic relations between the two countries.

The agreement was signed in New York by Antigua and Barbuda’s foreign minister, E. Paul Chet Greene and Palestine’s ambassador with ministerial rank, Dr Riyad Mansour.

Both officials reaffirmed their countries adherence and commitment to the principles and purposes enshrined in the Charter of the United Nations and the provisions of international law, particularly in the Promotion of international peace and security, respect for the sovereignty and independence of States, and non-interference in their internal affairs.

Foreign minister Greene highlighted the agreement’s importance, stating:“We are pleased to enhance cooperation with the State of Palestine as a step towards global peace and to find lasting solutions to conflicts that secure the well-being of the people of Palestine and all nations.”

Speaking for the State of Palestine, minster Mansour stressed“the readiness of the State of Palestine to deepen its friendship and strengthen its cooperation with Antigua and Barbuda across all fields to advance peace and security to which we all aspire and deserve.”

This agreement will be formally transmitted to the secretary-general of the United Nations, marking a significant milestone in the diplomatic efforts of both countries.

PM Browne welcomes historic decision on climate justice

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Prime Minister Gaston Browne has expressed his satisfaction with a groundbreaking decision on climate justice in support of a coalition of Small Island SStates, including Antigua and Barbuda.

The International Tribunal for the Law of the Sea has ruled in favor of the Commission of Small Island States on Climate Change and International Law (COSIS)stating that greenhouse gas emissions absorbed by the ocean should be considered marine pollution and that states are obligated to protect the world’s oceans by reducingthese emissions.

Prime Minister Browne, who presented the case on behalf of small stateslast year,emphasized the significance of the ITLOS opinion, stating that it will shafuture legal and diplomatic efforts to address the inaction that has brought us to to the edge of an irreversible disaster.

“The decision marks a historic milestone in our collective journey towards environmental justice and climate governance. The ITLOS opinicon will inform our futurelegal and diplomatic work in putting an end to the inaction thas brought the brink of an irreversible disaster”, he said.

Cryptocurrency firm launches USD-backed stablecoin in Antigua

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Local cryptocurrency firm MNEE has announced the launch of the first US dollar-backed stablecoin, which will be available on the market on June 15.

Stablecoins are cryptocurrencies pegged to a fiat currency like the US dollar and are often used as a safe haven during market downturns.

Headquartered in Antigua, MNEE is billed as a pioneering financial technology organisation, leveraging the capabilities of BSV blockchain to provide a stable, secure, and scalable digital currency.

The new venture aims to “transform the landscape of digital transactions” through its use of the blockchain, “which features unmatched speed, low fees, and the ability to power micro-transactions”.

MNEE tokens are reportedly backed by US Treasury bills and US dollar cash equivalents to ensure full compliance with anti-money laundering legislation, the company states on its website.

MNEE will also be fully audited, it says, offering transparency and reliability to its users.

MNEE will launch on Handcash and RockWallet—a cryptocurrency company incorporated under the International Business Corporations Act of Antigua and Barbuda. It has a license from the Financial Services Regulatory Commission under the Digital Assets Business Act to provide digital asset services.

“Sitting at approximately US$160 billion today, the stablecoin sector is projected to reach nearly US$3 trillion by 2028, clearly demonstrating market desire for the instant processing and high security of stablecoin payments, coupled with the volatility-free stable valuations of fiat currencies,” said Savvas Rigas, CFO of MNEE.

“With the launch of MNEE, we are proud to introduce the industry’s fastest and most scalable stablecoin to date, truly establishing MNEE as the currency for tomorrow.”

Carnival launch set for today

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The stage is set for the media launch of the (2024 edition of Aintigua’s Carnival), dubbed the Caribbean’s Greatest Summer Festival.

The launch takes place this evening Thursday and will divert freom the usual format.

Public Relations Officer for the National Festivals OfficeMonifa Browne said the

program begins promptly at 5 pm and the general public is asked tobe on time.

“We will officially launch the dates, or Queen of Carnival Contesstants will be unveiled.

They will also be sashed by their sponsors and we have the annopuncement of the official events and the unveiling of the theme for Carnival 2024. There is a llot that will be happening for our official launch”, she said.

Browne said all the major shows on the carnival calendar will bee returning and there are no major changes.

Small Island Developing States Meet in Antigua and Barbuda in May

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When the last International Conference on Small Island Developing States was held in 2014, there was no COVID-19 pandemic and no global economic recession and much fewer geopolitical tensions.

The climate emergency, while present, had not reached the heights it has today.

This year, as the world prepares to meet in Antigua and Barbuda in May for the fourth International Conference on Small Island Developing States (SIDS4), things are different.

While SIDS have made some progress towards sustainable development, their small size, geographical remoteness and the limited scale of their economies have left them particularly vulnerable amid a raging storm of acute external shocks.

Even with the Sustainable Development Goals and the Paris Agreement on Climate Change now in place as clear target-driven global agreements to make the world better for everyone everywhere, SIDS are being left behind.

The time for a new programme of action for SIDS is now.

“SIDS are the stewards of our ocean and bastions of environmental justice. Amid today’s turmoil, they are both facing the fire and fueling the change,” said UN DESA Under-Secretary-General Li Junhua, also serving as Secretary-General of the SIDS4 Conference. “Building their resilience ensures a sustainable future for us all.

He added: “We must craft an ambitious programme of action that is robust and achievable. Not a wish list, but an action list.”

Countries took a big step in developing that action list in New York during the first Preparatory Committee session for the Conference.

Delegates met from 22 to 26 January for the first round of discussions about the zero draft outcome document.

Bolstering more resilient societies

It outlines a development plan aimed at bolstering more resilient societies in SIDS including by improving their access to finance—including climate finance—strengthening data collection, accelerating innovation and digitalization, and enabling partnerships. Special attention has also been placed on improving education and employment opportunities for children an youth, and other vulnerable groups.

“As co-chairs, we are happy to note the strong showing we saw from member states and the UN system and civil society,” said H.E Dr. Ali Naseer Mohamed, Permanent Representative of Maldives to the UN and co-chair of the SIDS4 Preparatory Committee with New Zealand, at a news conference during the preparatory meetings.

“We heard strong commitments for a more sharply focused and action-oriented programme of action.”

Ambassador Mohamed noted: “SIDS are not seeking charity. SIDS are looking for genuine partnerships.”

The SIDS4 Conference comes at a critical time for small islands, which face rising sea levels and a rising debt burden.

“The cumulative effects of weather, climate and water-related hazards in SIDS, which caused a staggering US$153 billion dollars of losses in the last 50 years continue to pose existential threats to the 39 small island states,” said Rabab Fatima, UN High Representative for Least Developed Countries, Landlocked Developing Countries and Small Island Developing States, and Special Adviser for the SIDS4 Conference.

Good ideas for how to build resilience in SIDS are coming from the people living on small islands in addition to their development partners. The upcoming conference in Antigua and Barbuda will provide opportunities for all stakeholder groups to learn from each other and create new partnerships to benefit all.

“We believe this Conference is going to put down a marker for transformation,” said Walton A. Webson, Permanent Representative of Antigua and Barbuda.