CNBC's Robert Frank joins 'Money Movers' to discuss the rise of crypto millionaires and how they are spending their money.

Recent gains in cryptocurrency values have resulted in the creation of over 70,000 new crypto millionaires in the past year, bringing the total to more than 240,000 individuals with crypto holdings exceeding one million dollars. According to a report by Henley & Partners and New World Wealth, there are also 450 centimillionaires and 36 billionaires in the crypto space. 

Research indicates that for every dollar gained in crypto wealth, about ten cents is spent, amounting to an estimated $200 billion in additional economic activity. While earlier crypto investors often spent on luxury items, the current trend among the now older cohort is to invest in real estate, particularly in low-tax states such as Texas, Florida, and Tennessee. Many crypto millionaires are currently holding onto their assets, anticipating further price increases, while only the largest holders are beginning to cash out.

How crypto millionaires are spending their wealth

Welcome back. This rally in crypto prices has created a surge in the number of crypto millionaires over the last year How are they spending their money? Robert Frank is here at post night with some details. I loved your hit on squawk talking all about this Thanks, Carl. Great to see you Sarah. Well, if you look at the rise in Bitcoin that has helped create another 70,000 crypto millionaires that's just over the past year. There are now over 240,000 individuals with crypto holdings worth more than a million dollars That's according to a new report from Henley and partners and New World Wealth when you look at crypto sent a millionaires That's those with a hundred million dollars or more. That's 450 of those and three 36 crypto billionaires in total so a lot of wealth creative Price of Bitcoin is more than doubled over the past year The total market cap of all crypto is increased by over two trillion dollars So how much of that is going to be spent? Well new research by a group of economists found that for every dollar gained in crypto wealth Crypto investors spend about ten cents. So that would equate to about two hundred billion dollars in additional spending That's going to go to the economy now with early crypto investors now in their 30s and 40s. They're getting a little bit older They're not buying Lambos as much but they're more buying real estate Study found that locations with large crypto populations saw larger gains in home prices when crypto was rallying Now for more on the new crypto wealthy how they're spending how they're investing You can sign up for the new inside wealth newsletter out tomorrow morning at CMC comm slash inside wealth that seem to see calm Inside wealth so they're not Holdling they're not holding on to the the holdings. They're selling Some of them are many of them say this is exactly the moment They've been waiting for ie they see a lot of ingredients in place for more of a price increase So they are holding on that's why I think right at this minute. We're not gonna see a lot of spending The whales the the big billionaire types that have held this Bitcoin for long They're the ones that are starting to take a little cash off the table, but the broad group of crypto millionaires They are they are really holding on right now because they think prices are gonna go higher And they can't borrow much against crypto crypto So they really have to sell their positions and that's something that that I think lenders are gonna have to start working on Right, and if they do sell I know you pointed this out this morning They're likely to do so in an area where they're not gonna get taxed to death on it. Yep Yeah, so when they this study looked at the crypto populations, they found they're most concentrated in low-tax states Which is not surprising for many reasons, but you look at who the beneficiaries would be. It's Texas. It's Florida. It's, Tennessee It's the Sunbelt states that have seen big population growth, especially younger population growth that don't like to pay taxes I Mean, it's creating a lot of wealth. I was gonna say we should love Bitcoin millionaires and video millionaires like gold millionaires millionaires I mean the thing about gold and crypto is the gold millionaires. That's a 20 trillion dollar market cap for gold That's created wealth too, but they tend to be an older cohort So they don't spend as much of their wealth as the younger cohort, you know crypto millionaires are a younger group So they like to spend and they spend previously a lot on lifestyle stuff cards watches got a big benefit During the last cycle this time. They're older. They're starting families They're having kids and so real estate is really the play right now. It is interesting You have these two cohorts one very risk averse you would argue in gold risk tolerant and Bitcoin and they both crushed it They're both. Yeah, gold actually doing better than crypto right now, but both having a very good year so far

A 29-year-old Florida man has been arrested on suspicion of arson in connection with the deadly Palisades Fire that scorched parts of Los Angeles earlier this year, officials said Wednesday.

Los Angeles

Man arrested for allegedly starting Palisades Fire in California

Former FBI Director James Comey pleaded not guilty to two counts in federal court on Wednesday (October 8) after being indicted by the U.S. Department of Justice in September.

Alexandria

James Comey pleads not guilty to charges brought by Trump's DOJ

Some air traffic control staffing issues and bad weather are affecting flight delays as the government shutdown enters its eighth day. CBS News senior transportation correspondent Kris Van Cleave has more details.

Washington

Government shutdown, staffing issues lead to flight delays

Hamas’ lead negotiator says the group needs guarantees of a lasting peace as indirect talks with Israel to reach an agreement over the implementation of the first phase of Trump’s peace plan for Gaza enter the third day.

Sharm El-Sheikh

Middle East Conflict

Hamas says it is ready to reach Gaza deal but needs 'real' guarantees

Sebastien Lecornu to hold two days of talks to try to shore up cross-party support for his collapsed government.

Paris

Outgoing French PM launches last bid to quell political crisis

Israel is pressing forward with its attacks across the Gaza Strip. 
Its forces have targeted displaced families in Khan Younis, killing a mother and her children. Several Palestinians have also been killed in a strike on Al Shati refugee camp, in Gaza City.

Jerusalem

Israeli strikes intensify in Gaza despite ceasefire talks

Palestinian solidarity demonstrators have marched through Mexico and Chile’s capitals, demanding their governments sever diplomatic ties with Israel. The protests mark the second anniversary of Israel's war on Gaza.

Mexico City

Palestinian solidarity protests sweep Latin America

National Guard troops are preparing to be deployed to Chicago. Members of the Texas National Guard arrived just outside the city on Tuesday. The move is being criticized as an abuse of presidential authority.

Chicago

National Guard troops preparing to deploy in Chicago

U.S. President Donald Trump welcomed Canadian Prime Minister Mark Carney to the White House, where he promised to treat Canada fairly in trade talks, but was less committed to a continental trade deal that also includes Mexico.

Global Tariffs

Trump promises trade fairness for Canada during Carney's visit

From Tel Aviv to the Nova Music Festival site, Israelis gathered to remember those who were killed in the October 2023 Hamas attack.

Tel Aviv-Yafo

Israelis remember victims two years after Hamas attack

Saudi Arabia's Riyadh Comedy Festival is attracting global stars including Dave Chappelle, Pete Davidson and Kevin Hart, with reports that some are being paid more than $1 million each. The event is part of Crown Prince Mohammed bin Salman's push to rebrand the conservative kingdom through sports and entertainment.

Riyadh

Riyadh Comedy Festival draws top U.S. comedians amid controversy

Three U.S.-based scientists have won the Nobel Prize in physics for their work on quantum mechanics. The physics award is the second 2025 Nobel Prize to be announced this week.

Stockholm

Three U.S.-based scientists win Nobel Prize in physics

As the war in Gaza reaches its two-year mark, Israel and Hamas continue negotiations in Egypt. Talks are centered on a proposed ceasefire deal, which includes a partial Israeli withdrawal from Gaza and a hostage-prisoner exchange.

Cairo

Israel and Hamas resume Gaza ceasefire talks in Egypt

Israel has deported activist Greta Thunberg along with 170 others who were detained after Israeli forces intercepted a flotilla attempting to deliver aid to Gaza last week. Some of those deported in recent days have reported mistreatment, allegations that Israel has denied.

Israel deports Greta Thunberg after Gaza Flotilla interception

Leaders in the U.S. state of Illinois are taking President Donald Trump to court, looking to stop the deployment of hundreds of National Guard troops to the streets of Chicago. The White House argues that soldiers are needed to prevent so-called lawlessness.

Chicago declares 'ICE Free Zones' amid clashes over raids

French President Emmanuel Macron has given Prime Minister Sebastien Lecornu 48 hours to stabilize the government following his sudden resignation. Lecornu stepped down hours after naming his cabinet, amid criticism and growing political instability in a parliament without a clear majority.

Macron gives Lecornu two days to salvage government after resignation

Microchip maker AMD got a huge boost in the race to supply the artificial intelligence revolution. OpenAI, the company behind major AI platform ChatGPT, announced a deal for AMD to provide the AI startup with its high-performance processing chips starting next year.

Santa Clara

Rise of AI

AI chipmaker AMD strikes major deal with OpenAI

It's a race against time to save the remaining 200 or so stranded climbers on Mount Everest after a massive storm dumped at least three feet of snow over the weekend.

Gorakshep

About 200 Mount Everest climbers still stranded

Clashes broke out at ICE facilities in Chicago and Portland after President Trump ordered National Guard troops into both cities. The move has intensified tensions between federal authorities and local officials amid ongoing protests.

Clashes erupt as Trump deploys National Guard

Former NFL quarterback and Fox Sports analyst Mark Sanchez was charged with felony battery involving serious bodily injury, and could face up to six years in jail, according to Marion County Prosecutor Ryan Mears.

Indianapolis

Mark Sanchez charged with felony, could face up to 6 years in jail

Illinois Gov. JB Pritzker and Chicago Mayor Brandon Johnson announced on Monday a lawsuit against the Trump administration over plans to deploy the National Guard to Chicago.

Illinois, Chicago sue Trump over National Guard deployment

A selloff in French markets gathered pace after French media reports that Prime Minister Sebastien Lecornu has resigned. French stocks fell sharply, government bond yields were up 8 basis points and the euro was last down 0.65% at $1.1667.

French markets tumble after PM Lecornu resigns

Former NFL quarterback Mark Sanchez has been charged with battery, intoxication, and unlawful entry after allegedly attacking a 69-year-old truck driver in Indianapolis. The driver stabbed Sanchez in self-defense, believing his life was in danger. Sanchez is currently hospitalised.

Ex-NFL star Mark Sanchez faces criminal charges in alleged assault

U.S. President Donald Trump's battle with Democratic-led cities is heating up after 200 California National Guard troops have been reassigned to Oregon, despite a judge blocking the deployment to Portland.

Portland

Trump sends National Guard to Oregon despite court block

Israeli planes and tanks pounded areas across the Gaza Strip overnight and on Sunday, destroying several residential buildings, witnesses said, as Palestinians hoped a U.S. plan to end the war would soon ease their suffering.

Israeli strikes on Gaza continue ahead peace talks

Amenhotep III ruled between 1390 and 1350 BC and was one of the most prominent pharaohs of ancient Egypt.

Pharaoh's tomb reopened after more than 20 years of renovations

President Trump has thrust the U.S. military into a critical role deterring illegal crossings into this country at the southern border. As Charlie D'Agata reports, their presence is having unintended consequences.

Santa Teresa

U.S. military presence at southern border angers hunters, hikers

A new CBS News poll shows a majority of Americans disapprove of how President Trump and congressional Republicans and Democrats have handled the government shutdown. Willie James Inman reports on that and Mr. Trump's latest National Guard moves.

Americans fed up with shutdown, poll finds

Negotiators between Hamas and Israel will begin meetings in Cairo on Monday (October 6) for the release of the remaining 20 hostages and a prisoner swap.  There is a lot of pressure on both sides to get a deal done.

Negotiations between Israel, Hamas set to begin

Japan's ruling party picked hardline conservative Sanae Takaichi as its head on Saturday, putting her on course to become the country's first female prime minister in a move set to jolt investors.

Breakdown