They became billionaires by investing in crypto | Via Rachel | The Capital | June 2021
Forbes magazine, known for listing the world’s richest people, published the first batch of billionaires in the cryptocurrency field. According to the listChris Larsen, the founder of Bitcoin’s rival Ripple virtual currency, is the richest person in the virtual currency, with 8 billion U.S. dollars. The list includes former Goldman Sachs executive Joseph Lubin (Joseph Lubin) or the Winklevoss twins, who accused Mark Zuckerberg of stealing their Facebook ideas. On Thursday (8th), Bitcoin was quoted at approximately $8,500.
Cryptocurrency appeared in 2009, And it is estimated that only a small part of the groups that have participated since they were founded hold most of the wealth. However, it was introduced as a model to democratize the financial system. According to the list released by Forbes on Wednesday, there are 19 billionaires in the digital currency field. However, this is a very volatile market. Without further ado, the price of Bitcoin plummeted by more than 30% this week, falling below 8,000.
When Forbes released its ranking based on a quote on January 19, 2018, Chris Larson was at the top of the list, with an estimated wealth of approximately US$8 billion. However, when the ripples peaked in the same month, his wealth exceeded $60 billion, which was richer than Facebook founder Mark Zuckerberg. According to business magazines, the volatility of the daily quotes of cryptocurrencies in January 2018 was 10.25% for Bitcoin, 12.62% for Ethereum, and 16.75% for Ripple. Value volatility like gold is less than 1%.
Forbes’ list shows that almost all of the people on the list have participated in the creation of digital currencies or have participated in them for many years. In addition, it also drew attention to the profile of those on the list: they are all men, and unlike the Forbes Rich List, the average age is 42 instead of 67. To enter the rankings, you must own 350 million USD in cryptocurrency.
Larsen is followed closely by Joseph Lubin, a former executive of Goldman Sachs and the co-founder of the blockchain-based platform Ethereum. Forbes pointed out that Rubin has virtual currency wealth worth US$1 to 5 billionThe magazine estimates the numbers in bands, because it is difficult to determine the exact number. There is no need to reveal your identity when buying cryptocurrency. Many owners do not provide proof of their wealth, or are unwilling to expose themselves for security and privacy reasons. Forbes explained in the article: “Our numbers are based on the value of cryptocurrency portfolios (some have proven their wealth), the after-tax profits of crypto bond exchanges, and shares in digital currency-related businesses.”
The top five were completed by Changpeng Zhao, CEO of cryptocurrency trading platform Binance (US$110 to US$2 billion); Cameron & Tyler Winklevoss twins, with a total digital currency between US$900 million and US$1.1 billion; Matthew Mellon is an independent investor and also The heir to the Bank of New York Mellon, this is one of the great banking wealth of the United States. Forbes estimates that it holds a total of 900 million to 1 billion U.S. dollars in cryptocurrency.
There are about 1,500 different types of cryptocurrencies The value is approximately US$550 billion, which is 31 times that of the beginning of 2017. Part of the demand for this currency comes from the black market or tax evasion. Therefore, it encounters new enemies every day: the market regulators of the European and North American stock exchanges, and even the governments of different countries, including China. However, Bitcoin was born after the crisis as part of a liberal ideology that does not trust the central bank and other authorities responsible for ensuring currency stability.
List of digital currency billionaires
1. Chris Larsen: The 57-year-old Ripple cryptocurrency co-founder estimates his wealth to be between 750 and 8 billion US dollars.
2. Joseph Lubin: 53-year-old Goldman Sachs executive and co-founder of Ethereum (blockchain-based platform), with a cryptocurrency valued at US$1 to 5 billion.
3. Changpeng Zhao: The 41-year-old CEO of Binance (cryptocurrency trading platform) has accumulated a fortune of 110 to 2 billion US dollars
4. Cameron & Tyler Winklevoss: The 36-year-old twins, the owners of Capital, have a total of 900 million to 1.1 billion U.S. dollars in digital currency.
5. Matthew Mellon: This 54-year-old investor and heir to one of America’s largest banking wealth (Bank of New York Mellon) has between US$900 million and US$1.1 billion.
6. Brian Armstrong: Armstrong, the founder of Coinbase, is worth between US$900 million and US$1 billion, ranking 6th in the rankings. He was 35 years old at the time.
7. Matthew Roszak: 45-year-old founder of Tally Capital and co-founder of Bloq, who owns 900 million to 1 billion U.S. dollars in digital currency.
8. Anthony Di Iorio: The 43-year-old co-founder of the blockchain platform Ethereum has $750 million to $1 billion in cryptocurrency.
9. Brock Pierce is also the co-founder of Ethereum and other digital currency platforms. At the age of 37, Pierce had $700 million to $1 billion in cryptocurrency wealth.
10. Michael Novogratz: Before the crisis, Novogratz was on the Forbes millionaire list in 2007. However, he has returned to the state of accumulating wealth through micro-currency. At the age of 53, he is estimated to have a fortune of 700 million to 1 billion US dollars.
11. Brendan Blumer is the CEO of the blockchain company Block.One. At the age of 31, he owned between 60 and 700 million cryptocurrencies.
12. Dan Larimer: Also part of Block.One, Larimer is 35 years old and has between 60 and 700 million digital coins.
13. Valery Vavilov: Co-founder and CEO of Bitcoin exploration company Bitfury, Vavilov owns US$50 to US$700 million at the age of 38.
14. Brad Garlinghouse: CEO of Ripple, 47 years old, has accumulated a total of 40 to 500 million US dollars in digital coins.
15. Barry Silbert: 41-year-old Silbert has a cryptocurrency wealth of 40 to 500 million and is known for creating an asset trading company Second-Market.
16. Vitalik Buterin: At the age of 24, he is the creator of Ethereum, with a cryptocurrency wealth of US$40-500 million.
17. Tim Draper: The founder of Draper Associates is 59 years old and his total assets are between US$35 and US$500 million;
18. Song Chi-Hyung: Founder of Upbit, became South Korea’s largest cryptocurrency broker in just four months. The 38-year-old Zhiheng has between 35 and 500 million U.S. dollars.
source: Forbes Magazine
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