This is the first year that the Forbes 400 list has seven crypto billionaires at a time. They are people who built their fortunes in the crypto market and six of them are newbies.
Six new crypto billionaires on the list
The total net worth on this year’s Forbes 400 list is an estimated total of $ 55.1 billion. Almost half of that $ 22.5 billion fortune belongs to 29-year-old CEO of the FTX cryptocurrency exchange, Sam Bankman-Fried. In the past two years, Bankman-Fried has built one of the largest trading platforms in the industry with a daily volume of $ 13.8 billion. As evidence of its own success, FTX completed a $ 900 million Series B fundraiser in July – crypto’s largest round of ventures to date, valued at $ 18 billion.
Others who made the list for the first time, alongside Ripple co-founder Chris Larsen on last year’s shortlist, include Coinbase CEO Brian Armstrong, Cameron and Tyler Winklevoss, the exchange owner. Coinbase’s competitors are Gemini, Coinbase co-founder Fred Ehrsam and Ripple co-founder Jed McCaleb. These six will join Chris Larsen, another Ripple co-founder.
Total net worth is $ 22.5 billion and assets have nearly doubled since FTX’s $ 900 million contract ended. Most of his wealth is tied to FTX’s equity and tokens.
Crypto billionaire Sam Bankman-Fried
His total net worth is $ 11.5 billion and he is the “emerging giant” after Sam. He is best known as the CEO and co-founder of Coinbase. The largest US stock exchange added to his fortune after the company went public in April. Armstrong owns an estimated 19% stake in Coinbase.
- Cameron Winklevoss and Tyler Winklevoss
The net worth is $ 4.3 billion per person. In April, the twin founders of the crypto exchange Gemini appeared on the cover of Forbes magazine 2021 World Billionaires, which was sold as NFTs. With the name “Merchants of the Metaverse” they earned 333,333 US dollars in an auction on the digital art platform Nifty Gateway.
Cameron Winklevoss and Tyler Winklevoss
Ehrsam, who co-founded Coinbase with Armstrong in 2012, earned a net worth of $ 3.5 billion in the Forbes 400 list in 2021. He left the company in 2017 but remains a board member.
Net worth is $ 6 billion, more than $ 4.7 billion more than $ 2.7 billion last year. His fortune soared as the price of XRP rose despite an ongoing lawsuit with the Securities and Exchange Commission (SEC) alleging that Ripple violated securities laws.
Jed McCaleb and Chris Larsen
Finally, there’s McCaleb, the blockchain pioneer who helped start three popular crypto companies including Ripple, Stellar, and the first major bitcoin exchange, Mt. Gox, which he sold before it was hacked. Much of McCaleb’s fortune comes from his XRP holdings as a co-founder of Ripple.
The surge in the number of crypto billionaires shows that crypto prices are constantly breaking new records. Since the list was published last year in September 2020, Bitcoin price has increased from $ 10,128 to $ 50,078. ETH is up nearly 1,000% and the cryptocurrency’s total market cap topped $ 1 trillion for the first time, peaking at $ 2.4 trillion in May.
Even so, the high volatility of the cryptocurrency, which caused the price of Bitcoin to rise from $ 29,000 to $ 64,000 and back to lows from $ 64,000 in a matter of hours, is undeniable. As the industry grows and matures, regulators around the world are paying more attention to the space. One thing is clear, the booming economy is producing billionaires at a dizzying speed.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
follow AZCoin News