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April 6, 2022 Coin Telegraph

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There are now 19 billionaires on the crypto-rich list as seven more join the ranks of the industry’s wealthiest executives and founders.

The Forbes crypto billionaires list has been updated, and the number of individuals who have made vast fortunes in digital assets has increased substantially.

The crypto elite list now has 19 billionaires on it, which is seven more than last year and expands the list by 58%. The publication released its latest crypto richest on April 5, but the king of the crop remains unchanged.

Binance CEO and founder Changpeng “CZ” Zhao is still the richest man in the industry and now the 19th richest in the world due to his relatively newly accrued wealth. The outlet has downgraded CZ’s fortune from an estimated $96 billion last year to a current estimation of $65 billion. This still makes him the most affluent person in the industry, however.

FTX founder and CEO Sam Bankman-Fried has secured the second spot after “CZ” with a whopping $24 billion in estimated net worth. He has been dubbed the “Crypto Robin Hood,” as he has repeatedly stated that he wants to give the majority of this fortune away. But with $24 billion still on hand, he's clearly not managed to do so yet.

Coinbase CEO and founder Brian Armstrong is in third place with $6.6 billion. Ripple’s Chris Larsen and the Winklevoss twins from Gemini remain on the list with around $4 billion to their names.

Newcomers to the crypto billionaires list include FTX co-founder and chief technology officer Gary Wang with a net worth of $5.6 billion from his 16% stake in the company. and Nikil Viswanathan and Joseph Lau, co-founders of the blockchain and Web3 company Alchemy. The pair reportedly have a net worth of $2.4 billion each, ranking them at eleventh.

OpenSea NFT marketplace co-founders Devin Finzer and Alex Atallah are also newcomers on this year’s crypto-rich list with an estimated net worth of $2.2 billion apiece.

There are several other notable names on the list, including Song Chi-hyung, the founder of South Korea’s Upbit exchange, who is reportedly worth $3.7 billion. Executive vice president of South Korea’s Dunamu, Kim Hyoung-nyon, owns an estimated 13% of Upbit, giving him a net worth of $1.9 billion.

MicroStrategy’s Michael Saylor has remained a crypto billionaire with an estimated net worth of $1.6 billion. Company stock has quadrupled in the last two years following a big Bitcoin bet that has paid off.

Forbes originally published the first crypto elite list back in 2018 when just a handful of executives made the grade. Back then, the bar was much lower, with a wealth figure of $350 million to get on the list.

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More billionaires turning to crypto on fiat inflation fears

January 3, 2022 Coin Telegraph

Billionaires

The number of billionaires that have invested in crypto increased last year, and that trend could continue into 2022 as fears over fiat intensify.

Previously anti-crypto investors are increasingly turning to Bitcoin and its brethren as a hedge against fiat currency inflation concerns.

One example is Hungarian-born billionaire Thomas Peterffy who, in a Jan. 1 Bloomberg report, said that it would be prudent to have 2-3% of one’s portfolio in crypto assets just in case fiat “goes to hell”. He is reportedly worth $25 billion.

Peterffy’s firm, Interactive Brokers Group Inc., announced that it would be offering crypto trading to its clients in mid-2020 following increased demand for the asset class. The company currently offers Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, but will be expanding that selection by another 5-10 coins this month.

Peterffy, who holds an undisclosed amount of crypto himself, said that it is possible that digital assets could reap “extraordinary returns” even if some could also go to zero according to Bloomberg. “I think it can go to zero, and I think it can go to a million dollars,” he added before stating “I have no idea.”

In early December, the billionaire predicted that Bitcoin could spike as high as $100,000 before markets begin to retreat.

Bridgewater Associates founder Ray Dalio is another renowned billionaire that revealed his portfolio contained some Bitcoin and Ethereum last year. This revelation came just a few months after he questioned crypto’s properties as a store of value.

He has now changed that stance and views crypto asset investments as “alternative money” in a world where “cash is trash’’ with inflation eroding purchasing power.

In late December, Dalio commented that he was impressed at how crypto as lasted, before stating “Cash, which most investors think is the safest investment is, I think, the worst investment.”

Billionaire hedge fund manager Paul Tudor Jones also bought Bitcoin last year, labeling the move as a hedge against inflation.

Pandemic-induced stimulus packages have caused economic turmoil across the globe, the fallout from which could linger for decades. In the United States, inflation is at a 4 decade high of 6.8%. This has resulted in a surge in the Consumer Price Index (CPI) as the costs of daily goods continue to increase.

The billionaires are already seeing the danger signs with fiat currencies and central bank manipulation, and they are increasingly turning to crypto assets. The year 2022 could see more wealthy investors join their ranks if the trend continues.

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October 17, 2021 Bitcoin.com

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