The major key factor in the attention given to cryptocurrency is its profitable future potential. Several investors have been able to transform their cryptocurrencies into profit machines. This has been possible through the incredible rise in the value of crypto tokens over the last few months. However, a number of investors have also suffered significant losses as a result of making the wrong decision. The best crypto superstars must possess certain distinctive qualities. Additionally, they should have approaches that enabled them to make it through an unpredictable environment and achieve maximum profits. Let’s have a look at the list of some of the wealthiest crypto billionaires.
Who are The Top 5 Cryptocurrency Billionaires
1. Zhao Changpeng
The richest person in the cryptocurrency industry is Binance’s CEO and founder Changpeng Zhao, who has a net worth of $65 billion. He had the 19th place position in terms of wealth as of March 2022. CZ controls 70% of Binance, which is the main source of his fortune. In reality, Binance contributed to the facilitation of approximately two-thirds of the total trading volume on controlled marketplaces in 2021.
Zhao, a 13-year-old Chinese immigrant to Canada, discovered Bitcoin while playing poker with pals. Following that, he sold his flat for Bitcoin in 2014 and invested all in on cryptocurrencies. Binance, a company founded in 2017, manages trades worth billions of dollars every day. Despite the fact that it isn’t as widely known to American clients as Coinbase, Binance is bigger and provides additional currencies and contracts than its rival.
The exchange’s rapid growth has hurt its regulatory status. It has been compelled to run without the need for a headquarters and is being closely regulated in important financial countries. Zhao supports cryptocurrency regulation and compliance. He is still unaffected by his position as a billionaire in terms of wealth. Moreover, he’s willing to donate the majority of his fortune before he dies.
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2. Brian Armstrong
The CEO and creator of Coinbase listed the cryptocurrency exchange directly on the stock exchange in April 2021, valuing it at an astounding $100 billion. Since Armstrong owns a 19% investment in it, its market value is currently around half that amount, making him the second-richest crypto investor. Armstrong, a well-known personality known for his unadorned T-shirts and bald head, raised concerns in 2020 when he ordered his staff to avoid political conversation at work. The 39-year-old spent $133 million buying a Bel-Air house in January, making it one of the most expensive property sales in the city to that point. Armstrong has lately spoken against the crypto laws that the EU Parliament is proposing.
3.Gary Wang
Along with Sam Bankman-Fried, the project also benefits greatly from the contributions of Gary Wang, the chief information technology officer and co-founder of FTX. Sam and Steve Wang collaborated to ensure that FTX was launched successfully in 2019 despite Steve’s dislike of the media. Wang is one of the wealthiest crypto billionaires, with a net worth of $5.9 billion, and a 16% ownership share in FTX’s global operations.
He also possesses FTT tokens, which are valued and over $600 million in total. Before stepping into the cryptocurrency world, Wang was a software engineer at Google on the online travel site Google Flights. The MIT alumnus who studied math and computer science has unquestionably achieved success in the cryptocurrency sector.
Wang worked at Google prior to helping to start Alameda Research, which subsequently became FTX. An article on the Future Fund website states that he created a mechanism to combine pricing across open flight data. Wang departed the tech behemoth in 2017 when Bankman-Fried quit the Jane Street Hedge Fund to launch Alameda. In addition, Wang is on the board of the “effective altruism”-based FTX Future Fund, an organization dedicated to “doing the best for the majority of people” by using evidence and reasoning.
4.Tyler and Cameron Winklevoss
In order to invest in cryptocurrencies, Tyler and Cameron Winklevoss converted the millions they received from their litigation against Facebook. Following the late 2017 spike in Bitcoin values, they emerged as the first billionaires in the crypto industry. Forbes believes that they are each worth $5 billion.
The Winklevoss twins, who founded the Gemini cryptocurrency exchange, are also successful business people, with the majority of their total fortune coming from investments in crypto. After obtaining $400 million in November 2021, the exchange’s valuation was set at $7.1 billion.
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Additionally, they are the owners of Nifty Gateway, a marketplace for non-fungible tokens (NFTs). The fortune of each Cameron and Tyler twin is now estimated by Forbes to be $7.1 billion. The twins’ lesser slide from the crypto-rich list’s ranks than other individuals is what makes this fascinating. This may be due to the fact that they maintain a sizable cryptocurrency holding as a backup, meaning that they aren’t exclusively reliant on the value of their brokerage firms.
The brothers have already made a few charitable donations, despite the fact that they haven’t made the extravagant promises associated with Changpeng Zhao. Most significantly, they are the largest donors to the Bitcoin Water Trust, which intends to keep bitcoin until at the earliest January 2025 in order to exploit price growth to supply drinkable water to underdeveloped countries.
5. Chris Larsen
Co-founder and executive chairman of blockchain business Ripple, whose XRP token is presently the eighth-largest cryptocurrency, Chris Larsen has stayed busy defending the firm against the Securities and Exchange Commission complaint that claims Ripple’s cryptocurrency offering constituted an illegal offer and sale of unregistered securities. The Commission action was initially filed in December 2020.
Many cryptocurrency observers view the lawsuit, which is now making its way through federal courts, as a turning point for further token sales. Larsen and Ripple have said they did nothing improper. In addition to his legal troubles, 61-year-old Larsen has teamed up with environmental organizations to start the “Change the Code, Not the Climate” campaign, which aims to persuade the Bitcoin community to lessen the significant carbon footprint of the digital currency.
Read: A Day in The Life of Cryptocurrency Traders
Bottom Line
Researching the crypto industry’s wealthiest individuals reveals a number of recurring trends. Accordingly, those who are currently among some of the wealthiest persons in their respective fields frequently saw possibilities before others did. Although most had the opportunity to get into cryptocurrency years before it took off, some did so during downtimes in the market when few investors and business owners were particularly interested.
Such a strategy is predicated on the idea that investing in cryptocurrencies is a lengthy game and that perseverance will eventually pay off. Additionally, considering the brief history of the crypto industry and the number of bear and bull cycles that have already occurred. Recent fluctuations indicate that even though they are unlikely to become billionaires, all who purchase the dip and stick out for a sufficient amount of time will ultimately wind up making a large profit.
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