Crypto Billionaires Emerge As A Result Of Bitcoin Rally
Even though Bitcoin has presented traders and investors with an avenue to invest their funds, it has also been able to return its profits in multiple folds. When some traders have chosen to invest a small amount of money into crypto and are earning small, others pool all their funds into the digital asset.
This has, in turn, seen their funds multiply, with them now seeing over thee times the profits that retail traders would see. In this regard, a new report has shown that the recent Bitcoin rally that occurred in the market has seen people’s fortune grow, and in turn, they are now billionaires.
Bitcoin surge helped their worth increase
Bitcoin started to rise from around August last year as the digital asset had to come back from a sell-off that was influenced by the coronavirus pandemic to post a massive all-time high price at the end of the year. During that period, Bitcoin fell as low as $3,500, losing 50% of its value in the process.
In the latest released Forbes list of billionaires, the crypto industry has seen about nine investors and traders in the space make up the list of the top billionaires in the world. While Sam Bankman-Fried and CEO of Microstrategy, Michael Saylor, made their respective debuts into the list.
CEO of the crypto exchange company, Binance, Changpeng Zhao, rejoined the billionaire’s list after he was forced off sometime last year following the decline in the price of Bitcoin. According to the list, Bankman-Fried is the biggest and richest member of the crypto billionaires, with the FTX exchange boss now boasting of a figure of around $8.7 billion.
More newcomers join the crypto billionaires lists
Taking up the second spot right behind Bankman-Fried is also a CEO of a crypto exchange, Coinbase, Brian Armstrong. When the list was compiled last year, Armstrong was worth only $1 billion but has now gone up more than $5 billion this year to post a total worth of $6.5 billion.
While his position is cemented, there are rumors that the Coinbase boss might be making a case to upset Bankman-Fried from his position after the direct listing of about 2.8 million shares of the company when it goes public. Even though other entities have followed suit in naming both Bankman-Fried and Armstrong as the top two in the crypto market, their figures are rather bigger than the one that Forbes is quoting.
Others making up the list are Ripple’s co-founder, Chris Larsen, who holds a total worth of $3.4 billion. In comparison, the previous employee of the company Jed McCaleb boasts of a figure of around $2 billion to place in the top five. Others are Gemini pair Tyler and Cameron Winklevoss, as the pair now takes up 6th place, boasting a joint $6 billion.
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