Biggest Crypto Billionaires
What is crypto?
Crypto is a digital unit made to control the use of additional points, and the digital storage of assets. Bitcoin, for example, can be used to buy merchandise and services, and some retailers accept Bitcoin as payment. Cryptocurrencies are also long-term investments, similar to stocks or real estate. While the use of cryptocurrency has grown exponentially in recent years, it is still a relatively new phenomenon with a great deal of growth potential.
Five rich people in crypto:
The crypto industry is known for its volatility, but it hasn’t stopped some people from quickly becoming very rich. Below is the list of the top five wealthiest people in crypto, according to Forbes.
1. Changpeng Zhao
Changpeng Zhao is the wealthiest person in cryptocurrency, with a net worth of over $2 billion. He is the founder and CEO of Binance, the world’s largest cryptocurrency exchange. Binance itself is worth an estimated $6 billion. Changpeng Zhao was born in Jiangsu, China in 1967. He moved to Vancouver, Canada, with his family in 1988. He studied computer science and later worked as a software developer for several companies, including Bloomberg LP and Tokyo Stock Exchange. In 2005, he founded Fusion Systems, a high-frequency trading software firm. In 2017, Changpeng Zhao founded Binance, a cryptocurrency exchange that quickly rose to become the largest in the world. Binance is worth an estimated $6 billion. In 2018, Changpeng Zhao was ranked #3 on Forbes’ list of the wealthiest people in cryptocurrency.
2. Sam Bankman-Fried
On Monday, Sam Bankman-Fried was named the wealthiest person in cryptocurrency, with a net worth of $8.3 billion. The 31-year-old entrepreneur is the founder and CEO of FTX, a cryptocurrency derivatives exchange. He is also the largest shareholder in the firm. Bankman-Fried’s wealth is derived mainly from his stake in FTX, which he founded in 2019. The firm has rapidly grown to become one of the leading cryptocurrency exchanges in the world. In 2020, FTX was the second-most traded crypto exchange by volume, behind only Binance. Bankman-Fried’s net worth puts him ahead of famous figures such as Tyler and Cameron Winklevoss, who are worth an estimated $7.5 billion each, and Changpeng Zhao, the founder of Binance, who is worth an estimated $6.6 billion.
3. Brian Armstrong
Cryptocurrency entrepreneur Brian Armstrong is now the wealthiest man in the crypto industry, with a net worth of $11.5 billion. The 40-year-old Armstrong is the co-founder and CEO of Coinbase, the largest cryptocurrency exchange in the United States. He is also a noted investor in cryptocurrency startups. Armstrong’s rise to the top of the crypto industry rankings comes as the value of Bitcoin and other digital currencies has surged in recent months. The total value of all cryptocurrencies is estimated to be more than $2 trillion, up from just $200 billion in 2020. With his new position as the richest man in crypto, Armstrong is now ranked among the world’s wealthiest people. According to Forbes, he is currently the 476th richest person in the world.
4. Gary Wang
Gary Wang is a Chinese entrepreneur and the founder of Block. One software company is known for developing the EOS.IO platform, a decentralized operating system that supports industrial-scale decentralized applications. He is also known as the wealthiest man in cryptocurrency. As of June 2018, Wang’s net worth was estimated to be around $1 billion, making him the first person with a crypt fortune to break into the Forbes list of world billionaires. He is currently ranked 766th on the list. Wang is a serial entrepreneur who has founded or co-founded several businesses in the technology and entertainment industries. In 2005, he founded Dian Dian, a mobile gaming company acquired by KongZhong Corporation 2010. He also co-founded the successful startup Neocha, a creative media company, in 2007.
5. Chris Larsen
Chris Larsen is an American entrepreneur and technologist. He is best known as the co-founder and former CEO of Ripple, a digital payments company. His net worth is estimated to be $28.6 billion, making him the wealthiest person in the cryptocurrency industry and the 16th richest person globally. Larsen is a well-known figure in the cryptocurrency industry and has been a driving force behind the development of Ripple and its associated technologies.