If you are a crypto enthusiast you will be familiar with names of the biggest investors in the market. What you might not know is many of them are in fact billionaires.
Though the number has decreased a bit, given the ongoing bear market but there are still a considerable number of these blockchain leaders who are still worth 10 figures.
The wallet addresses is based on anonymous ownership and is not public knowledge except in the case of the largest exchanges, we are unaware of the actual number of crypto billionaires. However, a report from December 2017 from MSN Money estimated that there were between 35 and 200 crypto billionaires. With the current market value sitting at $140 billion, only a few of those crypto giants are known, due to their celebrity status in the industry.
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How many crypto billionaires are out there?
It goes without saying that an industry so huge will have some billionaires. These people wield a lot of influence on the market, irrespective of their stance in the media, be it a passive or an active one.
The crypto market has seen a prolonged bear trend, which has resulted in the industry losing a lot of its value.
As per the data from Bitinfo Chart, there are still a number of Bitcoin billionaire accounts. It is the top 100 wallet addresses that 5 hold 18.92 percent of the entire industry’s supply of BTC. In December 2017, an anonymous Bitinfo Chart rep told MSN Money:
“There may actually be as many as 200 Bitcoin billionaires, and possibly no fewer than 35.”
Though the market has experienced an extreme downfall in terms of prices, 35 is probably a plausible estimate. However, the potential that there could be 200 crypto billionaires is mathematically impossible, as of now. Right now, the overall market cap stands at $140 billion, making even 100 billionaires a high estimate.
There are two main factors that in a sense hide the real number of crypto billionaires. The privacy features most crypto networks offer is the first one.
Other than the address codes, personal wallet and account details are not available to the general public. According the anonymous Bitinfo Chart representative, billionaires distribute their coins into numerous wallets to ensure security.
The second obstacle in determining the exact number of crypto billionaires is the price fluctuations that is involved in the digital asset market. The huge downward shift in total market cap by almost 80 percent from the beginning of 2018, stands as an example. Thus, anyone who is investing in BTC and storing it in a wallet, would see those coin’s declining value as well. Similarly, when crypto goes through a massive bull run, the number of billionaires will increase accordingly.
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Well-known industry billionaires
Blockchain heavyweights – such as Winklevoss twins with Gemini’s GUSD keep a vast supply of BTC and their own tokens. Cameron and Tyler Winklevoss – the twins who own Gemini exchange – are two of the earliest crypto magnates. Together, they are worth about $1 billion. Their wealth depends on the demand as is reflected in terms of daily trading volume.
Chris Larsen, the co-founder of Ripple supposedly holds $8 billion worth of crypto.
The CEO of Binance, Changpeng Zhao, with his company’s rise to the top of the crypto exchange industry, pushed his wealth to $1.4 billion.
Coinbase’s Brian Armstrong, who has recently joined the ranks, has accumulated $1 billion through his company’s expansion.
Wu Jihan of Bitmain is also the owner of the largest mining equipment producer across the world, and has a net worth of $2.38 billion.
His partner, Micree Zhan who is Bitmain’s co-founder and co-CEO is richer though he probably prefers to stay a little out of the limelight. He owns 36.58 percent of the company, while Wu’s stake is 20.5 percent, which makes Zhan’s share worth at least $2.9 billion.
In terms of investors, Joseph Lubin, who is the co-founder of Ethereum, owns approximately $1.5 billion in cryptocurrency.
As the blockchain industry is plagued by many uncertainties, only a few individuals are truly a part of the crypto billionaires club. As to the most common way in which most of these people got rich was by creating top cryptocurrency systems and/or exchange platforms.
These notable names have a lot of influence in the market, and their business decisions can have widespread effects.
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