Counting the Bitcoin billionaires' success stories, revealing the new wealth code

CN
1 year ago

In the real-time Forbes billionaire rankings, 15 billionaires' wealth mainly comes from the cryptocurrency field.

Written by: Daniel Phillips & Ali Shutler

Translated by: BitpushNews Yanan

Many early Bitcoin investors have now become billionaires, ranking among the richest people in the world. However, compared to the enormous wealth that Satoshi Nakamoto may have, their assets may seem insignificant.

The rapid rise of Bitcoin and the entire cryptocurrency industry has created a number of early investors who have leaped into the ranks of billionaires.

After the surge in Bitcoin prices at the end of 2020, the Winklevoss brothers once again joined the ranks of Bitcoin billionaires.

However, the wealth of Bitcoin's founder, Satoshi Nakamoto, is even more astonishing, estimated to be as high as $40 billion, which is beyond reach.

Since Bitcoin led the cryptocurrency revolution in 2009, the development of this field has been rapid. Although some early users once used Bitcoin to buy pizza, cryptocurrency has become a synonym for wealth in most cases.

As of June 2024, there are 15 billionaires whose wealth mainly comes from the cryptocurrency field in the real-time Forbes billionaire rankings, a significant increase from 9 in 2023. However, it is worth noting that at the beginning of 2024, there were 17 cryptocurrency billionaires on the list, which fully demonstrates the volatility of the cryptocurrency market.

At the time of this report's release, Bitcoin's market value has soared to a staggering $1.3 trillion, accounting for half of the global cryptocurrency market's total value of $2.6 trillion. Looking back over the past year, the cryptocurrency market has experienced a spectacular growth, with the overall market value soaring by 134%, which is remarkable. As of June 2024, the circulation of Bitcoin has reached nearly 19.7 million, accounting for 94% of its upper limit of 21 million, demonstrating Bitcoin's strong market performance.

In this cryptocurrency feast, early investors play a pivotal role. Many of them have keenly captured the pulse of the market, reinvesting profits into the cryptocurrency field, thus achieving astonishing leaps in wealth, from millionaires to billionaires. However, some investors choose to remain low-key, preferring to quietly enjoy the fruits of this capital feast rather than show off in the spotlight.

According to authoritative data from BitInfoCharts, the assets of 56 Bitcoin wallets have surpassed the $1 billion mark. However, upon closer analysis of this data, we found that the holders of these enormous wealth are not all individual investors, with the presence of companies or enterprises.

In addition, several cryptocurrency whales choose to remain anonymous, some of whom have never even touched their enormous Bitcoin assets. This inevitably raises the question of whether they have lost their private keys.

Reports show that holding Bitcoin can significantly improve portfolio performance. Therefore, it is not difficult to speculate that many billionaires may have already ventured into Bitcoin investments. However, in this list, we focus on taking stock of those major players who have accumulated wealth mainly through Bitcoin and revealing how they have emerged in the cryptocurrency boom and ultimately reached the pinnacle of wealth.

Tim Draper (Net worth $2 billion)

Tim Draper, a prominent figure in the Silicon Valley venture capital industry, accumulated his wealth mainly through precise traditional investments. However, in 2014, he made a big purchase of nearly 30,000 bitcoins seized from the "Silk Road" dark web at a price of $630 per coin, which brought him to fame. In the same year, he boldly predicted that Bitcoin would break through the $10,000 mark within three years, a prediction that came true just a month later.

Although his prediction that Bitcoin would reach $250,000 by the end of 2022 did not come true, it did not diminish his enthusiasm for the crypto market. In April 2024, he made another astonishing statement: "From $250,000 to $10 million, there is no limit to Bitcoin."

In addition, Draper has a strong interest in the field of blockchain and smart contracts, and has invested in numerous related companies. In order to further explore the potential of the cryptocurrency market, he founded the venture studio Draper Goren Blockchain (DGB) in September 2023, focusing on this field.

Michael Novogratz (Net worth $2.5 billion)

Novogratz began his career at Goldman Sachs in 1989 and has since become a regular on the billionaire list. However, in 2013, he encountered a situation where his wealth shrank by two-thirds. It was in the same year that he began to invest in Bitcoin.

Since then, he has been involved in the crypto market, making extensive investments in startups and various tokens, and has created the digital asset and blockchain company Galaxy.

However, his path in crypto investments has not been smooth. He had high expectations for the token Luna associated with the algorithmic stablecoin TerraUSD, but the market crash in 2022 dealt him a significant blow. This turmoil may have been a significant factor in the substantial reduction of his net worth from $4.8 billion in 2021 to the current $2.5 billion. Nevertheless, Novogratz's confidence and enthusiasm for the crypto market remain unshaken. In June 2024, he confidently predicted that Bitcoin is likely to break through the $100,000 mark by the end of the year.

Winklevoss Brothers (Net worth $2.7 billion)

You may be familiar with Cameron Winklevoss and his twin brother Tyler's accusation against Mark Zuckerberg for stealing their idea of creating Facebook, but you may not know that they have embarked on a new chapter as cryptocurrency evangelists after "The Social Network."

The two brothers co-founded the cryptocurrency exchange Gemini. However, after the cryptocurrency market suffered a severe blow in 2022, Gemini faced difficulties due to the bankruptcy of the cryptocurrency lending company Genesi.

Nevertheless, they still hold about 70,000 bitcoins, assets that are enough to make them billionaires. They used some of the funds to invest $4.5 million in the ninth-tier American football club Royal Bedford.

Jed McCaleb (Net worth $2.9 billion)

Shortly after the birth of Bitcoin, inspired by his creation of a trading market for "Magic: The Gathering" users, McCaleb created the first Bitcoin exchange, Mt.Gox. In February 2011, he sold this startup exchange at an undisclosed price to a developer capable of leading it to new heights, while he himself retained a minority stake in the company.

However, in the following years, Mt.Gox suffered successive hacker attacks and was eventually forced to close in 2014, despite being responsible for processing up to 70% of Bitcoin transactions at the time.

It is worth mentioning that during the operation of Mt.Gox, McCaleb did not stop. In 2011, he founded the Ripple cryptocurrency network and in 2014, he co-founded the Stellar cryptocurrency network with others.

Matthew Roszak (Net worth $3.1 billion)

Matthew Roszak, co-founder of the blockchain infrastructure provider Bloq, is a pioneer in the cryptocurrency field. He acquired his first Bitcoin in 2012 and praised it as "one of the greatest technological, financial, industrial, and humanitarian innovations of our time." He has since invested in over 20 Bitcoin startups, including BitFury and BitGo, demonstrating his keen business insight. Additionally, Roszak advocated for giving each member of Congress $50 in digital assets, despite mixed feedback, making a positive attempt to promote the widespread use of cryptocurrency.

Jean-Louise van der Velde (Net worth $3.9 billion)

After years of deep cultivation in the tech industry, Jean-Louis van der Velde co-founded the cryptocurrency exchange Bitfinex in 2013, which is still considered one of the longest-running and most liquid major exchanges. In addition, he also served as the CEO of the stablecoin issuer Tether until 2023. It is rumored that he still holds about 20% of Tether's shares.

Paolo Ardoino (Net worth $3.9 billion)

After van der Velde's departure, Ardoino took over as the CEO of Tether and became the company's new public face. He started his career as a programmer and joined Bitfinex as a senior software developer in 2014. As Tether rose to become a top cryptocurrency stablecoin issuer, he also became involved in Tether's operations. Last year, the company's interest income reached as high as $6.2 billion, and as a major shareholder with a 20% stake, Ardoino also received significant returns.

Michael Saylor (Net worth $4.8 billion)

Saylor is a staunch supporter of Bitcoin, vividly likening cryptocurrency to "a swarm of network hornets serving the goddess of wisdom," leaving a deep impression. He has long been a strong supporter of Bitcoin, although his recent attitude towards Ethereum seems to have changed.

In 1989, he co-founded the software company MicroStrategy. Subsequently, the company made large purchases of Bitcoin as part of its corporate treasury assets. As of March 2024, MicroStrategy's holdings of Bitcoin were reported to be worth $13 billion, and Saylor himself holds over $1.2 billion in cryptocurrency. It is worth mentioning that he revealed in 2020 that he holds 17,732 bitcoins.

Giancarlo Devasini (Net worth $9.2 billion)

Giancarlo Devasini serves as the Chief Financial Officer of the stablecoin issuer Tether and is said to hold 47% of the company's shares. Tether is the third largest cryptocurrency by market capitalization, having issued over 100 billion Tether tokens. At the same time, the company is also one of the largest holders of Bitcoin in the world, with its holdings of Bitcoin valued at over $5 billion.

Brian Armstrong (Net worth $10.9 billion)

Brian Armstrong, a former software engineer at Airbnb, co-founded the cryptocurrency exchange Coinbase in San Francisco in 2012. Coinbase is a leading cryptocurrency exchange in the United States, and he currently holds about 19% of the company's shares. Coinbase successfully went public in 2021 with a valuation of up to $100 billion, but as of June 2024, its valuation has fallen to about $62.6 billion. Nevertheless, the exchange achieved a profit of $273.4 million in the fourth quarter of 2023. In February of this year, Armstrong sold 2% of his shares in Coinbase, cashing out $53.2 million, and then invested this money in some cutting-edge startups, including his life extension company NewLimit.

Changpeng Zhao (Net worth $33 billion)

It is reported that Binance, the world's largest cryptocurrency exchange, is controlled by its founder Changpeng Zhao (CZ), who holds 90% of the company's shares. Binance was founded in 2017 and quickly raised $15 million through an initial coin offering (ICO) (although this figure has been controversial). Since then, the company's development has been increasingly strong. By 2023, the exchange had dominated centralized cryptocurrency spot trading. However, in the same year, CZ encountered setbacks and was forced to pay a $4.3 billion fine to settle with the U.S. government. CZ also resigned as CEO after admitting to money laundering and was sentenced to four months in prison, effective from June 2024. He will become the "richest" person in American prisons.

Satoshi Nakamoto (Net worth $76.67 billion)

The mysterious founder of Bitcoin, known as Satoshi Nakamoto, has not appeared in public since the release of the white paper titled "Bitcoin: A Peer-To-Peer Electronic Cash System" on October 31, 2008. The white paper detailed his unique insights into blockchain-based digital currency. Since then, Bitcoin has dominated the rapidly growing cryptocurrency industry, but the true identity of Satoshi Nakamoto remains a mystery.

It is worth mentioning that Satoshi Nakamoto still holds about 1.1 million bitcoins and has never made any transactions. These bitcoins are like a drop in the ocean, and are widely believed to have been lost. However, if these bitcoins were to flow out of Satoshi Nakamoto's wallet one day, it would undoubtedly cause a huge stir and serve as strong evidence that the mysterious creator of Bitcoin is still alive.

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