The 5 Richest People in Crypto – Forbes’ Billionaires List
The crypto winter is over. Bitcoin has experienced significant growth over the past year, reaching an all-time high of $73,000 in March after the US legalized Bitcoin pegged exchange-traded funds. The total value of all outstanding cryptocurrencies has increased by 170%, adding approximately $1.6 trillion in market value over the past 12 months, according to CoinGecko.
The Growth of Crypto Billionaires
In this booming industry, there are individuals who have amassed enormous wealth. Forbes has compiled a list of the five richest people in the crypto world, based on their estimated crypto asset holdings, publicly disclosed stock holdings, and private assets. Collectively, these 17 investors and entrepreneurs are worth a staggering $93 billion.
Number 5: Paulo Ordone
Paulo Ordone serves as the CEO of Tether and owns an estimated 20% of the company. He initially joined Tether’s sister company, Bitfinex, as a senior software developer in 2014. Tether is one of the largest issuers of stable coins, which are cryptocurrencies pegged to the US dollar or other hard currencies.
Number 4: Michael Saylor
Michael Saylor is the biggest gainer in terms of percentage on this year’s Forbes billionaires list. He is the CEO of MicroStrategy, a software firm that he founded in the 1990s and later transformed into a Bitcoin investment vehicle. MicroStrategy now holds approximately 193,000 Bitcoins, making it the largest corporate holder of Bitcoin in the world. Saylor also personally owns 17,732 Bitcoins, which he purchased at an average price of $9,888 per coin.
Number 3: John Carlo Deini
John Carlo Deini is the CFO of Tether and the largest individual shareholder of the company. Tether has generated significant profits from the interest it earns on customers’ collateral, amounting to $6.2 billion in profit last year. Deini owns an estimated 47% stake in Tether, which Forbes has valued based on the average price-to-earnings multiples of publicly traded mid-tier banks and asset managers.
Number 2: Brian Armstrong
Brian Armstrong is the co-founder of Coinbase, one of the most popular crypto exchanges in the world. He holds an 18% stake in the company, making him its largest individual shareholder. Coinbase’s stock has experienced substantial growth, with a 50% increase year-to-date and a threefold increase since last year. The company generated $2.9 billion in revenue last year and returned to profitability, recording a net income of $100 million.
Number 1: Shang Pang Xiao (CZ)
Shang Pang Xiao, also known as CZ, holds the top spot on the Forbes billionaires list in the crypto industry. He agreed to pay $200 million in fines last year to settle federal money laundering charges and stepped down as the CEO of Binance, the largest crypto exchange in the world by trading volume. Despite these legal issues, CZ’s stake in Binance, estimated to be 90%, is valued at around $32.5 billion.
Conclusion
The crypto industry has produced a new generation of billionaires who have profited immensely from the surging popularity of cryptocurrencies. These individuals have accumulated vast wealth through their extensive holdings and investments in the crypto market. As the industry continues to evolve, it will be interesting to see how the fortunes of these crypto billionaires develop.
