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August 9, 2022
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Bitcoin rally created nine new billionaires

Michael Saylor and Sam Bankman-Fried are among the figures in the cryptocurrency industry who joined the Forbes list of billionaires in the world after the Bitcoin bull run.

While the Bitcoin and cryptocurrency market remains bullish, nine new representatives from the crypto industry joined Forbes’ 35th Annual List of World Billionaires, the media company revealed yesterday.

Sam Bankman-Fried and Michael Saylor are among the newcomers to the billionaire list, while Binance CEO Changpeng “CZ” Zhao returns to the list after leaving it during the Bitcoin bear market.

According to the list, Bankman-Fried, CEO of the crypto derivative exchange FTX, is the richest of the crypto billionaires, with a fortune of $ 8.7 billion. Coinbase CEO Brian Armstrong, who saw his fortune rise from $ 1 billion last year to $ 6.5 billion today, ranks second. However, he may not have to settle for a silver medal for long. Armstrong’s 2.8 million Class A shares in Coinbase could see its net worth increase substantially as a result of the crypto exchange’s imminent direct listing.

However, other vehicles dispute the Forbes classification. In March, China’s Hurun Research Institute similarly ranked Armstrong and Fried as the first and second richest in the cryptocurrency industry, respectively, but valued Armstrong’s net worth at $ 11.5 billion and Fried in US $ 10 billion.

Ripple co-founder Chris Larsen, who is currently involved in a $ 1.3 billion legal battle with the United States Securities and Exchange Commission alongside the company’s CEO, Brad Garlinghouse, is third on the Forbes list , with a net worth of US $ 3.4 billion. Jed McCaleb, also a co-founder of Ripple, entered the list for the first time this year with a fortune of $ 2 billion.

Other newcomers include the famous twin investors Cameron and Tyler Winklevoss. After investing the money they received from the Facebook process in Bitcoin in 2021, their net worth soared to $ 3 billion each year, placing them in sixth place among crypto billionaires.

The list of crypto billionaires is completed by MicroStrategy CEO Michael Saylor ($ 2.3 billion), initial Bitcoin investor Matthew Roszak ($ ​​1.5 billion), venture capitalist Tim Draper ($ 1.5 billion) billion), Coinbase co-founder Fred Ehrsam ($ 1.9 billion), Binance Changpeng Zhao’s CEO ($ 1.9 billion, the only “returnee” on the list) and Digital Currency Group CEO, Barry Silbert ( US $ 1.6 billion).

Source: Decrypt

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