Forbes report: The number of digital currency billionaires has decreased!

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Forbes latest List of the top 400 richest people in the world published In this list, the number of digital currency billionaires has increased from 7 people in 2021 to 4 people this year.

Several people from The richest cryptocurrency founders Billions of dollars have been lost in the bear market of 2022. The number of cryptocurrency billionaires on the Forbes Rich List has dropped from 7 in 2021 to 4 this year. The total wealth of the famous financiers of the cryptocurrency market has also increased from 55.1 billion dollars to 27.3 billion dollars.

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Decrease in the number of digital currency billionaires

Cryptocurrency billionaires are becoming a rare breed. Vitalik Buterin Vitalik Buterin, the creator of Ethereum, revealed in May that it is no longer a billion. A large number of digital currency market riches have lost their capital due to the bear market of 2022 or the crypto winter.

According to Forbes, the number of crypto billionaires in List of the top 400 richest people in the world It’s almost halved. After the collapse of the Terra blockchain in May, cryptocurrency reserves were hit hard. Bitcoin (BTC) has lost more than 70% since November 2021. At that time, the price of the largest cryptocurrency in the market was about 69 thousand dollars.

All important digital currencies of the market also experienced a price drop like Bitcoin. Ethereum (ETH), the market’s second-largest digital asset, is 75% off its all-time high. Solana (SOL), Cardano (ADA) and Binance Coin (BNB) are also all in the red. At the time of writing, the total value of cryptocurrency assets has risen from $3 trillion in November to $967 billion.

The cause of the cryptocurrency market crash is a combination of Tough macroeconomic conditions, Geopolitical tensions And Decisions of founders of digital currencies Are. The Bitcoin Fear and Greed Index currently shows “extreme fear”. This indicator examines the movement levels of the cryptocurrency market.

In June, the price of the market’s largest cryptocurrency reached less than $18,000. The sharp drop in the market caused a significant reduction in the capital of digital currency billionaires.

Who is the richest cryptocurrency billionaire?

According to Forbes, Sam Benkman Farid (Sam Bankman-Fried) with a net worth of 17.2 billion dollars is still considered the richest person in the field of digital currencies. He is ranked 41st in the Forbes 400 list.

Forbes report: The number of digital currency billionaires has decreased!
Sam Benkman Farid

This 30-year-old business of mine has made great strides this year. He donated $16 million to super PACs in April. Bankman also plans to support Democrats during the next US presidential election. He will donate 100 million to 1 billion dollars to Democratic campaigns.

Bankman-Fried has become one of the most prominent cryptocurrency billionaires in recent years. In June, he lent about $400 million to BlockFi via FTX. He also gave a $500 million loan to the bankrupt Voyager Digital through one of his companies, Alameda Research.

Read more: The best exchange to buy Bitcoin

Ripple and SEC legal conflict

Chris Larsen, co-founder and president of crypto payments company Ripple Labs, saw his fortune drop from $6 billion to $2.8 billion during the crypto winter. The 62-year-old’s net worth has plummeted after native token XRP (Ripple) plunged 75 percent since last year.

Ripple has long been embroiled in a long-running legal battle with the US Securities and Exchange Commission. The price of Ripple has increased by more than 30% in the past two weeks and reached $0.4595.

Larsen remained at No. 380 on the Forbes Rich List. The well-known CEO and investor has declined to comment publicly on the SEC’s complaint against Ripple.

Meet the rich people of the cryptocurrency market

Another one of the most famous digital currency billionaires Gary Wang (Gary Wang) is considered. He is the founder of Alameda Research Company and FTX. The net worth of this 29-year-old engineer is estimated at 4.6 billion dollars. Wang is ranked 227th in the Forbes list of the top 400 richest people. Wang owns 16% of FTX shares. He is currently the Chief Technology Officer of FTX.

Brian Armstrong 39-year-old Brian Armstrong and Coinbase Global founder Fred Ehrsam are among the other digital currency billionaires. They initially had $15 billion in capital, but after the market crash, their capital reached $2.7 billion and then $1.1 billion. Shares of Coinbase Global have fallen 80% since their initial public offering in April of last year.

Armstrong is currently ranked 388th on the Forbes list of richest people. Last year, Armstrong’s assets were worth $11.5 billion. Ahrsam, who left Coinbase in 2017, was also dropped from the Forbes Rich List after his assets plummeted.

Force adjustment of crypto exchanges

The bearish market has hurt Coinbase, the largest cryptocurrency exchange in the United States. Coinbase’s trading volume in the third quarter of 2021 has almost halved compared to the following quarter. Cryptocurrency exchanges make their major revenue through transaction fees.

In June, Coinbase laid off about 18% of its employees due to a possible economic downturn. Armstrong pointed out in this regard:

Coinbase’s staff costs are too high to effectively manage this uncertain market. The actions we are taking today will allow us to more confidently manage this period, even if it becomes extremely long.

Cameron and Tyler Winklevoss are among the other digital currency billionaires who saw the value of their assets fall. The property of these two people has increased from 4.3 billion dollars to 2.2 billion dollars. These 40-year-old founder twins Gemini digital currency exchange are. Gemini founders are both off the Forbes Rich List. Gemini announced in June that it was laying off about 10 percent of its employees due to poor market conditions.

Read more: The best software wallets of 2022

The optimism of billionaires about the future of the cryptocurrency market

There are currently several billionaire cryptocurrency tycoons who are not on the Forbes Rich List. Among these billionaires are: Chang Peng Zhao (CZ) from Binance, Mike Novogratz (Mike Novogratz) from Fortress Investment Group mentioned. These people also lost billions of dollars of their capital during the crypto winter.

in spite of The sharp fall of digital currencies, crypto winter is not a rare situation; For this reason, many crypto fanatics claim that all events are temporary and things will get better in the future. Vitalik Buterin, the founder of Ethereum, has stated in the past that he welcomes the low price of digital currencies. He told Bloomberg News in February:

Bear markets are welcomed by people who are deeply interested in digital currencies and in particular its construction.

Coinbase founder and board member Fred Ehrsam tweeted: “One thing most people don’t fully understand is that it takes years to turn a new technology into a vibrant ecosystem at the infrastructure level. ” The Winklevoss twins have also made long-term investments in the cryptocurrency market. “It’s all about taking a long-term view and holding onto the market,” Cameron Winklevoss tweeted in May.

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What do you think about the decrease in the number of cryptocurrency billionaires this year? Please leave your comments in the comments section duplicate share it.

Source: beincrypto

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