Cryptocurrencies have given many people the chance to change their destiny. Binance founder and CEO Changpeng Zhao, FTX founder and CEO Sam Bankman-Fried, and Mike Novogratz are the most popular personalities who became multi-billionaires thanks to their timely investment in Bitcoin. However, the price of Bitcoin is rising at a rapid pace, making many crypto millionaires and billionaires.The fortunes of these billionaires are vanishing at an alarming rate amid the recent crypto market crash. The crypto market is experiencing its second winter as the bearish trend continues.
According to the Bloomberg Billionaires Index, seven billionaires with crypto fortunes were worth approximately $145 billion on November 9, 2021, when Bitcoin reached a new high of about $69,000. Amid the crypto bloodbath, these seven bitcoin-billionaires have lost a combined fortune of $114 billion since June 13.
According to the Bloomberg wealth index,
- Changpeng Zhao, the founder of Binance, has fallen by 89% to $10.2 billion. For US authorities, Binance has become the focal point for bringing the crypto industry under control.
Some climbing ahead. Not the first time, won’t be the last. We will get there.
— CZ 🔶 Binance (@cz_binance) June 13, 2022
- In total, Sam Bankman-Fried, CEO of crypto trading platform FTX, has lost 66% of his fortune amid the crypto crash.
- Mike Novogratz, CEO of Galaxy Investment Partners, said his fortune dropped to $2.1 billion on June 13.
- Cameron and Tyler Winklevoss‘ fortunes have dropped to $3 billion each, down from $5.9 billion each.
- Coinbase is the largest US crypto exchange. Founders Brian Armstrong and Fred Ehrsam were once worth a combined worth of $18.1 billion. Their fortunes have dropped to $2.1 billion as the company’s stock has dropped 79% since its initial public offering.
- Michael Saylor, CEO of MSTR, bitcoin investment has declined by 88% since the market crash. However, he remains optimistic about bitcoin. On June 13, he tweeted ‘In bitcoin, we trust’, showing his support for bitcoin even after losing the fortune.
In #Bitcoin We Trust.
— Michael Saylor⚡️ (@saylor) June 13, 2022
The global financial markets are in chaos as the Federal Reserve and other central banks have hiked interest rates in order to combat the greatest inflation in decades. The swift pace at which crypto has fallen in recent weeks has shocked many crypto experts. While there has been no sign of fractures in the larger US labour market so far, losses in digital assets have forced some crypto billionaires to downsize their workforce.
At the time of writing (11:39 am IST), Bitcoin (BTC) is trading at $22,765.97 with a 24-hour trading volume of $73,298,163,691. Bitcoin is down by 9.95% in the last 24 hours.
Read more:
- Skybridge Capital CEO stays bullish over Bitcoin and Ethereum amid current crypto bloodbath
- Massive crypto bloodbath forces top cryptocurrency holders to lose in billions
