These are the 5 billionaires of the world's Bitcoin cryptocurrency
ScienceLovers - Bitcoin is a digital asset and payment system with a market cap of approximately US$913.1 billion as of December 2021. Bitcoin is considered by many to be one of the most successful digital currencies ever created.
The first bitcoin exchange-traded fund (ETF) launched in October 2021, propelling the cryptocurrency to new all-time highs.
Citing the investopedia.com page, the rise in Bitcoin's stratosphere since 2009 has created a surprising and diverse set of millionaires.
This millionaire has made money creating products to grow the fledgling Bitcoin ecosystem.
For example, some of them have created exchanges to trade cryptocurrencies and their derivatives.
Others have used it to create financial products and tokens that have scored millions.
Their products and services have benefited from the surge in popularity and price of Bitcoin.
Launched in 2009, Bitcoin was the first cryptocurrency and remains the most successful blockchain-based cryptocurrency in the world.
Bitcoin price is very volatile, from under US$ 10 in 2010 to under US$ 60,000 in early 2021.
Most of the top Bitcoin billionaires got rich creating products and services to grow the cryptocurrency ecosystem.
This overall price increase has also created Bitcoin billionaires.
They are early adopters who recognize lucrative opportunities and start collecting or mining in the early days and survive.
Who are they? These are the 5 millionaires of the Bitcoin cryptocurrency as reported by investopedia.com:
1. Sam Bankman-Fried
Sam Bankman-Fried's ascent to crypto billionaire status was fairly quick. The 29-year-old MIT graduate founded FTX, one of the world's most popular crypto exchanges, in 2019 and is estimated to be worth $8.7 billion in April 2021 by Forbes.
FTX distinguishes itself from other companies by offering a lineup of innovative products that are not available on other exchanges. This mix includes advanced derivatives, digital tokens from physical stocks, and pre-IPO contracts.
Bankman-Fried made headlines when he made a donation of more than $5 million to US President Joe Biden's 2020 campaign.
2. Tyler and Cameron Winklevoss
Tyler and Cameron Winklevoss are betting the millions they earned from their lawsuit against Facebook into cryptocurrencies.
They became the first billionaires in the crypto ecosystem after the Bitcoin price spike in late 2017.
Forbes estimates their net worth at $3 billion each.
While most of their estimated wealth comes from investing in cryptocurrencies, the Winklevoss twins are also entrepreneurs who started the Gemini cryptocurrency exchange.
The exchange is worth $7.1 billion following a $400 million November 2021 fundraiser.
They also own the Nifty Gateway, a platform for buying and selling non-fungible tokens (NFT).
3. Barry Silbert
Barry Silbert is the CEO and founder of the Digital Currency Group (DCG). Forbes lists his net worth at $1.6 billion.
The company's mission is to accelerate the development of the global financial system.
It does this by building and supporting Bitcoin and blockchain companies.
Through DCG, Silbert has expanded its reach across various industries.
One of them is the media. In January 2016, Digital Currency Group acquired CoinDesk, a major source of Bitcoin news, which runs the annual Bitcoin industry conference, Consensus.
The Silbert company also owns Genesis, a trading and marketplace company focused on digital currencies, and Grayscale, a company focused on digital currency investing.
Silbert also started the Bitcoin Investment Trust (GBTC), an ETF that tracks the price of Bitcoin.
The total amount of assets under management (AUM) for Grayscale jumped to more than $20 billion during the pandemic. Analysts at JPMorgan even say that trust ownership is the key to determining Bitcoin's price.
Silbert has invested in over 100 Bitcoin and blockchain-related companies, earning himself the enviable nickname “The King of Crypto”.
4. Brian Armstrong
Brian Armstrong is the founder of Coinbase, the largest cryptocurrency exchange in North America by trading volume.
He co-founded the exchange in 2012 after quitting his job as a software engineer at Airbnb.
Armstrong owns a 19% stake in Coinbase which is estimated to be worth US$10.9 billion by Forbes as of December 2021.
In the Bloomberg billionaire index, Armstrong's net worth was $10.2 billion in the same time period.
Due to its easy-to-use interface and credibility, Coinbase is considered a gateway for retail investors to join the crypto ecosystem.
Armstrong said he started Coinbase because he wanted the world to have an "open global financial system that fosters innovation and freedom."
5. Michael Saylor
Bitcoin has attracted many unconventional investors over the years. However, no one has as much passion and enthusiasm as Michael Saylor, CEO of software company MicroStrategy Incorporated (MSTR).
The company started acquiring cryptocurrencies in August 2020 taking $250 million worth of Bitcoin.
At the time, the company said it was buying cryptocurrencies to better take advantage of its cash holdings on its balance sheet.
Over time, Saylor has become a major supporter of Bitcoin. By December 2021, MicroStrategy had increased its holdings in Bitcoin to $3.5 billion.
MicroStrategy's share price has skyrocketed more than 337% (as of December 2021) since announcing the acquisition of Bitcoin.
Meanwhile, Forbes estimates Saylor's net worth to be $2.3 billion as a result of her bets on Bitcoin.
