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Sam Bankman-Fried, Co-Founder and CEO of FTX. Photographer: Lam Yik / Bloomberg
2021 Bloomberg Finance LP
It’s life. Shortly after the price of Bitcoin hit $ 59,423 per coin at midnight on May 10, the value of the cryptocurrency began to drop dramatically, dropping 36% over the next nine days and pushing it down. the net worth of 12 crypto billionaires in the process. According to Forbes estimates, the dozen billionaires who built their fortunes in the cryptocurrency world lost $ 15.5 billion, as their collective net worth rose from $ 62.3 billion to $ 46.8 billion , Wednesday at 3 p.m. ET.
Bitcoin has seen a wild ride, with the cryptocurrency falling to $ 30,846 on Wednesday around 9 a.m. ET before rebounding to $ 38,083 at 3 p.m. ET. A year ago, Bitcoin was trading at around $ 9,700 per coin.
The biggest loser (in dollars) is Sam Bankman-Fried, the 29-year-old founder of quantitative crypto trading firm Alameda Research. Former Wall Street trader, Bankman-Fried was worth $ 16.7 billion at Bitcoin peak on May 10, but has now fallen to $ 11.5 billion as of Wednesday afternoon. One of the youngest self-made billionaires on the Forbes billionaire list, his net worth rose after he launched FTX, a crypto derivatives exchange, in 2019. The majority of his fortune comes from FTX equity and tokens; the value of FTX tokens has fallen 37% since May 10.
The Winklevoss twins also lost part of their fortune. Tyler and Cameron Winklevoss, the famous twin brothers who quarreled with Mark Zuckerberg over the creation of Facebook, have seen their net worth drop by $ 900 million each in the past nine days, down 24% to about $ 2.9 billion each. The twins used part of their $ 65 million Facebook dispute settlement to invest in Bitcoin as early as 2012 and launched the Gemini cryptocurrency exchange in 2014. The company now processes around $ 200 million per day in transactions. .
The biggest loser by percentage is Michael Saylor, a former dot-com billionaire who reinvented himself as a Bitcoin investor. Once a rocket scientist who went to MIT on an Air Force scholarship, Saylor revealed in October 2020 that he had bought 17,732 bitcoins for $ 175 million. Throughout 2020, he also led his business analysis software company MicroStrategy to invest in Bitcoin; he bought 70,784 bitcoins for $ 1.1 billion. He was worth $ 3.3 billion at the peak of Bitcoins, but his net worth has declined 45% in the past nine days to $ 1.8 billion.
Crypto Roller Coast also stripped billionaire status from a tycoon just weeks after crossing the threshold. Vitalik Buterin, the co-creator of the Ethereum blockchain platform, became a billionaire on May 3 when Ether hit nearly $ 3,300 per coin. He was worth $ 1.4 billion when Ether’s value surpassed $ 4,300 on May 12, but with the recent crash, Forbes estimates his current net worth at around $ 850 million.
However, all is not gloomy for the world’s crypto billionaires, who, despite the recent crash, are still richer than they were just a few months ago. These 12 tycoons are collectively worth about $ 46.8 billion, 25% more than $ 37.3 billion on March 5, when Forbes calculated the net values for the 2021 World Billionaire List, while the values of cryptocurrencies rose in the spring. Take Ripples XRP: Even after losing more than a quarter of its value on Wednesday, the price of its coins is still more than double what it was at the start of March. Additionally, Coinbase’s highly anticipated mid-April IPO has swelled the fortunes of co-founders Brian Armstrong and Fred Ehrsam, despite a recent drop in the share price.
Here are the world’s crypto billionaires and how they fared over the past nine days; net assets on May 19, 2021 are at 3 p.m. ET.
Sam Bankman-Fried
Main asset: FTX tokens
Net worth on 5/10: $ 16.7 billion
Net worth as of 05/19: $ 11.5 billion
Variation: -31%
Brian armstrong
Main asset: Coinbase share
Net worth on 10/5: $ 9.8 billion
Net worth on 5/19: $ 8.3 billion
Variation: -15%
Chris Larsen
Main asset: XRP
Net worth on 5/10: $ 6.9 billion
Net worth as of 05/19: $ 5.6 billion
Variation: -19%
Jed mccaleb
Main asset: XRP
Net worth on 10/5: $ 6 billion
Net worth as of 05/19: $ 4.4 billion
Variation: -27%
Tyler and Cameron Winklevoss
Main assets: Gemini, Bitcoin
Net worth on 5/10: $ 3.8 billion
Net worth as of 05/19: $ 2.9 billion
Variation: -24%
Fred ehrsam
Main asset: Coinbase share
Net worth on 5/10: $ 3.4 billion
Net worth as of 05/19: $ 2.9 billion
Variation: -27%
Michael saylor
Main assets: MicroStrategy action, Bitcoin
Net worth on 5/10: $ 3.3 billion
Net worth on 5/19: $ 1.8 billion
Variation: -45%
Matthew Roszak
Main asset: Bitcoin
Net worth on 5/10: $ 2.8 billion
Net worth as of 05/19: $ 1.7 billion
Variation: -39%
Barry silbert
Main strengths: Digital Currency Group
Net worth on 5/10: $ 2.1 billion
Net worth on 5/19: $ 1.8 billion
Variation: -14%
Changpeng Zhao
Main asset: Binance
Net worth on 5/10: $ 1.9 billion
Net worth as of 05/19: $ 1.9 billion
Change: 0%
Tim draper
Main asset: Bitcoin
Net worth on 5/10: $ 1.8 billion
Net worth on 5/19: $ 1.1 billion
Variation: -39%
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