Forbes’ Ranking Of The Richest People In Cryptocurrency Reveals The Top 10 Are Worth Billions
Forbes just released a new list ranking the richest people in cryptocurrency and the combined worth of the top 10 people on their list is in the billions. As in, somewhere in the range of $15 billion to over $18 billion. Well, at least that was what they were worth when Forbes created the list. Now, they might only be worth several hundred millions of dollars after recent events. Bummer.
Still, they’re very, very rich. Or virtually very rich, since what they own is hundreds of millions of dollars worth of virtual currency.
Cryptocurrency, while gaining more and more steam in mainstream markets, is still looked down upon by many in the financial world. Folks like Warren Buffet, the original “Wolf of Wall Street” Jordan Belfort, and the founder of Bitcoin.com have all said it is destined to fail, with Belfort even going so far as to say it’s “far worse than anything” he did.
Economist Nouriel Roubini called it “the mother of all bubbles.” Famed investor Carl Icahn said he “wouldn’t touch that stuff.” Buffett said “the idea that it has some huge intrinsic value is just a joke in my view.” Jamie Dimon, the CEO of JPMorgan Chase, agreed, “You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.” And on and on it goes.
Yet here we are, with Forbes thinking enough of this virtual money to create their first list and ranking of the richest people in cryptocurrency. Not that it was easy.
Identifying the biggest crypto winners and estimating the scale of their wealth is no simple task. The virtual currencies exist almost entirely outside the global financial system, and the newly minted crypto rich live in a strange milieu that blends paranoid secrecy with ostentatious display. Take CZ’s Binance exchange. It has no real headquarters: Employees are scattered across several countries, and CZ himself seems to change locales the way others change clothes. “We dont want to be in one place right now because of regulatory uncertainty,” says CZ. Last we heard, CZ and his trademark black hoodie had just popped up in Taiwan.