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The cryptocurrency market has seven billionaires on the list of the 2021 Forbes 400

According to the 2021 Forbes 400 list, six new crypto billionaires have just made it to the top, and they are the ones who built their fortune in the world of cryptocurrencies. The most prominent one is the 29-year-old CEO of crypto derivatives exchange FTX, Sam Bankman-Fried, with a net worth of $22.5 billion.

Six new crypto billionaires join the 2021 Forbes 400

The crypto septet on this year’s Forbes 400 list is collectively worth an estimated $55.1 billion. And nearly half of that $22.5 billion treasure belongs to Sam Bankman-Fried. In two years, Bankman-Fried built one of the largest trading platforms in the industry, handling $13.8 billion in daily volume. As a testament to its success, in July, FTX closed a $900 million Series B fundraiser, crypto’s most significant venture round to date, at a valuation of 18 billion dollars.

  • Sam Bankman-Fried

Total property value is $22.5 billion in net, and he is the newcomer. Crypto’s richest billionaire saw his fortune nearly double with FTX’s $900 million deal closure. The majority of his wealth is tied up in FTX’s equity and tokens (FTT).

the-cryptocurrency-market-has-seven-billionaires-on-the-list-of-the-2021-forbes-400

Crypto billionaire Sam Bankman-Fried

Other first-timers include Coinbase CEO Brian Armstrong, whose exchange made its public markets debut in April with the most significant direct listing in history ($86 billion), Cameron and Tyler Winklevoss, owners of Coinbase competitor Gemini, Coinbase co-founder Fred Ehrsam, and Jed McCaleb, co-founder of Ripple.

  • Brian Armstrong

Total property value is $11.5 billion in net, and he is the newcomer after Sam. He is known as the CEO and co-founder of Coinbase. the-cryptocurrency-market-has-seven-billionaires-on-the-list-of-the-2021-forbes-400

Brian Armstrong

The exchange has steadily grown his wealth after taking the company through a watershed public debut in April. Armstrong owns an estimated 19% in Coinbase.

  • Cameron Winklevoss and Tyler Winklevoss

Net worth: $4.3 billion each. That means both brothers will have $8.6 billion in total property value.

Cameron Winklevoss and Tyler Winklevoss

In April, the twin founders of cryptocurrency exchange Gemini graced the magazine cover of Forbes 2021 World’s Billionaires issue, sold as a non-fungible token. Titled “Merchants of the Metaverse,” it fetched $333,333 in an auction on their digital art platform Nifty Gateway.

  • Fred Ehrsam

Ehrsam co-founded Coinbase with Armstrong in 2012. He left the company in 2017 but remained a board member and led the crypto-focused investment firm Paradigm. Now he has $3.5 billion.

coinbase

Fred Ehrsam

  • Jed McCaleb

Although he is a newcomer, everyone is familiar with his name. McCaleb was an early pioneer in the blockchain space who helped launch three well-known crypto firms, including Ripple and the first major bitcoin exchange, Mt. Gox, which he sold before it got famously hacked. Most of McCaleb’s wealth comes from his XRP stake as a Ripple co-founder. And perhaps the Ripple transfers to McCaleb put him on the list of crypto billionaires.

Joining the seven above in the 2021 Forbes 400 is Chris Larsen, another Ripple co-founder. He appeared on the list last year with a net worth of $2.7 billion. Today, his fortune is estimated at $6 billion.

the-cryptocurrency-market-has-seven-billionaires-on-the-list-of-the-2021-forbes-400

Jed McCaleb and Chris Larsen

The increase in the number of crypto billionaires shows that crypto prices are constantly hitting new records. Since the release of last year’s list in September 2020, the price of Bitcoin has surged from $10,128 to $50,078. ETH has risen nearly a 1,000%, and crypto’s total market cap crossed $1 trillion for the first time to peak at $2.4 trillion in May.

Even so, the volatile nature of the cryptocurrency, which has seen Bitcoin price rise from $29,000 to $64,000 and $64,000 back to lows within hours, is undeniable.

Also, as the industry grows and matures, regulators worldwide are paying more attention to space. While often branded FUD in the crypto community, they tend to move the market downward and are generally the bulk of the stock wealth accumulated by the most frugal.

However, one thing is clear: the burgeoning economy is producing billionaires at breakneck speed.

At the time of writing, BTC is changing hands at $50,592.

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