The richest people in cryptocurrency; Forbes magazine releases list
Forbes magazine has released the first-ever "Crypto Rich List," a compilation of the 20 wealthiest people in the crypto world. The list is topped by Ripple co-founder Chris Larsen, with an estimated crypto net worth of $7.5 to 8 billion — the values were estimated based on the price as of January 19.
According to Forbes, the numbers are based on estimated holdings of cryptocurrencies (a few provided proof), post-tax profits from trading assets and stakes in crypto-related businesses.
"Identifying the biggest crypto winners and estimating the scale of their wealth is no simple task," says Forbes staff writer Jeff Kauflin.
Animal vs Sam Bahadur Box Office Collection Day 9: Animal crosses Rs 600 crore club, beats Sam Bahadur | Check day-wise collection
Post Office Time Deposit Scheme: Interest up to 7.5%, guaranteed returns, fixed income, preclosure rules, other benefits
India vs South Africa 1st T20I Free Live Streaming: When and Where to watch IND VS SA T20I series Match LIVE on Mobile Apps, TV, Laptop, Online
NPS (National Pension System): How to create a corpus of Rs 5 crore with Rs 442 investment/day? After retirement, you will get Rs 2.5 lakh every month
Animal Box Office Collection: Ranbir Kapoor-starrer touches Rs 600 crore mark worldwide | Check OTT release details
Vehicle Insurance Policy: If your car drowns during flood or storm, can you claim insurance? Know rules
"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."
Former Goldman Sachs executive Joseph Lubin, who funded blockchain platform Ethereum, is the second-richest, with an estimated net worth of $1 to $5 billion.
The report says, CZ (born Changpeng Zhao) cut his teeth making high-frequency trading systems for Wall Street's flash boys, and he built Binance to be a Ferrari. His exchange can process a blazing 1. 4 million transactions a second and on a peak trading day in January processed 3.5 billion new orders, cancels and trades.
As per Forbes report, there are now nearly 1,500 crypto-assets in existence, valued at an aggregate of $550 billion, up 31 times since the beginning of 2017. While the prices of individual cryptocoins continue to swing wildly—Bitcoin is down almost 50% from its peak—it's clear that blockchain-based currency is here to stay and that these virtual assets have real, albeit volatile and speculative, value. Black-market transactions, tax avoidance by individuals and sanctions-dodging by countries like North Korea fuel part of the demand, but so does a widespread excitement over the technology and an ideological desire for money to be free from the whimsies of nation-states.