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The fortunes of crypto-billionaires are falling as fast as they are
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Economy News-Baghdad
One built a fortune that rivaled the richest tech giants in the United States, another mobilized a war fund that swore to change politics and philanthropy, and others got a second chance to get rich after their previous ventures faded .
The crypto-craze has turned Shang Bing Zhao, Sam Bankman, Fried, Mike Novogratz and a host of other digital asset advocates into billionaires multiple times. But once they became the new faces of global wealth, their fortunes are now fading at an astonishing rate .
Their combined wealth reached $145 billion on November 9, when bitcoin hit a record high of nearly $69,000, and seven crypto-related net worth individuals have since lost a total of $114 billion, according to the Bloomberg Billionaires Index .
Many other people who have bet big on Bitcoin, from Michael Saylor, CEO of Microstrategy to El Salvador President Neb Bukele, were upset when the price of the world's largest digital token fell below $23,000 on Monday. This is the lowest level since December 2020 .
Cryptocurrencies were once considered to herald the start of a new era of decentralized finance, only to have two notable internal collapses in a matter of weeks .
Celsius , one of the largest crypto-lending platforms, announced last Sunday that it has frozen all transactions on its network after speculation that it will not be able to meet promised returns on some of its products .
This came after the collapse in May of the so-called “ Stablecoin TerraUSD” and its token “Luna ” (Luna) , which was immortalized as a tattoo on the left arm of Novogratz, founder of Galaxy Digital Holdings Ltd. .).
At a time when global markets are in turmoil as the Federal Reserve and other central banks plan to aggressively raise interest rates to combat the highest rate of inflation in decades, the speed with which cryptocurrencies have fallen in recent weeks is underlined .
Although there is little evidence of cracks in the broader US labor market thus far, losses in digital assets have led some crypto billionaires to cut jobs .
Zhao, founder of Binance , the world's largest cryptocurrency exchange, said his company has a "very healthy war fund" and is expanding hiring .
However, the 44-year-old's personal wealth, once ranked 11th in the world, has fallen 89% to $10.2 billion since he first joined the Bloomberg Wealth Index in January. His company has also become a focal point for US investigators seeking to rein in the crypto industry .
Bankman-Fried, the 30-year-old CEO of cryptocurrency trading platform FTX, has fallen 66% since it peaked at $26 billion . That could impair his plans to donate his money and focus too much on politics. He pumped $16 million into super PACs in April, making him one of the largest donors to outside groups, and said he expects to give more than $100 million during the upcoming presidential election to support Democrats .
Novogratz, 57, whose total fund at Fortress Investment Group was liquidated in 2015 after two years of losses, bet on his return to cryptocurrency, recently calling Terra a "big idea that failed." ".
His fortune fell on Monday to $2.1 billion, less than it was when he first appeared on the Bloomberg Billionaires Index in December 2020, when Bitcoin was trading at about $29,000 .
Meanwhile, Cameron and Tyler Winklevoss' fortunes have fallen to $3 billion each, from $5.9 billion each. The 40-year-old twin founders of cryptocurrency company Gemini , which announced this month that it will cut about 10% of its workforce, are currently on tour with their rock band Mars Junction .
Coinbase Global Inc. , the largest US crypto exchange, has canceled job offers as cryptocurrency prices continue to drop . Founders Brian Armstrong, 39, and Fred Ehrsam, 34, have their combined fortunes down by $18.1 billion, bringing their fortunes to $2.1 billion, as the company's shares have fallen 79% since its initial public offering .
As for Saylor, 57, still sticking to his dogma of crypto, he tweeted on Monday, "We trust bitcoin," along with a new photo of himself shrouded in light. Microstrategy, the software company he founded that plummeted in value during the dot-com bubble of 2000, began buying bitcoin in 2020. Its shares closed at a peak of $1,272 in February 2021, when the 2.36 million shares were Saylor currently owns an estimated value of $3 billion. It has since fallen by about 88 %.
Bukele, the 40-year-old president of El Salvador, had not tweeted about the crypto plunge on Monday until 4:45 pm in New York. About a week ago, it was the one-year anniversary of his attempts to legally bid for Bitcoin. At the time, it was trading around $36,000.
https://economy-news.net/content.php?id=28482
Reports
Economy News-Baghdad
One built a fortune that rivaled the richest tech giants in the United States, another mobilized a war fund that swore to change politics and philanthropy, and others got a second chance to get rich after their previous ventures faded .
The crypto-craze has turned Shang Bing Zhao, Sam Bankman, Fried, Mike Novogratz and a host of other digital asset advocates into billionaires multiple times. But once they became the new faces of global wealth, their fortunes are now fading at an astonishing rate .
Their combined wealth reached $145 billion on November 9, when bitcoin hit a record high of nearly $69,000, and seven crypto-related net worth individuals have since lost a total of $114 billion, according to the Bloomberg Billionaires Index .
Many other people who have bet big on Bitcoin, from Michael Saylor, CEO of Microstrategy to El Salvador President Neb Bukele, were upset when the price of the world's largest digital token fell below $23,000 on Monday. This is the lowest level since December 2020 .
Cryptocurrencies were once considered to herald the start of a new era of decentralized finance, only to have two notable internal collapses in a matter of weeks .
Celsius , one of the largest crypto-lending platforms, announced last Sunday that it has frozen all transactions on its network after speculation that it will not be able to meet promised returns on some of its products .
This came after the collapse in May of the so-called “ Stablecoin TerraUSD” and its token “Luna ” (Luna) , which was immortalized as a tattoo on the left arm of Novogratz, founder of Galaxy Digital Holdings Ltd. .).
At a time when global markets are in turmoil as the Federal Reserve and other central banks plan to aggressively raise interest rates to combat the highest rate of inflation in decades, the speed with which cryptocurrencies have fallen in recent weeks is underlined .
Although there is little evidence of cracks in the broader US labor market thus far, losses in digital assets have led some crypto billionaires to cut jobs .
Zhao, founder of Binance , the world's largest cryptocurrency exchange, said his company has a "very healthy war fund" and is expanding hiring .
However, the 44-year-old's personal wealth, once ranked 11th in the world, has fallen 89% to $10.2 billion since he first joined the Bloomberg Wealth Index in January. His company has also become a focal point for US investigators seeking to rein in the crypto industry .
Bankman-Fried, the 30-year-old CEO of cryptocurrency trading platform FTX, has fallen 66% since it peaked at $26 billion . That could impair his plans to donate his money and focus too much on politics. He pumped $16 million into super PACs in April, making him one of the largest donors to outside groups, and said he expects to give more than $100 million during the upcoming presidential election to support Democrats .
Novogratz, 57, whose total fund at Fortress Investment Group was liquidated in 2015 after two years of losses, bet on his return to cryptocurrency, recently calling Terra a "big idea that failed." ".
His fortune fell on Monday to $2.1 billion, less than it was when he first appeared on the Bloomberg Billionaires Index in December 2020, when Bitcoin was trading at about $29,000 .
Meanwhile, Cameron and Tyler Winklevoss' fortunes have fallen to $3 billion each, from $5.9 billion each. The 40-year-old twin founders of cryptocurrency company Gemini , which announced this month that it will cut about 10% of its workforce, are currently on tour with their rock band Mars Junction .
Coinbase Global Inc. , the largest US crypto exchange, has canceled job offers as cryptocurrency prices continue to drop . Founders Brian Armstrong, 39, and Fred Ehrsam, 34, have their combined fortunes down by $18.1 billion, bringing their fortunes to $2.1 billion, as the company's shares have fallen 79% since its initial public offering .
As for Saylor, 57, still sticking to his dogma of crypto, he tweeted on Monday, "We trust bitcoin," along with a new photo of himself shrouded in light. Microstrategy, the software company he founded that plummeted in value during the dot-com bubble of 2000, began buying bitcoin in 2020. Its shares closed at a peak of $1,272 in February 2021, when the 2.36 million shares were Saylor currently owns an estimated value of $3 billion. It has since fallen by about 88 %.
Bukele, the 40-year-old president of El Salvador, had not tweeted about the crypto plunge on Monday until 4:45 pm in New York. About a week ago, it was the one-year anniversary of his attempts to legally bid for Bitcoin. At the time, it was trading around $36,000.
https://economy-news.net/content.php?id=28482
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