We take a look at the millionaires and billionaires who owe it all to cryptocurrency
Cryptocurrency has changed the face of investment. The new crop of crypto millionaires are young, tech-savvy and ready to take risks. Gurus of all things wealth, Forbes Magazine, have recently released their list of the top richest people in cryptocurrency. We take a look at the top 5 and explore how they made their fortunes.
Matthew Mellon has always been known for his erratic behaviour, so when he started getting into cryptocurrency, his family and friends thought this was just another of his eccentric obsessions. His cryptocurrency fortune is now worth around $900 million- $1.1 billion. Mellon is already the heir to one of the worlds largest banking fortunes but that didn’t dissuade him from investing in Ripple. The former chair of the New York Republican Party’s finance committee claims he chose the cryptocurrency because it’s the only one that works with the banking system. He initially bought $2 million worth of Ripple and parlayed that into a fortune.
Best known in popular culture for not inventing Facebook, Cameron and Tyler Winklevoss found a new technological gold mine to invest in. In 2012, they revealed that they owned around $11 million in Bitcoin. They did this through their company Winklevoss Capital, a venture capital firm founded in the same year. They continue to dabble in cryptocurrency – both buying coins and funding cryptocurrency startups.
Changpeng Zhao is the creator of one of the worlds biggest cryptocurrency exchanges. Less than a year ago Binance, now a household name among crypto enthusiasts, didn’t exist. In 2014, Zhao sold his house in order to buy the largest stake in Bitcoin he could. Before Binance, Zhao worked building trading software for large financial institutions. However, after hearing about Bitcoin from a venture capitalist a seed of an idea was planted in his head. He wanted to create the first all-cryptocurrency exchange, that would not handle fiat currencies at all. From that Binance was born.
Joseph Lubin is the founder of Consensys, a venture production studio for the Ethereum ecosystem. He started his career as an engineer and then transitioned into finance where he built trading systems and then moved into running a hedge fund. After reading the Bitcoin white paper, he became intrigued by blockchain technology. He felt it could completely change the way the world interacted and organized themselves. It is rumored that he is the largest holder of Ether, Ethereum’s token, in the world. Consensys helps launch other crypto startups, including helping with coin launches and provides security audits. His crypto holdings are worth is $1-$5 billion.
Ripple co-founder Chris Larsen has an estimated cryptocurrency wealth of between $7.5 and $8 billion. Most of Larsen’s money comes from his XPR – Ripple’s token holdings. He has 5.2 Billion XPR. His wealth also comes from his stake in Ripple as a company. A recent evaluation put its worth as $410 million and he owns 17% of it. Larsen stepped down from his position at Ripple over a year ago but he still serves as their executive chairman.
Could you be the next crypto millionaire? If you have the drive, nerve and knowledge you could well be. Let these people serve as an inspiration to trust your instincts and ignore naysayers.
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