Forbes' Crypto Rich List
On the 6th of February, Forbes has released its first list of richest people in cryptocurrency, an unprecedented move for a mainstream news authority.
According to Forbes Editor Randall Lane, the list was incepted to:
“[provide] a snapshot of a pivotal moment, part of the transparency needed to pull crypto away from its provenance as the favorite currency of drug dealers and into the adolescence of a legitimate asset class.”
It reflects the increasing public and media attention cryptocurrencies have received in recent months as highly valuable and volatile currencies, ‘mined’ by algorithms based on blockchain technologies.
Forbes’s list is topped by Ripple founder Chris Larsen, with an estimated crypto net worth of $7.5-8 billion. Other notable features include Ethereum co-founder Joseph Lubin (est. net worth $1-5 billion), Binance founder Changpeng Zhao ($1.1-2 billion), in addition to investment firm heads and early whale investors.
History of cryptocurrencies
Since the launch of Bitcoin in 2009, cryptocurrencies which are designed to be ‘mined’ using blockchain-based algorithms have been rapidly introduced into the market – as of now, there exists over 1,500 different cryptocurrencies. At the time of the publication, these assets amassed an aggregate value of $550 billion, more than 31 times that of 2017.
Given the tremendous surge in interest and prices of cryptocurrencies in the past 2 years, Forbes has set the minimum amount needed to make the list of wealthiest cryptocurrency people at $350 million. It is worth noting that the average age of cryptocurrency’s richest is 42 with no women on this list, compared to 67 for the Forbes 400 list, which is a testament to the strong interest from younger generations and millennials in the crypto space.
2018 setbacks and what's to come
Despite 2018 being headlined by a string of regulatory setbacks, exchange hacks and ICO scams across South Korea, China and globally, the personal wealth and gains these men have received are still highly substantial, given the majority have been early adopters.
It will be interesting to see how this list changes and if more crypto millionaires will be minted this year, given how rapidly the crypto space has been moving in recent times.
Full crypto rich list:
Chris Larsen, co-founder, Ripple - $8 billion
Joseph Lubin, co-founder, Ethereum - $5 billion
Changpeng Zhao, CEO, Binance - $2 billion
Cameron & Tyler Winklevoss, investors - $1.1 billion
Matthew Mellon, investor - $1 billion
Brian Armstrong, CEO Coinbase - $1 billion
Matthew Roszak, co-founder, Bloq - $1 billion
Anthony Di lorio, co-founder, Ethereum - $1 billion
Brock Pierce, Chairman, Bitcoin Foundation - $1 billion
Michael Novogratz, CEO Galaxy Digital - $1 billion
Brendan Blumer, CEO, Block.one - $700 million
Dan Larimer, CTO, Block.one - $700 million
Valery Vavilov, CEO, Bitfury - $700 million
Charles Hopkinson, co-founder, Ethereum, $600 million
Brad Garlinghouse, CEO, Ripple, $500 million
Barry Silbert, CEO, Digital Currency Group, $500 million
Vitalik Buterin, Creator of Ethereum, $500 million
Tim Draper, Founder Draper Associates, $500 million
Song Chi-Hyung, CEO Dunamu, $500 million
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Disclaimer: Research publications are furnished by independent authors on the Cryptovate team. You are not obtaining any advice from Cryptovate Investments. You should always consult with your advisers before making any investment decisions and should you have any questions as to the laws that govern our cryptocurrency research, you should consult with your legal or investment advisers.
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