TL;DR: The latest Forbes list of billionaires, expected every year to see which individuals have moved into this select group, and who has fallen off, has been published. It was a point of pride for the cryptocurrency community to have some its brightest stars among the globe’s wealthiest, but the extended Crypto Winter managed purge a few from those lofty ranks.
Forbes Crypto Billionaire List Dwindled
The list of billionaires presented by Forbes this year shows cryptocurrency billionaires were victims of a brutish bear market that took the value of bitcoin and other currencies down some 90% from all time highs. Notable entrants from other years are now absent from the list, like Mike Novogratz, whose startup, Galaxy Investment Partners, lost a lot of money during last year due to the terrible market conditions.
Another absence from the list is Brock Pierce, the cryptocurrency guru affiliated with Block.one, the company behind the EOS. Pierce was previously considered one of the wealthiest people in crypto with a fortune of more than 1 billion dollars. The famous Winklevoss twins, owners of the Gemini Exchange, often touted as the world’s first crypto-made billionaires, also did not make the cut.
However, there were some survivors, and they are mostly associated with cryptocurrency exchanges. Topping the current Forbes list of billionaires from the cryptosphere is Brian Armstrong, CEO of Coinbase, a hugely important exchange that provides an easy way to buy and move digital assets easily. Coinbase had a great year considering the state of the market, projecting revenues of 1.3 billion dollars in 2018. The company is now valued at 8 billion dollars, an impressive sum for an exchange in a declining market.
Chris Larsen, Ripple co-founder who was at one time the fifth richest person in the world, is now down on the list, to the 1227th spot. Ripple acquired a peak value of 3.31 dollars in January 2018 after cryptocurrency prices skyrocketed, but it is now valued at 0.31 cents.
Changpeng Zhao is also way down on the list, on the 1818th spot. Zhao is the CEO of Binance, a cryptocurrency exchange considered to be the biggest and most influential in the world. Their own cryptocurrency for paying fees inside binance, Binance Token, has experienced a price increase lately, taking it to be in the top ten most valued coins by market cap.
However, some questioned the methods Forbes used to calculate wealth of entrants. Forbes declared they “interview employees, rivals, attorneys and securities analysts. We keep track of their moves: the deals they negotiate, the land they’re selling, the paintings they’re buying, the causes they give to. To estimate billionaires’ net worths we value individuals’ assets, including stakes in public and private companies, real estate, yachts, art and cash–and account for debt.”
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