With Bitcoin (BTC) and Ether (ETH) posting gains as high as in the approximation of 60% and 407% in 2021, interest in cryptocurrency investing is rapidly gaining interest among the general public too. The digital currency has garnered a rising number of advocates and critics alike on the grounds of its differences from traditional macro assets. With the Union Budget 2022 of India declaring taxes at 30% on profits arising out of crypto transactions, the country has seen some hope in the legality aspect of crypto investing that is still in a grey area. Here’s a look at the global list by us that can serve as an exemplification of those who are strong believers of cryptocurrencies.
The world’s richest man who is known for openly attacking personalities on twitter, and his company, Tesla Motors, recently announced that the company had purchased $1.5 Billion in Bitcoin. This is one of the most significant investments in the history of cryptocurrency. Elon Musk has been quite vocal about his supporting stand on various cryptocurrencies. The Founder and CEO of Tesla and SpaceX recently, in January 2022, allowed for the buying of Tesla merchandise with Dogecoin, a cryptocurrency that was initially created as a joke.
The CEO of software firm MicroStrategy Incorporated (MSTR) is one of the most zealous and enthusiastic Bitcoin investors. The firm began accumulating the cryptocurrency in August 2020 by piling up Bitcoin worth $250 Million. They officially announced that they were buying the cryptocurrency to better use the cash holdings on a balance sheet. Michael Saylor has become a vocal proponent of Bitcoin, appearing at a number of cryptocurrency conferences and on the news to promote its merits and applications. MicroStrategy has expanded its Bitcoin holdings to $3.5 billion by December 2021, adding to its investment on every dip.
Brian Armstrong is the Founder of Coinbase, the largest cryptocurrency exchange in North America in terms of trading volume. He quit his software engineering job at Airbnb in 2012 to start the exchange. According to Forbes, he has an estimated net worth of $10.9 Billion as of December 2021. Coinbase has become the most user-friendly and credible exchange in the crypto ecosystem, with a market capitalisation of $69.57 Billion.
Digital Currency Group’s CEO and founder, Barry Silbert, is another zealous investor. Forbes estimates his net worth to be $1.6 billion. By creating and supporting Bitcoin and blockchain start-ups, the company helps to expedite the development of the global financial system. CoinDesk, a leading source of Bitcoin news and the organiser of the annual Bitcoin industry conference Consensus, was purchased by Digital Currency Group in January 2016. Silbert’s company also controls Genesis, a digital currency market-making and trading organisation, and Grayscale, a digital currency investment firm. Silbert also founded the Bitcoin Investment Trust (GBTC), an exchange-traded fund that tracks Bitcoin’s price. During the pandemic, Grayscale’s total assets under management (AUM) increased to more than $20 billion. JPMorgan even stated that the trust’s assets are vital in deciding the price of Bitcoin. With over 100 Bitcoin and blockchain-related firms under his belt, Silbert has earned the enviable moniker “The King of Crypto.”
Tyler Winklevoss and Cameron Winklevoss
The twins invested their millions in cryptocurrency after winning a lawsuit against Facebook. Following the late-2017 increase in Bitcoin values, they became the first crypto billionaires. Their net wealth is estimated to be $3 billion each, according to Forbes. While the Winklevoss twins are best known for their bitcoin investments, they are also entrepreneurs who founded the Gemini cryptocurrency exchange. The exchange was valued at $7.1 billion after a $400 million financing in November 2021.
Sam Bankman-Fried has risen quickly to the status of crypto billionaire. The 29-year-old MIT alumnus established FTX, one of the world’s leading crypto exchanges, in 2019 and was estimated at $8.7 billion by Forbes in April 2021. FTX distinguishes itself apart from competition by providing a host of new items which are not available on other exchanges. Complex derivatives, digital tokens of physical shares, and pre-IPO contracts are all part of this mix.