There is no argument in the claim that there is wealth in cryptocurrency, and this has been proven in this year Forbes 400, as seven crypto billionaires made it to the list with six of them being newcomers.
According to Forbes, their total fortune is worth a little over $55 billion and nearly half of the collective worth, $22.5 billion, belongs to the CEO of crypto derivatives exchange FTX Sam Bankman-Fried, who is in his late 30s.
The list also features Brian Armstrong, the CEO of the largest U.S exchange, Coinbase, which became the first publicly listed crypto exchange in April. His net worth stands at $11.5 billion. The Winklevoss twins, Cameron and Tyler, also made the list as they are worth around $4.3 billion.
Fred Ehrsam, who has a history with Coinbase and is now a leading figure at crypto-focused investment firm, Paradigm, also made it to the list with his net worth of $3.5 billion. Another newcomer, Jed McCaleb, also emerged with a $3 billion net worth.
They all join Chris Larsen, who first made the list in 2020 has now seen his worth rise to $6 billion.
Available information shows that massive mainstream interest propelled by institutional investors accounts for the increasing crypto billionaires.
This level of attention has paid off massively leading to an increase in the value of crypto assets. As of September last year, Bitcoin was a little over $10k; today, it is above $50k. Likewise, Ether, which has grown by almost 1,000 percent.
Thus, the Forbes list could see more Crypto billionaires soon as several projects, such as Ripple, Kraken, Circle, BlockiFi, and eToro are also planning to go public.