FINANCIAL FREEDOM

11 Richest Crypto Billionaires

Matthew Roszak

Net worth: $1.8 billion

Matthew Roszak rose to blockchain fame and fortune when he co-founded Bloq, which helps banks store crypto and facilitates stablecoin transactions for companies. He worked in venture capital and as an entrepreneur in the 1990s and 2000s before landing in legal trouble in the mid-aughts when he settled insider trading charges.

According to Forbes, he got into the crypto game early and he built his portfolio in 2012.

The Winklevoss Twins

Net worth: $2.7 billion each

For the most important twins in tech history, it’s only natural that even Cameron and Tyler Winklevoss’s net worths would be identical. The famous Facebook brothers co-founded the crypto exchange Gemini in 2014, making them major players on the cutting edge of both the social media and blockchain revolutions — and they leveraged the first to win the second.

According to Forbes, they used their $65 million legal settlement with Mark Zuckerberg to stockpile bitcoin.

Today, Gemini processes roughly $30 million in daily trades and the twins own roughly 70,000 bitcoins.

Fred Ehrsam

Net worth: $2.1 billion

Fred Ehrsam first learned about digital currency as an avid “World of Warcraft” player. In 2012, he co-founded Coinbase with Brian Armstrong, who also appears on this list. Coinbase went on to become the largest cryptocurrency exchange in America.

According to Forbes, Ehrsam still owns 4% of the company and sits on the board despite leaving Coinbase in 2017. One year later in 2018, he founded the crypto investment firm Paradigm with over $8 billion in assets.

Tim Draper

Net worth: $2 billion

Descended from a legendary Silicon Valley investing dynasty, Tim Draper is a venture capitalist and founding partner of Draper Fisher Jurvetson. His hundreds of investments include famous companies like Tesla and infamous ones like Theranos.

But according to Forbes, he made his real money on one big blockchain bet. When the federal government raided and shut down the black market website Silk Road, he bought 29,656 bitcoins that the U.S. Marshals confiscated for just $632 per coin — less than $20 million for the entire haul.

Nikil Viswanathan

Net worth: $1.5 billion

Nikil Viswanathan co-founded Alchemy with Joe Lau in 2020 and today, thousands of blockchain and Web3 companies rely on the company’s software. Before founding Alchemy, the duo — both Stanford grads — built Down to Lunch, a meetup app that at one point was No. 1 in the Apple Store.

Joe Lau

Net worth: $1.5 billion

Joe Lau — not to be confused with Hong Kong real estate magnate and fellow billionaire Joseph Lau — co-founded Alchemy in 2020 and currently owns a 26% stake, according to Forbes. The company spun off Alchemy Ventures in 2021 to invest in its current clients’ crypto endeavors.

Jed McCaleb

Net worth: $2.9 billion

Few billionaire crypto pioneers go back as far as Jed McCaleb, who founded Mt. Gox in 2010 as the first legitimate cryptocurrency exchange. Mt. Gox has been a notorious part of crypto folklore since the exchange was hacked in 2014 during the tumultuous early days of bitcoin.

McCaleb sold Mt. Gox one year before the hack. In 2012, he co-founded Ripple with Chris Larsen and according to Forbes, that’s where he made his real money. McCaleb received 9 billion XRP as a Ripple founder and it’s believed that he sold the last of his coins in 2022.

Chris Larsen

Net worth: $3.1 billion

Ripple co-founder Chris Larsen stepped down as CEO at the end of 2016, but he still serves as executive chairman. Larsen was way ahead of the crypto curve, launching Ripple with Jed McCaleb — more on him shortly — in 2012 to facilitate international blockchain payments.

It wasn’t Larsen’s first foray as a digital pioneer either. A generation earlier, he cofounded the home lender e-Loan.

Michael Saylor

Net worth: $3.8 billion

You can’t write up a list of crypto billionaires without mentioning the founder of MicroStrategy, a firm that has turned into a bitcoin investment vehicle recently. In October 2020, Saylor shared that he personally purchased 17,732 bitcoins for $175 million on top of the investments of his firm in the digital asset. The company currently owns around 193,000 bitcoins, which means that it’s the largest corporate owner of the crypto.

Brian Armstrong

Net worth: $6.9 billion

Coinbase Global is the largest crypto exchange in America and as CEO, Brian Armstrong is in charge of it all. The former Airbnb software engineer co-founded Coinbase at the dawn of the crypto era in 2012 with Fred Ehrsam. The company went public in 2021 and trades on the Nasdaq. At one point, Coinbase topped a market cap of $100 billion.

Armstrong currently owns roughly 19% of the company’s shares.

Changpeng Zhao

Net worth: $57.4 billion

Changpeng Zhao is the human embodiment of the ups and downs of the crypto industry. In 2021, he was worth just $1.9 billion. At the start of 2022, he was worth $65 billion and then, at one point, he was worth less than $5 billion. As of September 2024, his net worth is $56.4 billion, which is only appropriate considering how volatile cryptocurrency can be.

The Chinese-Canadian coder founded Binance, the world’s largest crypto exchange and served as its CEO until he stepped down in late 2023, as reported by CNBC News. Zhao was sentenced to four months in prison in April 2024 after pleading guilty to charges of enabling money laundering at his crypto exchange.

Best Practices for How To Make Money With Crypto

A billion dollars doesn’t come easy and if you’re looking to make money from crypto, it’s crucial to remember that there are many scams in this space. The Better Business Bureau disclosed that 80% of those who were targeted by some sort of crypto-related fraud ended up losing money, with a median loss of $3,800. The report also noted this was the riskiest type of scam in 2023. While there’s money to be made in seeing your digital assets appreciate in value or staking crypto, you have to be extremely careful with how you engage in this space.

As you can see from the profiles of the world’s blockchain billionaires, most came into their fortunes not by purchasing coins but by developing technologies, processes or companies that added value to the industry or the companies that rely on it. High volatility is a fact of crypto investing — a trader could easily go from six figures to seven and back down to six in a single trading day.

This is why it’s important to understand the inherent risks of investing in speculative assets. While there are stories of those who made significant amounts of money from meme coins, many retail investors end up losing massive amounts of money. As always, we urge you to conduct your due diligence when comparing investment options and to keep in mind that when something seems too good to be true, it usually is.

All net worth information has been sourced from Forbes.

ASKED TO GROK:

Can you tell us about the place of financial freedom in crypto?

Financial freedom in the context of cryptocurrency is a multifaceted concept that revolves around several key principles and opportunities provided by the technology. Here's how cryptocurrency can play a role in achieving financial freedom:

Decentralization: Cryptocurrencies like Bitcoin operate on decentralized networks, which means there's no central authority controlling the transactions. This removes the risk of censorship, fraud, and manipulation by a single entity, offering users control over their funds. This aspect is crucial for financial freedom, as it allows individuals to manage their assets without interference.

Global Accessibility: Anyone with an internet connection can access cryptocurrencies, providing an avenue for financial inclusion to the roughly 1.7 billion unbanked people worldwide. This accessibility can lead to empowerment in regions where traditional banking infrastructure is lacking or where financial systems are unstable.

Privacy and Security: By using pseudonyms and public-private key cryptography, cryptocurrencies provide a level of privacy not always afforded by traditional financial systems. This can protect users' financial sovereignty, particularly in countries with oppressive financial surveillance or control.

Lower Transaction Fees: Cryptocurrency transactions can be significantly cheaper than traditional banking fees, especially for international transfers. This efficiency can help individuals save money, thereby increasing their financial independence by reducing the cost of managing finances.

Investment and Wealth Creation: Cryptocurrencies have shown potential for high returns, offering a way to grow wealth outside the traditional financial markets. For instance, Bitcoin and Ethereum have historically provided impressive returns over the years, which can lead to financial independence if invested wisely. However, this comes with volatility and risk.

Decentralized Finance (DeFi): DeFi platforms use blockchain to offer financial services like lending, borrowing, and trading without intermediaries. This opens up new income streams and investment opportunities, potentially increasing financial freedom through innovative financial tools.

Borderless Transactions: Cryptocurrencies facilitate fast, borderless transactions, which can be pivotal for people in areas with economic sanctions or currency controls, allowing them to access global markets and manage their finances independently.

Empowerment through Ownership: With cryptocurrencies, users have complete control over their assets. This control can be fundamental to financial freedom, as it allows individuals to plan for their financial future without reliance on third parties.

However, the path to financial freedom through cryptocurrency is not without its challenges. The market's volatility, regulatory uncertainties, and the need for technical knowledge can pose significant risks. Moreover, while cryptocurrencies offer the promise of financial independence, they also require careful management and an understanding of the risks involved, including security threats like hacking and scams.

Posts found on X reflect a sentiment where cryptocurrency is seen as a tool for gaining financial independence by offering control over one's financial destiny and reducing reliance on traditional financial systems.

In summary, cryptocurrency holds significant potential for financial freedom by providing autonomy, privacy, accessibility, and new financial tools. Still, this potential is tempered by the need for education, risk management, and an awareness of the broader economic and regulatory landscape.

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