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It’s a digital gold rush. The surge in the value of Bitcoin and other cryptocurrencies pushed nine new crypto billionaires onto the Forbes list. As the cryptocurrency market grows, so does the industry’s three comma club.
When the U.S. economy tanked in March 2020, panicked investors dumped stocks and risky assets for cash and treasuries. Bitcoin’s price fell 50% in a day, and other cryptocurrencies followed as the public braced for the unknown.
Twelve months later, the prospect for digital assets has never looked brighter. Bitcoin pole-vaulted into 2021, with prices briefly surpassing $60,000 per coin in March. Other tokens saw similar gains, pushing the total cryptocurrency market capitalization to over $1.5 trillion.
And now, large institutions are joining in on the action. Companies such as Square and Tesla are putting Bitcoin on their balance sheets. Once-stodgy financial firms like BNY Mellon, the nation’s oldest bank, are building crypto products. Even the Federal Reserve is involved, exploring the possibility of a digital dollar.
As the crypto market grows, so does the industry’s three comma club: 12 crypto billionaires made the 2021 Forbes World’s Billionaires list, up from just four last year. The group’s composition—investors, builders, and issuers—reflects how the crypto ecosystem is evolving, and who’s getting rewarded.
Net worths are as of March 5, 2021.
Read more on Forbes: https://www.forbes.com/sites/johnhyatt/2021/04/06/the-cryptocurrency-tycoons-on-forbes-2021-billionaires-list/?sh=5749fc8525e2
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