When Bitcoin first launched in 2009, no one could have ever imagined cryptocurrencies would become the household name they are today. In fact, thanks to the US SEC’s approval of the listing and trading of 11 spot Bitcoin ETFs in January to the Bitcoin halving event in April to the approval of 8 spot Ethereum ETFs in May, cryptocurrencies are now closer than ever to mainstream adoption.
Nonetheless, the unpredictable and uncertain nature of these assets didn’t stop a crop of forward-thinking investors. Despite massive skepticism about their sustainability, especially during their debut, these visionaries saw the transformative power of these decentralized currencies, along with their blockchain technology, and that’s why some of them rank among the 17 crypto-billionaires on Forbes World’s Billionaire List 2024.
An Overview of the Cryptocurrency Market in 2024
There’s no denying it—2024 started with a bang for the cryptocurrency market. That was because the US SEC approved BTC ETFs, which led to more institutions investing in these digital assets. In fact, primarily caused by investor enthusiasm about the 11 approved spot Bitcoin ETFs, March 2024 saw Bitcoin’s highest price of $73,000.
But that doesn’t mean that investors have not experienced the ups and downs of the volatile cryptocurrency market. Some investors consider investing in crypto similar to gambling, where the risks are high and so are the rewards. Just like playing your favorite online casino slot, you never really know where the winds will blow until you spin the reels or — or, in this case, make an investment
And that’s why many people, over the years, have been reserved about investing in crypto. However, if you enjoy indulging in slots online, where the results are completely random and fair, thanks to random number generators and third-party testing agencies, investing in the cryptocurrency market works similarly.
Depending on your risk appetite, you might find the unpredictable nature of both activities exciting and potentially rewarding, albeit with the understanding that outcomes can be highly variable. Understanding this unshakeable truth has led to the increasing number of crypto financial elite in this modern era.
3 Richest Crypto Investors of 2024
According to Forbes, the 17 crypto investors featured on their 2024 Billionaires list are worth a staggering $93 billion. In 2023, only 9 cryptocurrency investors landed on their list, summing up their combined value to $37 billion. So, who are these crypto billionaires making headlines in the financial news? Let’s look at the top three highest-ranking crypto billionaires of 2024.
Changpeng Zhao
Ranking at no.50 on the Forbes Billionaires 2024 List, Changpeng Zhao is the former CEO and co-founder of Binance, the world’s largest cryptocurrency exchange with over 1.7 billion users trading over 500 digital coins.
Despite recently pleading guilty to violating US money laundering regulations, Zhao still stands as the highest crypto earner, worth $33.3 billion as of July 2024, thanks to his 90% stake in Binance.
Brian Armstrong
Another heavyweight in the crypto financial elite is Brian Armstrong, the co-founder of Coinbase, alongside Fred Erhsam. While his crypto fortune was worth $2.2 billion in 2023, his net value has blown up to $11.2 billion as of July 2024. This has been primarily possible due to his 18% stake in Coinbase, whose value rose significantly by 50% at the beginning of 2024.
Michael Saylor
The CEO of MicroStrategy, a prominent US software firm, Michael Saylor, enjoyed some of the biggest gains from the crypto market after he personally invested in 17,732 BTC worth $175 million in October 2020. Later, he directed his company to buy 70,784 BTC worth a whopping $1.1 billion. Despite the hefty investment at the time, Michael Saylor’s net value is now worth $2.9 billion, while that of his company is $4.4 billion, compared to $760 million in 2023.
Cryptocurrencies are a Worthy Investment
Apart from the Zuckerbergs, Musks, and Gates, several players in the cryptocurrency space have probably amassed a great deal of wealth over the years.
As the world continues to embrace these digital assets, the potential for high investments in the cryptocurrency market is more visible than ever. But if you want to enjoy maximum crypto gains, it’s best to identify promising coins early on, like the billionaire investors we’ve discussed.