Do You Know These World’s Top 5 Bitcoin Millionaires
As of September 2019, Bitcoin is a digital asset and payment system with a market valuation of over $180 billion. Many people consider it to be one of the most popular digital currencies ever developed. So it was only logical that the game-changing cryptocurrency spawned such a diverse—and surprising—field of millionaires after its meteoric growth since its introduction in 2009 left billions of dollars up for grabs for nearly anyone. Of course, no one knew it at the time – it was, and continues to be, a dangerous asset class to invest in – but a handful on the list below were not just early adopters but also foresaw its economic potential.
- Blythe Masters
Blythe Masters worked at J.P. Morgan Chase & Co. as a Managing Director (NYSE: JPM). She is currently the CEO of Digital Asset Holdings (DAH). The firm creates encryption-based processing solutions to boost the efficiency, security, compliance, and settlement speed of securities trading, particularly Bitcoin. DAH announced a lucrative relationship with Google Cloud in May of 2018, giving her company’s tools to developers, so they don’t have to code them from the start.
Digital Asset Holdings aims to use blockchain technology in traditional Wall Street activity. J.P. Morgan Chase, which has tested its blockchain technology as a possible way to settle transactions more swiftly. It is the company’s first client, having raised over $150 million in the capital. Many people believe that Masters’ involvement with Digital Asset Holdings gives bitcoin a lot of respectability, given her long and impressive career on Wall Street, where she climbed to Managing Director of J.P. Morgan Chase at the age of 28. Her company has six offices on three continents as of October 2018.
- Tyler and Cameron Winklevoss
Tyler and Cameron Winklevoss turned their millions from a Facebook litigation settlement into cryptocurrencies, becoming the first billionaires due to a late-2017 increase in Bitcoin prices. They claim to possess about 1% of all Bitcoins in circulation and have built a complicated technique to keep track of their private keys. The Winklevoss twins are working to create a cryptocurrency ecosystem that will attract institutional investors and day traders. To that purpose, they established Gemini, the world’s first regulated cryptocurrency exchange. The Chicago Board Options Exchange uses the exchange to set Bitcoin spot pricing for futures contracts (CBOE). The Winklevoss brothers also tried to establish a Bitcoin ETF to make the cryptocurrency more accessible to ordinary investors but were refused for the second time by the SEC in mid-2019.
- Barry Silbert
Digital Currency Group’s Chief Executive Officer and Founder is Barry Silbert. The company’s objective is to hasten the development of the global financial system, which it accomplishes through forming and supporting Bitcoin and blockchain businesses.
Digital Currency Group has bought CoinDesk, a key source of Bitcoin news and the annual Bitcoin industry conference organizer. The firm has made over 100 Bitcoin-related investments and is the world’s leading Bitcoin-related investment firm, earning Barry Silbert the enviable moniker “The King of Crypto.” Genesis, a digital currency trading firm, and Grayscale, a digital currency investment firm, are also owned by Silbert’s organization. Silbert also founded the Bitcoin Investment Trust (OTC: GBTC), an exchange-traded fund that tracks Bitcoin’s price.
- Dan Morehead
Dan Morehead is the founder of Pantera Capital, the world’s first cryptocurrency-focused investing firm. Pantera created its first cryptocurrency fund in 2013 and was one of the largest institutional investors in cryptocurrencies as of late 2018. Since its inception, the fund has returned more than 24,000 percent to investors.
Their cryptocurrency assets include everything from exchanges and investment firms like Polychain Capital and Bitstamp to coin trading services like Augur. Morehead, a former Goldman Sachs trader, previously served as Tiger Management’s head of macro trading and CFO. Morehead is a Bitstamp board of directors, a cryptocurrency trading exchange that CME uses as a source of spot pricing.
- Michael Novogratz
Michael Novogratz, a billionaire, has put almost 30% of his fortune into cryptocurrencies. He started investing in 2015 and unveiled a $500 million crypto fund in 2017 that included $150 million of his money. Novogratz has also established himself as a renowned commentator on Bitcoin’s price swings, having predicted a (failed) price target of $40,000 by the end of 2018.