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Four crypto entrepreneurs join Forbes billionaires list

four-crypto-entrepreneurs-join-forbes-billionaires-list

2020 was characterized by the Coronavirus pandemic, leading to massive economic decline in various countries globally. Despite that, nearly 500 people joined Forbes’ World’s Billionaires list over the past year, having excelled in various sectors.

Crypto space produces four new billionaires

Forbes published its annual list of new billionaires globally. Despite the economic effects of the Coronavirus pandemic, a total of 493 billionaires joined the Forbes list over the past year, with the cryptocurrency space one of the sectors to produce new billionaires.

According to the Forbes article, four cryptocurrency entrepreneurs joined the Forbes list of billionaires over the past year. The leader here is 29-year-old Sam Bankman-Fried, who made $8.7 billion over the past year after founding two cryptocurrency firms.

Forbes said about Bankman-Fried that “His quantitative trading firm Alameda manages $32 billion in Bitcoin, other major cryptocurrencies and other derivatives. He also founded the FTX exchange, which achieved unicorn status in January 2020, less than a year after its launch. Most of his wealth is tied up in FTX’s equity and its FTT tokens.”

Bankman-Fried is one of the leading names in the cryptocurrency space, with the FTX crypto exchange gaining global adoption over the past year. FTX has been expanding its presence and recently signed a deal with the Miami Heat, buying the naming rights to the NBA team’s stadium.

Winklevoss twins join the list

Other notable crypto billionaires on the Forbes list include Cameron and Tyler Winklevoss (worth $3 billion each). The twins used some of their settlement with Facebook to snatch up Bitcoin in the early days. They founded the Gemini cryptocurrency exchange, which processes over $200 million per day. The twins currently own an estimated 70,000 bitcoins.

Silicon Valley scion Tim Draper is the fourth cryptocurrency expert to enter the Forbes list. Draper bought $18.7 million worth of Bitcoin but was confiscated by U.S. Marshals from the shuttered Silk Road black market in 2014. The bitcoins are now worth roughly $1.5 billion.

China produced the highest number of new billionaires over the past year, with 205.  The United States comes with 98 new billionaires and Germany with 26.

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