In 2022, $116 Billion was Lost by Millionaires in the Cryptocurrency Business.
The crypto winter brought about declines and devastation, and it spared neither millionaires nor billionaires. Others have seen the worth of their things plummet all the way to zero, while others have had their wealth fall below the ten-digit threshold that signifies a prosperous lifestyle.
Leaders of Exchanges reject Bear Markets
Forbes published a list of seventeen crypto entrepreneurs and investors who were each worth a billion dollars at the start of the year on December 24. Between March and December, the combined worth of these individuals’ fortunes decreased by $116 billion. Bear markets have had a significant impact on their assets, and as a result, only seven of the people on this list remain billionaires in the bitcoin industry.
Changpeng Zhao, CEO of Binance, and Brian Armstrong, CEO of Coinbase, are among the crypto entrepreneurs whose fortunes have maintained above $1 billion despite severe losses to their holdings from March to December, totaling $60.5 billion and $4.5 billion, respectively. During this time span, the combined value of their assets decreased by $90 billion.
The worth of the Brothers Winklevoss, who was key in founding Gemini, typically has ten digits. Compared to the earlier estimate of $4 billion in March, it is now believed that each coin is worth $1.1 billion.
Due to this Crypto winter, fortunes have been wiped out entirely.
The co-founders of Ripple (XRP), Chris Larsen and Jed McCaleb remain members of the club of crypto-billionaires. By December, their respective net worth climbed from $4.3 billion and $2.5 billion in March to $2.1 billion and $2.4 billion.
Despite the severe and lengthy bad market for cryptocurrencies, crypto investor Matthew Roszak is the only billionaire to keep his investment. Its investments in the industry, which had a March value of $1.4 billion but a December worth of just $1 billion, incurred a loss that was significantly less severe than those of other corporations.
Throughout this crypto winter, The Bears have successfully plundered the wealth.
Sam Bankman-Fried and Gary Wang, co-founders of FTX, stand out among crypto entrepreneurs or investors who have lost their billionaire status. In March, their fortunes in the Bitcoin market peaked at $24 billion and $5 billion, respectively, before plummeting to zero in December.
The value of MicroStrategy co-founder Michael Saylor’s holdings decreased from $1.6 billion in March to $640 million in December, placing him among the former crypto billionaires. This led his holdings’ worth to fall below the billionaire threshold.
In the Bitcoin industry, bear markets have already claimed a large number of casualties, with some formerly dominant businesses even going bankrupt. Despite these losses, which now total hundreds of billions of dollars, Changpeng Zhao believes the crypto winter has just begun in reality. Despite the fact that these damages have already reached hundreds of billions of dollars, this continues.