Apr 2, 2024
The Crypto Boom of 2024: Meet the Richest Bitcoin and Crypto Billionaires
The crypto winter is officially over. Over the past 12 months, Bitcoin has more than doubled in value, reaching an all-time high of $73,000 in March, fueled by the U.S. legalization of Bitcoin-pegged exchange-traded funds. The overall cryptocurrency market has surged by 170%, adding approximately $1.6 trillion in value, according to CoinGecko.
This meteoric rise has created a record 17 crypto billionaires, up from just nine last year, according to Forbes’ 2024 World’s Billionaires list. Collectively, these 17 pioneers now hold $93 billion in combined wealth, more than double last year’s $37 billion.
The Crypto Titans: Leading the Billionaire Pack
For the third consecutive year, Changpeng Zhao (CZ), founder and former CEO of Binance, holds the title of the wealthiest figure in crypto. Despite facing legal challenges, including a guilty plea to U.S. money laundering charges, CZ’s net worth has soared to $33 billion, up from $10.5 billion last year. His majority stake in Binance, the largest global crypto exchange by trading volume, remains the backbone of his fortune.
Meanwhile, Brian Armstrong, the CEO of Coinbase, has seen his wealth skyrocket to $11.2 billion, up from $2.2 billion in 2023, as Coinbase’s stock value soared over the past year. Similarly, Michael Saylor, CEO of MicroStrategy, experienced a staggering rise in net worth, climbing to $4.4 billion from $760 million, thanks to his company’s aggressive Bitcoin investments.
New Entrants to the Billionaire Club
This year’s list includes new faces from Tether, a controversial yet highly profitable stablecoin issuer. Among the new entrants are Giancarlo Devasini, Paolo Ardoino, Jean-Louis van der Velde, and Stuart Hoegner, who collectively own significant stakes in Tether. Their fortunes were buoyed by Tether’s $6.2 billion in profits last year, largely derived from high-interest rates on customer collateral.
The Billionaire Breakdown
Here’s a closer look at the top crypto billionaires of 2024:
- 16. Joe Lau and Nikil Viswanathan ($1.5B each): Founders of Alchemy, a blockchain infrastructure provider.
- 15. Tim Draper ($2B): Early Bitcoin investor and venture capitalist.
- 14. Stuart Hoegner ($2.5B): Tether’s general counsel and key stakeholder.
- 13. Mike Novogratz ($2.5B): CEO of Galaxy Digital Holdings.
- 11. Tyler & Cameron Winklevoss ($2.7B each): Founders of Gemini and early Bitcoin adopters.
- 10. Jed McCaleb ($2.9B): Ripple cofounder and early crypto pioneer.
- 9. Matthew Roszak ($3.1B): Early Bitcoin and Ethereum investor.
- 8. Fred Ehrsam ($3.2B): Coinbase cofounder and Paradigm partner.
- 7. Chris Larsen ($3.2B): Ripple cofounder and executive chairman.
- 6. Jean-Louis van der Velde ($3.9B): Former CEO of Tether.
- 5. Paolo Ardoino ($3.9B): Tether’s current CEO.
- 4. Michael Saylor ($4.4B): MicroStrategy CEO and Bitcoin evangelist.
- 3. Giancarlo Devasini ($9.2B): CFO and largest individual stakeholder in Tether.
- 2. Brian Armstrong ($11.2B): Coinbase CEO and largest shareholder.
- 1. Changpeng Zhao (CZ) ($33B): Founder and former CEO of Binance.
A Booming Industry Despite Challenges
Despite regulatory scrutiny, controversies, and market volatility, the cryptocurrency sector continues to thrive, creating unprecedented wealth and reshaping global finance. The remarkable rise of these billionaires underscores the industry’s resilience and its potential for long-term growth.
As the world watches the next chapter of the crypto revolution unfold, these trailblazers remain at the forefront, shaping the future of digital finance and cementing their legacies in the annals of technological innovation.