The richest crypto billionaires went bankrupt. Where Are the Earliest Bitcoin Investors Now?

The richest crypto billionaires went bankrupt. Where Are the Earliest Bitcoin Investors Now?

For three months after the collapse of the cryptocurrency market 11 richest billionaires, who got a fortune from the digital currency, lost 61.4 billion dollars, according to American Forbes. Four of them lost their stats.

The June 2022 ranking of the world's richest crypto-billionaires was topped by FTX cryptocurrency exchange co-founder Sam Bankman-Fried, whose wealth dropped by $4 billion to $20 billion since March. He beat Changpeng Zhao, the founder of the Binance exchange, who lost $46.3 billion and now has an estimated net worth of $18.7 billion.

Even though entrepreneurs lost huge sums when the crypto market collapsed, some of them still believe in the future of cryptocurrency. Last on the list of seven crypto-billionaires, venture capitalist Tim Draper still insists that bitcoin will reach a whopping $250,000 by the end of 2022 or early 2023. In January 2022, bitcoin was worth about $41,000; now it's almost $20,000.

Former Coinbase cryptocurrency exchange president Fred Ehrsam explains the market's sharp drop as nothing more than a growth disease. "One thing most people don't fully understand: it takes years, and often decades, to move from a new technological breakthrough at the infrastructure level (like crypto) to a dynamic core application ecosystem," he said.
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