Discover the untold success stories of crypto billionaires, their journeys to riches, and the secrets behind their extraordinary wealth.
Key Points:
Despite the bear market, the biggest crypto whales have maintained their billion-dollar bank balances.
The FTX collapse saw billions of dollars disappear from the crypto market and removed Sam Bankman-Fried from the list of crypto billionaires.
The richest people in crypto include investors like Elon Musk and exchange CEOs like CZ and Brian Armstrong.
Some of the richest people in the world are involved in crypto. However, the bear market saw some spectacular losses, and one of the richest people in the industry, SBF, saw his wealth essentially vanish overnight. This post will show you the crypto whales that have survived and even thrived during the crypto bear market to become the richest people in the industry.
Who Are The Top 10 Richest Crypto Billionaires?
As we all know, crypto is a volatile world, and when we’re talking about whales, the value of their holdings can fluctuate by hundreds of millions of dollars in a blink of an eye which is why you shouldn't be surprised if this list changes multiple times before the end of 2023.
1. Elon Musk
Citizenship: Canadian
Estimated net worth: $230 billion
Source of wealth: Various Businesses
Although Elon Musk doesn’t run any crypto companies, the Tesla CEO is arguably the wealthiest man in the world and in the crypto space. Musk has openly supported cryptocurrencies, especially Bitcoin ($BTC) and DogeCoin ($DOGE). His company, Tesla, has millions of dollars worth of $BTC on its balance sheet. In addition, Musk is a central figure in the $DOGE community thanks to his frequent tweets about the meme-coin that some people expect to play a role in the future of Twitter as Musk attempts to reinvent the platform with financial services use cases.
2. Satoshi Nakamoto
Citizenship: On-Chain?
Estimated net worth: $30-70 billion
Source of wealth: Bitcoin
The mystery of Satoshi’s identity is arguably one of the most fascinating pieces of crypto lore. Some people believe there is no Satoshi, and others believe it's a pseudonym for a group of developers. What we do know is that Satoshi is sitting on a huge stack of $BTC. On-chain analysis suggests that Satoshi mined over 1 million bitcoins shortly after the protocol was launched. At the current market price, 1 million bitcoin is worth around $30 billion, making Satoshi one of the richest people in the world. Furthermore, if Satoshi had sold the tokens at the peak of the last bull market, they would have just under $70 billion.
We don’t know much about Satoshi, but they are believed to hold over 1 million bitcoins.
3. Changpeng Zhao
Citizenship: Canada
Estimated net worth: $10 billion
Source of wealth: Binance
Changpeng Zhao, who goes by CZ, is the CEO and founder of Binance, the world’s leading cryptocurrency exchange. CZ was born in China and moved to Canada at the age of 12; he went on to excel in school and graduated from McGill University with a degree in computer science. In 2017 he founded Binance; by 2018, he was a billionaire, and his wealth has since grown to over $10 billion. CZ’s wealth is very closely linked to the crypto market, which is reflected by the fact that he was worth over $60 billion before the bear market.
4. Brian Armstrong
Citizenship: United States
Estimated net worth: $3.6 billion
Source of wealth: Coinbase
Brian Armstrong is the founder and CEO of Coinbase, the world’s second-largest cryptocurrency exchange. Coinbase went public in 2021, and its market capitalisation exceeded $100 billion at its peak. The bear market hammered Coinbase along with various regulatory concerns, and as a result, Armstrong’s wealth shrunk from $6.6 billion last year to $3.6. Coinbase has been recovering from yearly lows as doubts about the SEC’s ability to crack down on the industry have grown following their perceived loss in the Ripple Labs case. Armstrong could see his net worth grow if Coinbase gets the current SEC case against it thrown out or wins in court.
5. Chris Larsen
Citizenship: United States
Estimated net worth: $2.6 billion
Source of wealth: Ripple co-founder
Chris Larsen is an American angel investor best known for co-founding the blockchain technology company Ripple Labs. Larsen’s wealth is a product of various ventures in Silicon Valley, but in the crypto space, he is known for his role at Ripple Labs. Ripple has been developing payment solutions using the $XRP cryptocurrency token, and after years of legal battles over the alleged status of $XRP as a security Ripple Labs appears to be on the up after a judge dismissed the SEC’s claim that all $XRP sold by Ripple Labs amounted to trading unregistered securities. The ruling will likely be a boon to Larsen’s net worth, which currently stands at an estimated $2.6 billion.
6. Jed McCaleb
Citizenship: United States
Estimated net worth: $2.3 billion
Source of wealth: Ripple co-founder
Jed McCaleb is an entrepreneur and programmer who co-founded Ripple Labs and the Stellar Lumens crypto project. He also helped build Mt. Gox, one of the first major Bitcoin exchanges, which was hacked, resulting in one of the first Bitcoin bear markets. McCaleb’s estimated net worth is $2.3 billion putting him just a few hundred million behind his colleague Chris Larsen. McCaleb is closely linked to Ripple Labs; the recent court ruling could benefit his net worth in the coming years.
7. Nikil Viswanathan
Citizenship: United States
Estimated net worth: $1.8 billion
Source of wealth: Alchemy co-founder
Nikil Viswanathan is the co-founder of Alchemy, a software company that provides services to some of the biggest names in Web 3. He attended Stanford University and studied computer science with a focus on artificial intelligence. Alchemy has earned the nickname ‘The Microsoft of Blockchain’ for its widespread use among blockchain developers. Viswanathan owns an estimated 25% of Alchemy, and his wealth fluctuates based on the company's valuation. His estimated net worth is currently $1.8 billion, down considerably from $2.4 billion last year.
8. The Winklevoss Twins
Citizenship: United States
Estimated net worth: $1.5 billion each
Source of wealth: Gemini
Tyler and Cameron Winklevoss are most well-known for their role in the creation of Facebook, which was dramatised in the Holwyowood hit ‘The Social Network’. In the world of crypto, the identical twins are known for founding Gemini, a popular CEX that went bankrupt in early 2023. Despite the failure of Gemini, the twins remain two of the richest people in crypto, with around $3 billion between them.
9. Matthew Roszak
Citizenship: United States
Estimated net worth: $1.4 billion
Source of wealth: Crypto Investing
Matthew Roszak is an American venture capitalist and co-founder of a blockchain company called Bloq. The company has been developing solutions for stablecoin payment settlements, and it's been expanding into DeFi via various ventures and services. Roszak is estimated to be worth $1.4 billion, down slightly from last year’s $1.5 billion.
10. Michael Saylor
Citizenship: United States
Estimated net worth: $1.3 billion
Source of wealth: Microstrategy co-founder and Executive Chairman
Michael Saylor is one of the world's wealthiest and most influential Bitcoin bulls. He co-founded Microstrategy and currently serves as the tech company's executive chairman. Saylor has used his position at Microstrategy to grow the company's BTC holdings. While other companies often hold giant cash reserves, Saylor has overseen the purchase of over $BTC 150,000 by Microstrategy and says he has plans to buy far more in the future. Saylor’s estimated net worth is $1.3 billion, and he is believed to own over $BTC 15,000 personally.
Conclusion
The crypto-rich list comprises people from a wide range of backgrounds, like CZ and Armstrong, who are directly involved in the industry, while others, like Musk and Saylor, are exposed in a slightly more indirect manner. While the bear market has knocked the net worth of crypto billionaires, there are still plenty of whales out there that account for some of the richest people in the world.