More On: Bitcoin
Despite the instability in the crypto market, several new individuals have joined the ranks of crypto billionaires. The number of crypto billionaires has risen to 19, seven more than the previous year.
Crypto billionaires list expands by 58% in 2022
According to Forbes' annual list, the over $2 trillion crypto sector has produced even more billionaires and seen the value of existing members of the club climb.
The CEO and founder of Binance, the world's largest crypto exchange, is at the top of the list. Changpeng Zhao, or CZ as he is more commonly known, is reported to be worth $65 billion. Due to a dearth of publicly available information, Forbes estimated Binance's market capitalization to be $92.5 (as of last month), with CZ owning a 70% share in the company.
CZ is now not just the richest crypto billionaire, but also the 19th richest person on the planet, thanks to the value. Binance aims to invest in every major business and bring them into the crypto market, according to CZ.
This month, Zhao told the Financial Times, "We [Binance] want to find and invest in one or two targets in every economic sector and try to bring them into crypto."
Sam Bankman-Fried, popularly known as SBF, is the 30-year-old founder and CEO of FTX, a crypto exchange based in the Bahamas. SBF's fortune is estimated to be over $24 billion, and he has declared that he intends to donate the most of it to charity.
Brian Armstrong, the CEO and founder of the publicly traded crypto exchange Coinbase, rounds out the top three. Armstrong's 19 percent ownership in Coinbase has given him a $6.6 billion valuation.
Gary Wang (co-founder and CTO of FTX), Song Chi-hyung (founder of Upbit), Nikil Viswanathan and Joseph Lau (co-founders of crypto start-up Alchemy), Devin Finzer and Alex Atallah (co-founders of OpenSea), and Kim Hyoung-nyon (executive president of South Korea's Danumu) are among the newcomers to the crypto billionaires club.
Cameron and Tyler Winklevoss, Micheal Saylor, Matthew Roznak, Tim Draper, Fred Ehrsam, Barry Silbert, Chris Larsen, and Jed McCaleb are among the crypto billionaires who made the list this year.
Governments are becoming increasingly aware of cryptocurrency wealth
Most governments, not just crypto millionaires, have taken notice of the crypto industry's rapid rise and the wealth it has created for market participants. The government of the United States, the world's largest economy, has set a goal of raising $11 billion from crypto taxes.
The proposal, which will take effect in the fiscal year 2023, will establish controversial new tax reporting rules for the cryptocurrency industry.
Members of the crypto community, as well as members of the US Congress, have continued to argue about the wording of the bill that enshrines the new laws. Small crypto transactions should be excused from tax reporting, according to a recently presented bipartisan law, The Virtual Currency Tax Fairness Act of 2022.
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