Forbes, the business magazine popular for its billionaires list, has made its first compilation of the 20 richest people in the cryptocurrency space. This market has grown exponentially since September 2017 but has entered a massive correction since January 8. During the expansion phase, several people became multi-millionaires and even billionaires.
Currently, the total crypto market capitalization is estimated at $384 billion, which is based on the value of almost 1,500 digital tokens. The market has lost more than half since hitting the record high of around $829 billion. Given the high volatility of crypto assets, Forbes has provided ranges rather than precise figures. It’s worth mentioning that the magazine put together its crypto rich list when the total market cap was about $550 billion. This value was recorded on January 19, 2018.
“Our first-ever Crypto Rich list provides a snapshot of a pivotal moment, part of the transparency needed to pull crypto away from its provenance as an unknown currency.”
The top spot is occupied by Chris Larsen, who is the founder of Ripple - the third largest cryptocurrency at present in terms of market cap. Forbes estimated his net worth at nearly $20 billion in early January 2018 based on his holdings of 5.2 billion Ripple tokens (XRP). However, Ripple has crashed since then to $0.77. If we do the math at the current price, we get $4 billion, which still keeps Larsen at number one or, in the worst-case scenario, at number two.
When XRP peaked at $3.84, Forbes estimated Larsen’s net worth at nearly $60 billion based on his XRP holdings and his 17% stake in the Ripple company. These assets made Larsen the fifth richest person in the world.
Joseph Lubin, co-founder of Ethereum and founder of Consensys, comes second with a net worth of between $1 billion and $5 billion.
The CEO of Binance, Changpeng “CZ” Zhao, ranks third with up to $2 billion.
Here is the top 10 list:
Chris Larsen (co-founder, Ripple): $7.5 billion - $8.billion
Joseph Lubin (co-founder, Ethereum and founder, Consensys): $1 billion - $5 billion