Bitcoin was the cryptocurrency to watch in 2017. Delivering stunning growth and putting the cryptocurrency market on the map, Bitcoin showed the world that digital currencies were anything but a passing fad. Much like the emergence of any new market, it brings with it the power to make many early investors very wealthy. Centuries ago, it was the spice market that investors rode to riches, while more recently the stock and forex markets turned many a trader into overnight millionaires. Following a similar track to the forex market, the cryptocurrency market has allowed many to turn mBTC into c-notes over the past few years!
The founders lead the way
It’s easy to forget that the digital currency market was only formed a decade ago. Since that time, it is safe to say that the world of cryptocurrency has come on leaps and bounds. It’s gone on to create countless newly-minted millionaires, with some even surpassing that, becoming billionaires in the process. Forbes has always had its finger on the pulse when it comes to spotlighting the richest of the rich, with it currently having ten crypto billionaires on record. Chris Larsen – Ripple co-founder – tops the list, with his personal wealth supposedly topping $8 billion. Joseph Lubin – Ethereum co-founder – comes in second, with a fortune of more than $5 billion. You might be noticing a trend here, as the richest names on this list all tend to have either invested interest or crossover interest in a specific cryptocurrency.
Enter the Winklevoss twins
The two richest individuals in the cryptocurrency sphere will be somewhat alien to those outside of the cryptocurrency community, but there are some more familiar names that have also reaped the benefits of Bitcoin’s growth. Cameron and Tyler Winklevoss are known for being involved in the development of Facebook, with a $65 million court judgment certainly proving that to be the case. What some might not know is that Winklevoss twins are heavily tied-up in the cryptocurrency market. According to CNBC, back in 2013 the brothers brought $11 million worth of Bitcoin, when its value was around $120. Should these figures be accurate, the Winklevoss twins are now sitting on a $1 billion fortune.
The Winklevoss twins have said that despite the impressive fortune they’ve amassed, they remain invested in the cryptocurrency market over the long-term. Both brothers have been proponents of Bitcoin for some time, even backing it to smash through the multi-trillion-dollar market cap.
Riding the wave of volatility
While there are several names that could possibly be looking towards becoming a trillionaire over the next few decades – or possibly even longer – they all have to ride the volatility of the market just like everyone else. Larsen has sat atop of the cryptocurrency rich list for some time, but at one point he was even richer that social media magnate Mark Zuckerberg. When Ripple was riding an unstoppable bull run towards the back end of 2017, it reached an ATH of $3.84, which pushed Larsen’s fortune up to nearly $60 billion. XRP has dipped considerably since then, with this proving that even for billionaires the cryptocurrency market can give with one hand and take away with the other.
From billions to trillions
The fact that the word trillionaire is even being thrown around within cryptocurrency circles shows just how far the market has come in the past few years, but is a Bitcoin trillionaire actually realistic? The Bitcoin Foundation absolutely thinks so, “This is an opportunity to be a trillionaire, someone who is positively impacting a trillion living things on this planet,” said Brock Pierce, current chairman of the Bitcoin Foundation. As of right now, the list of the richest crypto tycoons includes only men, with an average age of 42. While the average age is certainly younger than the 67-year old average for the Forbes 400 list, which deals in more traditional business-centric billionaires, the lack of women shows that the market still hasn’t quite caught fire with the female demographic.
Who wants to be a trillionaire?
Male or female, young or old, with the cryptocurrency market potentially powering towards a multi-trillion-dollar market cap, it’s clear that the race to become Bitcoin’s first true Bitcoin trillionaire is well and truly on!