Bloomberg selected the billionaires who experienced the most significant wealth growth in the cryptocurrency industry in 2023, based on the Bloomberg Billionaires Index. The biggest winner was none other than Changpeng Zhao (CZ), the founder of Binance, whose wealth skyrocketed by a staggering $25 billion this year, with an estimated net worth of over $37 billion.
As the cryptocurrency market emerged from a bearish slump this year, Bitcoin rebounded by over 160% from its 2022 low. This resulted in a noticeable recovery in the fortunes of some cryptocurrency tycoons who experienced significant asset depreciation last year.
In preparation for 2024, Bloomberg recently selected the top winners in the cryptocurrency industry for 2023, including:
– Changpeng Zhao (CZ), the founder and former CEO of Binance
– Brian Armstrong, co-founder and CEO of Coinbase
– The Winklevoss twins, Cameron and Tyler, co-founders of the Gemini exchange
– Barry Silbert, founder of Digital Currency Group (DCG)
This article will summarize the wealth growth of these cryptocurrency billionaires this year.
CZ, who stepped down as CEO in November due to a historic settlement agreement with the U.S. Department of Justice, has seen his wealth grow by over $25 billion so far this year. This is more than five times the astronomical $4.3 billion fine Binance agreed to pay to U.S. authorities. CZ’s estimated net worth currently exceeds $37 billion, ranking him 37th on the Bloomberg Billionaires Index. However, compared to the peak of nearly $97 billion in early 2022, his current net worth is still far from that and lower than the year’s high of $50.4 billion in July.
It is worth noting that Bloomberg’s valuation of CZ’s wealth primarily comes from his equity in Binance and does not include his holdings in cryptocurrencies such as Bitcoin and Binance Coin (BNB). If these values are taken into account, CZ’s wealth growth would be even more considerable.
Brian Armstrong, the co-founder and CEO of Coinbase, the largest cryptocurrency exchange in the United States, has also seen his wealth grow by $5.8 billion this year. His estimated net worth is now $7.2 billion, ranking him 351st on the Bloomberg Billionaires Index. Armstrong’s wealth growth is mainly driven by the surge in Coinbase’s stock price, which has risen by over 412% this year. He holds approximately 16% of the company’s shares.
Fred Ehrsam, another co-founder of Coinbase, has seen his wealth increase by $1.8 billion in 2023, bringing his estimated net worth to around $2.5 billion. He holds about 5% of Coinbase’s shares.
The Winklevoss twins, Tyler and Cameron, who co-founded the Gemini cryptocurrency exchange, have seen their wealth each increase by over $1.4 billion this year. Their combined estimated net worth is now $2.7 billion.
Barry Silbert, the founder of Digital Currency Group (DCG), whose legal battle with the Winklevoss twins over the Genesis bankruptcy case unfolded, has seen his wealth grow by $1.5 billion this year. His estimated net worth is now $2 billion.
However, in comparison to CZ’s $25 billion wealth growth, Sam Bankman-Fried (SBF), the founder of FTX, can be considered the biggest loser. SBF, who has been sentenced on multiple fraud charges and is currently incarcerated, saw his wealth reach a peak of $25.9 billion in March last year. However, with FTX’s collapse overnight, his wealth was reduced to zero.
In conclusion, the cryptocurrency industry has seen significant wealth growth for several billionaires in 2023, with CZ, the founder of Binance, leading the pack with a $25 billion increase in wealth.