By Amram Margalit – Leverate
Speed matters a lot in the world of cryptocurrency. Why? Because cryptocurrencies are volatile and allow investors to quickly make billion-dollar fortunes. Consider how Bitcoin’s value, at one point, quickly went from $830 to $19,300. Digital currencies have enabled a lot of people to make a lot of money, one of them reaching a $60 billion net worth overnight!
There is plenty of interesting and engaging content to read on the current crypto hype, so you can find out what it takes to make a quick buck with this investment.
But what does it take to become a crypto billionaire?
Speed and Digital Currency
For starters, you have to be fast. Take founder and CEO of Binance, a cryptocurrency exchange, Changpeng Zhao (CZ), who proved to be the fastest by creating the largest crypto exchange in the world in under 180 days. The coder runs Binance in closet-sized offices in Tokyo to process 1.4 million transactions in a second. In January, CZ’s Binance peaked by processing 3.5 billion new trades, cancels, and orders. His BNB virtual coin capped a $1.3 billion in the market. Through Binance, CZ’s net worth has reached the $2 billion mark.
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Up until now, speed has been the factor that has worked for Zhao, as he ranks second among the world’s crypto billionaires. For others, however, broad ties to finance is what gives them an edge. This is the case for top crypto billionaire Chris Larsen, Founder of Ripple, whose virtual coin XRP skyrocketed one season, making his net worth rise to $60 billion overnight.
Just as quickly as fortunes are made though, they can be lost. A drop in the value of cryptocurrencies has cut Larsen’s fortune down to $7.5 billion. It still puts Larsen ahead on the crypto billionaire’s list, but he is a living testament to the volatility of these instruments.
The Crypto Billionaire Boys Club
Who else is on this list? It’s a mixed bag of the young and the wild, financing world heavyweights and internet entrepreneurs. You’ll find banking heir Matthew Mellon alongside the now famous Winklevoss twins, Bitcoin Foundation chairman Brock Pierce, and a string of other already wealthy men made even wealthier by cryptocurrencies.
Then there are the unknowns: the college dropouts and young professionals who seemed to have hit the digital lottery, with all the degenerate effects accompanying such sudden wealth.
Is this a Mirage?
So is this alleged wealth “real”, or is this a fleeting glimpse of fortune that will soon slip away from all hands involved? It is important to note that Forbes magazine, who’s known for its annual “Billionaires List”, published its first crypto billionaires ranking last February, a list which might be completely out-of-date in time for next year’s list. But if this is a seal of universal financial recognition in the validity of these assets, then the crypto world has finally earned it.
From the early attempts at making secure online currencies, through the rise, the fall, and the rise again of Bitcoin, the appearance of competing altcoins, the emergence of Ethereum and the ICOs, and all the way to last year’s boom, it seems like the crypto world has been through a lot, and is finally able to shake off the embarrassments of the past and look forward to a unanimous legitimacy.
It’s no wonder Zhao’s convinced that crypto is the future.
About the Author:
Amram Margalit is a professional writer who has worked in a wide range of settings, including technology companies, nonprofits, and the entertainment industry. Within these positions, Amram has provided quality content and advertising services and is currently the Content Manager at Leverate.