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The advent of digital currencies brought along many unanticipated changes over the course of time. Not only did it challenge perceptions related to finance, introducing a new way to transfer value that side-steps third-party implication, but it also made a lot of people wealthy, leading to the emergence of a new class of millionaires and billionaires: the crypto-rich.

Most people were quick to criticize this novel technology and wanted nothing to do with it – and many continue to be apprehensive about it and remain firm in their belief that pursuing crypto is not a worthwhile endeavor. Not even the most optimistic Bitcoin prediction or proof of legitimacy could sway the opinions of staunch crypto opponents. 

However, a few daring individuals were clever or perhaps lucky enough to recognize crypto’s potential and jumped straight into it. Some of these crypto pioneers managed to amass massive fortunes in the meantime via different methods and become part of the so-called crypto elite. So, let’s take a closer look at the wealthiest and most influential people in the crypto space.

 

 

Changpeng Zhao

Changpeng Zhao, commonly known as CZ, is a household name in crypto as the founder and former CEO of Binance, the world’s largest crypto exchange by trading volume. The Chinese-born businessman started his career in the tech industry in the early 2000s, working for several big companies, including Bloomberg, Fusion Systems, and Blockchain.com. The knowledge he acquired during this time would pave the path for his later foray into the world of crypto.

After dabbling in crypto for a while, CZ eventually launched Binance in 2017, and the platform grew rapidly in popularity under his leadership. In June 2024, Binance surpassed 200 million registered users. While the exact value of CZs fortune is unclear, given that Binance is a privately held company and these details are not made public, Forbes’ estimations put Zhao’s net worth around $33 billion as of June 2024.

Brian Armstrong

The American entrepreneur comes in second on the list of the richest people in crypto. Armstrong built his crypto wealth by starting Coinbase, a crypto exchange that he co-founded with Fred Ehrsam in 2012 after deciding to leave his job as a software developer at Airbnb. The move proved to be inspired as Coinbase became the biggest US-based crypto exchange platform.

As crypto prices continued to soar, Coinbase’s popularity and success also grew, turning Armstrong into a billionaire. Like many other crypto companies, Coinbase suffered various setbacks but managed to remain a top choice for many traders and investors. In 2021, the company went public on Nasdaq, marking a first in the crypto industry, with its market capitalization at the time of writing standing at $65 billion. Armstrong maintains a 19% share in Coinbase and has a reported fortune of $11.4 billion as of June 2024, according to Forbes.

Giancarlo Devasini

A rather unlikely stakeholder, Giancarlo Devasini was a plastic surgeon before launching into crypto. In 1992, he transitioned from the medical field into entrepreneurship, starting an electronics distribution company that imported computer parts from Asia. Then he retired and developed an interest in cryptocurrency and, in 2012 teamed up with Bitfinex co-founder and became the CFO of the company, contributing to its development. He’s also the mastermind behind Tether, the main stablecoin by market cap, owning 47% of the company’s shares. These achievements have helped Devasini amass a crypto fortune estimated at $9.2 billion.

Michael Saylor

When the American entrepreneur and business executive founded MicroStrategy, a business intelligence and software solutions company, in 1989, no one could have guessed that his ambitions would lead him to become one of the biggest and most outspoken Bitcoin investors. But in 2020, Saylor made a bold call by including Bitcoin in his firm’s holdings with an initial acquisition worth $250 million at the time. Since then, MicroStrategy has continued to purchase BTC, especially during periods of price decline, pushing its Bitcoin reserve to over 226,000 Bitcoins as of June 24, 2024.

Apart from his company’s holdings, Saylor also confirmed he personally owns 17,732 Bitcoins that he bought when the asset was valued at around $9,882 per unit. His journey from crypto skeptic to supporter and his unwavering trust in Bitcoin’s potential have helped Saylor build a fortune of $4.4 billion, which secures him a spot on the crypto billionaires list.

Jean-Louis van der Velde

A technologist and serial entrepreneur, as he describes himself on his LinkedIn profile, Jean-Louis van der Velde is the current CEO of Bitfinex and former CEO of Tether. A Netherlands native living in Hong Kong, he completed his superior studies in Taiwan and remained on the Asian continent afterward, where he established and ran several tech companies over the years.

Eventually, his entrepreneurial undertakings led him to explore opportunities in the crypto field, and in 2013 he co-founded Bitfinex. Although der Velde stepped down from his post as Tether’s CEO, he reportedly owns 20% of the company, and his net worth stands at $3.9 billion. 

Chris Larsen

the famed American business executive and angel investor has achieved great success in the crypto sphere after co-founding Ripple Labs in 2012 as a way to simplify international financial transactions.  Since then, he resigned as Ripple’s CEO but still serves as executive chairman of the company and has an 18% stake in it. Ripple and XRP’s success (he also has over 2.8 billion worth of XRP in his personal holdings) have turned Larsen into an incredibly wealthy man with a fortune of $3.2 billion.

These are some of the people who have put their faith and money into crypto and were generously rewarded for their courage and visionary ideas. Of course, the list of crypto millionaires and billionaires is much longer, but many of the individuals who have large crypto holdings prefer to remain anonymous and not make their fortunes public, so there’s not much information available about them.