Despite the instability in the crypto market, several new individuals have joined the ranks of crypto billionaires. The number of crypto billionaires has risen to 19, seven more than the previous year.
According to Forbes’ annual list, the over $2 trillion cryptocurrency sector has produced more billionaires and seen the value of existing members of the club climb.
The CEO and founder of Binance, the largest global crypto exchange, is at the top of the list. Changpeng Zhao, or CZ as he is more commonly known, is reported to be worth $65 billion.
Due to a dearth of publicly available information, Forbes estimated Binance’s market capitalization to be $92.5 (as of last month), with CZ owning a 70% share in the company.
CZ is now not just the wealthiest crypto billionaire, but also the 19th richest person on the planet, thanks to the value. Binance aims to invest in every major business and bring them into the crypto market, according to CZ.
This month, Zhao told the Financial Times, “We [Binance] want to find and invest in one or two companies in every economic area and seek to incorporate them into crypto.”
Sam Bankman-Fried, popularly known as SBF, is the 30-year-old founder and CEO of FTX, a crypto exchange based in the Bahamas.
SBF’s fortune is estimated to be over $24 billion, and he has declared that he intends to donate most of it to charity.
Brian Armstrong, the CEO and creator of publicly-listed cryptocurrency exchange Coinbase, rounds out the top three. Armstrong’s 19 percent ownership in Coinbase has given him a valuation of $6.6 billion.
Gary Wang (FTX co-founder and CTO), Nikil Viswanathan and Joseph Lau (co-founders of crypto start-up Alchemy), Song Chi-hyung (Upbit founder), Kim Hyoung-nyon (executive president of South Korea’s Danumu) and Devin Finzer and Alex Atallah (co-founders of OpenSea) are among the newbies to the crypto billionaires club.
Micheal Saylor, Cameron and Tyler Winklevoss, Matthew Roznak, Fred Ehrsam, Tim Draper, Chris Larsen, Barry Silbert and Jed McCaleb are among the crypto billionaires who made the list this year.
Most governments, not just crypto billionaires, have taken notice of the crypto industry’s rapid growth and the fortune it has generated for market players.
The government of the United States, the world’s largest economy, has set a goal of raising $11 billion from crypto taxes.
The bill, which will take effect in the fiscal year 2023, will establish debatable new tax reporting rules for the cryptocurrency industry.
Participants of the crypto community, as well as participants of the US Congress, have continued to argue about the wording of the bill that enshrines the new laws.
Small crypto operations should be excused from tax reporting, according to a recently presented bipartisan law, The Virtual Currency Tax Fairness Act of 2022.
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