Bloomberg yesterday selected several billionaires in the cryptocurrency industry whose wealth has grown the most in 2023, according to the Bloomberg Billionaires Index. The biggest winner is undoubtedly Zhao Changpeng (CZ), the founder of Binance, whose wealth has surged by a staggering $25 billion this year, with an estimated net worth of over $37 billion.
As the cryptocurrency market steps out of a bearish year, Bitcoin has rebounded by over 160% from its 2022 low. Some cryptocurrency tycoons who experienced significant asset depreciation last year are now seeing signs of a noticeable recovery in their wealth.
Looking ahead to 2024, Bloomberg has identified several winners in the cryptocurrency industry in 2023, including Zhao Changpeng, the founder and former CEO of Binance; Brian Armstrong, the CEO of Coinbase; Fred Ehrsam, the co-founder of Coinbase; Tyler Winklevoss and Cameron Winklevoss, the twin brothers who co-founded Gemini exchange; and Barry Silbert, the founder of Digital Currency Group (DCG).
In November, CZ stepped down as CEO following a historic settlement agreement with the U.S. Department of Justice. His wealth has grown by over $25 billion this year, which is more than five times the $4.3 billion fine that Binance agreed to pay to U.S. authorities. CZ’s net worth is currently estimated to be over $37 billion, ranking him 37th on the Bloomberg Billionaires Index. However, it is significantly lower compared to the nearly $97 billion peak in early 2022 and below the year’s high of $50.4 billion reached in July.
It is worth noting that Bloomberg’s valuation of CZ’s wealth mainly comes from his equity in Binance and does not include his holdings of cryptocurrencies such as Bitcoin and Binance Coin (BNB). If these values are taken into account, CZ’s wealth growth would be even more substantial.
Brian Armstrong, the co-founder and CEO of Coinbase, has seen his wealth increase by $5.8 billion this year, with an estimated net worth of $7.2 billion, ranking 351st on the Bloomberg Billionaires Index. Armstrong’s wealth growth is primarily driven by the soaring price of Coinbase, 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, with an estimated net worth of around $2.5 billion. He holds approximately 5% of Coinbase’s shares.
The twin brothers Tyler Winklevoss and Cameron Winklevoss, who co-founded the Gemini cryptocurrency exchange, have seen their wealth increase by over $1.4 billion each this year, with a combined estimated net worth of $2.7 billion.
Barry Silbert, the founder of DCG, whose legal battle with the Winklevoss twins over the Genesis bankruptcy case has been ongoing, has seen his wealth grow by $1.5 billion this year, with an estimated net worth of $2 billion.
However, while CZ’s wealth has grown by $25 billion, the biggest loser is Sam Bankman-Fried (SBF), the founder of FTX, who has been convicted of multiple fraud charges and is currently in prison. SBF’s wealth reached a peak of $25.9 billion in March last year but plummeted to zero overnight following the collapse of FTX.
Source: CZ X Official Account @cz_binance
Source: Coinbase
Source: New York Post
Source: Coindesk