Bitcoin is a digital asset and payment system with a market capitalization of around $452.1 billionas of Feb 4, 2023. It is considered by many to be one of the most successful digital currencies ever created. The first-ever bitcoin exchange-traded fund (ETF) was launched in October 2021, pushing the cryptocurrency to new all-time highs.
Bitcoin's stratospheric rise since 2009 has created a surprising and diverse set of millionaires (and billionaires). But who owns the most bitcoin? It is tough to say for sure who owns the most bitcoin, as wallet addresses are anonymous in that they are not associated with the account owner's name. The only way to tell is if the owner has publicized their holdings.
Many bitcoin holders have made their wealth by creating products to grow Bitcoin's still-nascent ecosystem. For example, some have created exchanges for trading cryptocurrency and the derivatives that have emerged from it.
Of course, Bitcoin was—and still is—a risky asset class. The absence of regulatory guardrails and the cryptocurrency's price volatility have attracted criminals and investors alike. But those drawbacks only serve to highlight the achievements of Bitcoin millionaires because they not only were early adopters but also predicted its economic opportunity.
Key Takeaways
Launched in 2009, Bitcoin is the first and remains the most successful blockchain-based cryptocurrency in the world.
The price of Bitcoin is volatile, ranging from under $10 in 2010 to $65,000 in November 2021 and back down to less than $16,000 in November 2022.
Most top Bitcoin billionaires became rich by creating products and services to grow the cryptocurrency ecosystem.
This overall price increase has also created millions for people that bought and held their bitcoins. These early adopters hoped for a lucrative opportunity, started accumulating or mining in the early days, and held on.
Changpeng Zhao (CZ)
Changpeng Zhao is the founder of Binance, the world's biggest cryptocurrency exchange by trading volume. According to Forbes, Zhao's net worth was $4.5 billion in February 2023.
Zhao, who immigrated to Canada at the age of 13 from China, came to Bitcoin via a poker game with friends. He went all-in on cryptocurrencies thereafter and even sold his apartment for Bitcoin in 2014. Binance, which was started in 2017, handles transactions that run into billions of dollars on a daily basis. While it may not be as well-known as Coinbase to U.S. customers, Binance is bigger and offers more coins and derivatives to customers than its main competitor.
The exchange's nimble ascent has taken a toll on its regulatory standing. It is under regulatory scrutiny in some financial jurisdictions and has been forced to operate without a headquarters.
Song Chi-hyung
Song Chi-hyung is the founder of Dunamu, the parent company of the leading cryptocurrency exchange Upbit in South Korea. Chi-hyung launched Upbit in 2017—within three months it was South Korea's top crypto exchange. According to its third-quarter report, the exchange netted ₩219.3 billion (won), or $175 million in income. In 2021, it had a total comprehensive income of ₩2.15 trillion (won), or $1.73 trillion.
According to the Forbes Real-Time Billionaire list, Chi-hyung is worth more than $3.7 billion.
Brian Armstrong
Brian Armstrong is the founder of Coinbase, North America's biggest cryptocurrency exchange by trading volume. He co-founded the exchange in 2012 after quitting his job as a software engineer at Airbnb. Armstrong has a 19% stake in Coinbase and is estimated to be worth $2.7 billion by Forbes in February 2023.
Due to its easy-to-use interface and credibility, Coinbase is considered the gateway for retail investors to join the crypto ecosystem. The exchange has suffered many hiccups, such as halts in trading while attempting to scale operations amid crypto volatility. The exchange went public in April 2021 and had a total market capitalization of $17.08 billion at the close of trading on Feb. 17, 2023. Armstrong said he started Coinbase because he wanted the world to have a "global, open financial system that drove innovation and freedom."
Jed McCaleb
Jed McCaleb is a well-known figure in cryptocurrency, as he was the founder of the notorious exchange Mt. Gox. He sold the exchange in 2013, one year before hackers stole nearly $460 million worth of cryptocurrency.
McCaleb went on to assist in launching the cryptocurrencies and blockchains Ripple and Stellar. He still holds about 3.4 billion XRP, which at February 2023 prices, sets him at close to $2.4 billion in total worth.
After launching Stellar in 2014, McCaleb founded the Astera Institute, a 503(c)(3) non-profit for developing technology for human advancement, and Vast, a company reportedly working on artificial gravity technology.
Chris Larsen
Cris Larsen is another well-known figure in the cryptocurrency arena, having co-founded Ripple alongside Jed McCaleb. He is still the executive chairman of the company. Before cryptocurrency emerged, Larsen co-founded the online mortgage lender e-Loan, which was later sold to Yahoo.
Larsen, referring to cryptocurrency and blockchain, told Forbes, "The internet of value is more than just laying out a new way of doing finance. I think, fundamentally, this represents the final step in globalization."
Forbes placed Larsen's worth at $2.2 billion in February 2023.
Tyler and Cameron Winklevoss
Tyler and Cameron Winklevoss parlayed the millions they earned from their lawsuit against Facebook into cryptocurrencies. They became the first billionaires in the crypto ecosystem after the late 2017 surge in Bitcoin prices. Forbes estimates their net worth at $1.1 billion each.
While most of their estimated wealth comes from investments in cryptocurrencies, the Winklevoss twins are also entrepreneurs who started the Gemini cryptocurrency exchange. The exchange was valued at $7.1 billion after its $400 million fundraising in November 2021. They also own Nifty Gateway, a platform to buy and sell non-fungible tokens (NFTs).
Michael Saylor
Bitcoin has attracted numerous unconventional investors over the years. None, however, has the zeal and enthusiasm of Michael Saylor, CEO of software firm MicroStrategy Inc. (MSTR). The firm began acquiring the cryptocurrency in August 2020 by snapping up $250 million of bitcoin. At that time, the firm said it was buying the cryptocurrency to better use the cash holdings on its balance sheet.
Over time, Saylor has become a fierce supporter of Bitcoin and appeared at news and cryptocurrency conferences to evangelize its benefits and use cases. By December 2021, MicroStrategy had increased its holdings in Bitcoin to $3.5 billion, swooping in to buy the cryptocurrency during price dips.
MicroStrategy's stock price skyrocketed by more than 337% (as of December 2021) after it announced the Bitcoin acquisition. Meanwhile, Forbes estimates Saylor's net worth to be $1.6 billion as a result of his bet on Bitcoin. In December 2022, Microstrategy again made a bitcoin purchase, adding 2,500 more to its holdings. As of February 2023, Microstrategy holds about 132,500 bitcoin—close to $3.2 billion.
Who Is the Wealthiest Person in Cryptocurrency?
According to the Forbes Real-Time Billionaires List, Changpeng Zhao, founder of cryptocurrency exchange Binance—is estimated to be worth $4.5 billion, making him the wealthiest person in cryptocurrencies.
Who Owns the Most Bitcoins?
The anonymous developer of Bitcoin Satoshi Nakamoto is rumored to hold more than 1 million bitcoins. However, due to the nature of cryptocurrency, this cannot be proven. The address that holds the most bitcoin is 34xp4vRoCGJym3xR7yCVPFHoCNxv4Twseo, with more than 248,597 BTC. At February 2023 prices, that's close to $6.1 billion.
How Many Crypto Billionaires Are There in the Forbes Billionaires Index?
There are eight cryptocurrency billionaires in Forbes' ranking of billionaires, subtracting Sam Bankman-Fried, who was the ninth.
How Can You Earn Billions From Cryptocurrencies?
Contrary to the popular perception of cryptocurrencies, the wealthiest people in its ecosystem have not generated their wealth through bitcoin investments. Instead, they have minted profits by identifying existing gaps in the crypto ecosystem and starting products or services to plug that gap.
The Bottom Line
As cryptocurrencies became popular, the number of people making billions off the new asset class increased. Crypto billionaires are a motley bunch—some have made their billions by providing products and services to the emerging ecosystem, while others have generated profits by taking advantage of crypto volatility.
Investing in cryptocurrencies and other initial coin offerings (ICOs) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author does not own cryptocurrency.
1. Changpeng Zhao (CZ) – Founder of Binance, Changpeng Zhao (CZ) is one of the richest crypto billionaires in the world. Zhao's net worth is estimated at $1.9 billion.
There are over 140,000 wallet addresses containing between 10 and 100 BTC, according to the “Bitcoin Rich List”. However, not each of these portfolios will belong to a millionaire. There are roughly 24,233 wallets worth more than $1 million among people who are unquestionably Bitcoin millionaires.
The USA has had the highest amount of BTC over time, which it got through various methods. Let's take a look at how different governments come into possession of BTC.
There are no guarantees that you'll become a millionaire, but if you invest in the right places and hold those investments for the long term, it's still possible to see significant returns.
However, it's still possible to make money with Bitcoin. You can trade it, lend it, hold it or earn it. Returns aren't guaranteed on this volatile asset; just as you can make money as the price goes up, it's also possible you could lose money if the price goes down.
You can absolutely make money through crypto, just as you would trading any other type of asset. But with the extra volatility, there is a higher risk and higher potential profits.
Five years ago Sam Bankman-Fried hadn't bought his first bitcoin, but today, he's one of the youngest billionaires in the world thanks to the cryptocurrency, and one of the most powerful people in the young but fast-growing crypto industry.
Sam Bankman-Fried, left, has resigned as head of his crypto empire. His $16-billion fortune has vanished. Sam Bankman-Fried's digital-asset empire filed for Chapter 11 bankruptcy in Delaware, capping a rapid downfall for the 30-year-old entrepreneur and onetime crypto king.
The Taihuttu family has previously said they liquidated all of their physical assets in 2017 in favor of investing in bitcoin and a life on the road, and have hidden most of their holdings in secret stashes around the world.
The U.S. government currently holds 205,515 bitcoins valued at $5.66 billion based on today's exchange rates. The bitcoins were confiscated in three cases, including the Silk Road bitcoin seizure in November 2020, the 2022 Bitfinex hack confiscation, and the seizure of bitcoins from James Zhong last year.
Bitcoin does not have a central authority. The bitcoin network is peer-to-peer, without central servers. The network also has no central storage; the bitcoin ledger is distributed. The ledger is public; anybody can store it on a computer.
However, some estimates can be made based on blockchain data and surveys of Bitcoin holders. According to data from Bitinfocharts, as of March 2023, there are approximately 827,000 addresses that hold 1 bitcoin or more, representing around 4.5% of all addresses on the Bitcoin network.
At the end of the day, you have 5 options: a cryptocurrency exchange, an OTC brokerage, peer-to-peer exchanges, Bitcoin ATMs, and crypto gift cards. These are the most commonly used, and ultimately, the best way to cash out Bitcoin will depend on your specific needs and circ*mstances.
The death of four crypto billionaires within a month has caught the crypto community's attention. The deaths occurred under suspicious circ*mstances, and some of these billionaires had even raised alarms about being in danger. 4 crypto billionaires dead in the span of a month. Just before, and during the FTX collapse.
Since Bitcoins are intended for transactional use, just like paper currency, too many Bitcoins in the market could generate wild price swings. With that in mind, the inventor stipulated a 21 million Bitcoin limit to control the supply and, thus, future price fluctuations.
Yes, Bitcoin is traceable. Here's what you need to know: Blockchain transactions are recorded on a public, distributed ledger. This makes all transactions open to the public - and any interested government agency.
A Binance wallet was the single richest address, with 248,597 BTC worth more than $7.3bn and representing almost 1.3% of the circulating BTC supply. The BitFinex wallet held 178,010, or about 0.92% of BTC's current circulating supply, while the third wealthiest, which held 127,351 bitcoin, was also linked to Binance. .
The Bitcoin ecosystem is still developing, making it possible that Bitcoin itself will continue to evolve over the coming decades. But however Bitcoin evolves, no new bitcoins will be released after the 21-million coin limit is reached.
These 19 billionaires have made their riches in the world of cryptocurrency. t's been a wild twelve months for the world of cryptocurrencies, from the Elon Musk-fueled ascent of Dogecoin, to Web3 innovations and non-fungible tokens (NFTs), to the wild swings in Bitcoin and other crypto tokens.
Since it supports smart contracts, Cardano is also widely used for creating decentralized applications. Cardano's focus on security and decentralization makes it hugely attractive for developers for many years to come. In other words, Cardano continues to be one of the best crypto investments in the market today.
How long does it take to mine one Bitcoin? It takes around 10 minutes to mine just one Bitcoin, though this is with ideal hardware and software, which isn't always affordable and only a few users can boast the luxury of. More commonly and reasonably, most users can mine a Bitcoin in 30 days.
In fact, investing 5% of your portfolio in crypto is an often-quoted percentage of your net worth to tie up in crypto assets. Some experts recommend starting much lower, with just a 1% investment in cryptocurrency and the remaining 99% of your portfolio going to stocks and other traditional investments.
And with crypto's high market volatility, efficient traders can easily make $100 a day trading cryptocurrency. Day traders are active traders looking for ways to find gains, whether the market is bullish or bearish. However, they know the importance of access to market alpha to find tokens before they pump.
Trading. You can buy crypto and hold it until its value rises, then sell for a profit — and even engage in day trading if your goal is quick income. ...
The Winklevoss twins received some $65 million in cash and Facebook stock in the 2008 settlement over the creation of the social media giant. After establishing family office Winklevoss Capital in 2012, the brothers began amassing large amounts of Bitcoin.
By age 18, Finman had become a millionaire. (See more: Who is Erik Finman, the Bitcoin Millionaire Teenager?) The baby-faced investing whiz currently owns 401 bitcoins, which translates to about $3.8 million using today's bitcoin price of $9,300.
Tom Brady owns more than 1 million shares in FTX that are practically worthless after the crypto exchange collapsed—and Gisele isn't too far behind. Billionaire New England Patriots owner Robert Kraft and star NFL quarterback Tom Brady are among those sharing in the pain of FTX Group's sudden implosion.
The Largest Bitcoin Trade: $1.1 billion (161,500 BTC) on April 10, 2020. Taking the top spot, one bitcoin wallet moved 161,500 BTC on April 10, 2020. At the time, this bitcoin was worth roughly $1.1 billion, making it the biggest bitcoin transaction of all-time.
Tom Brady, Madonna, Gwyneth Paltrow and baseball Hall-of-Famer David Ortiz are just some of the big names facing lawsuits from investors as the crypto world crumbles in the wake of FTX's fall from grace.
The brothers used their settlement money to invest in dozens of startups through their family office, Winklevoss Capital, and also made a timely investment in what was then a little known digital token, Bitcoin. In April 2013, they revealed that they had invested $11 million in Bitcoin when it was trading at just $120.
In March 2010, user "SmokeTooMuch" auctioned 10,000 BTC for $50 (cumulatively), but no buyer was found. On 22 May 2010, Laszlo Hanyecz made the first real-world transaction by buying two pizzas in Jacksonville, Florida, for 10,000 BTC, an amount that would surpass $600 million if held in April 2021.
Chris Brooks (the father) and Charles Brooks (the son) have made it their business to help people recover their lost cryptocurrency. Their aim is to break into a crypto wallet when the password has been forgotten. They take a 20% cut if they are successful and then return the rest to the rightful owner.
The IRS classifies cryptocurrency as property or a digital asset. Any time you sell or exchange crypto, it's a taxable event. This includes using crypto used to pay for goods or services. In most cases, the IRS taxes cryptocurrencies as an asset and subjects them to long-term or short-term capital gains taxes.
How much is crypto taxed in the USA? You'll pay up to 37% tax on short-term capital gains and crypto income and between 0% to 20% tax on long-term capital gains - although NFTs deemed collectibles may be taxed at 28%.
Capital gain income can be long-term or short-term. If you're receiving crypto as payment for goods or services or through an airdrop, the amount you received will be taxed at ordinary income tax rates. If you're disposing of your crypto, the net gain or loss amount will be taxed as capital gains.
As Bitcoin is decentralised, the network as such cannot be shut down by one government. However, governments have attempted to ban cryptocurrencies before, or at least to restrict their use in their respective jurisdiction. Governments could still try to jointly ban Bitcoin.
Once the Bitcoin network's supply runs out, miners will still be incentivized to support it. Miners already get paid in transaction fees and Bitcoins. Transaction fees comprise only about 6% of a miner's income. Transaction fee returns are expected to increase exponentially before Bitcoin's supply limit is reached.
The conversion value for 1 BTC to 27149 USD. BeInCrypto is currently using the following exchange rate 27149. You can convert BTC to other currencies like SOL, STETH or XRP. We updated our exchange rates on 2023/05/18 16:11.
Simple math shows that the average bitcoin holding per person is about 262,500 satoshis. At $69,000 per bitcoin, that works out to an investment of about $180 to reach the global average bitcoin allocation.
Research from July 2021 shows that 89% of American adults have heard of Bitcoin. An estimated 1 billion people around the world use cryptocurrencies. About 46 million Americans (roughly 22% of the adult population) own a share of Bitcoin.
Notwithstanding the difficulty of confirming this number precisely, our research indicates that there are at least 32,500 individuals who have achieved millionaire status through their cryptocurrency holdings at current market value.
There are no guarantees that you'll become a millionaire, but if you invest in the right places and hold those investments for the long term, it's still possible to see significant returns.
Two of the story's iconic characters are Harvard students Tyler and Cameron Winklevoss: identical twins, Olympic rowers, and foils to Mark Zuckerberg. Bitcoin Billionaires is the story of the brothers' redemption and revenge in the wake of their epic legal battle with Facebook.
Many investors have become millionaires overnight by investing in cryptocurrency, however, these cases are few and far between and should not be used as an indicator of future performance. Additionally, it is important to diversify your investments and not to put all your eggs in one basket.
Sam Bankman-Fried, left, has resigned as head of his crypto empire. His $16-billion fortune has vanished. Sam Bankman-Fried's digital-asset empire filed for Chapter 11 bankruptcy in Delaware, capping a rapid downfall for the 30-year-old entrepreneur and onetime crypto king.
Satoshi Nakamoto (born 5 April 1975) is the name used by the presumed pseudonymous person or persons who developed bitcoin, authored the bitcoin white paper, and created and deployed bitcoin's original reference implementation. As part of the implementation, Nakamoto also devised the first blockchain database.
Satoshi Nakamoto is said to be the inventor of bitcoin and wrote the token's original white paper in 2008. Crypto fans this week celebrated Nakamoto's 48th birthday amid new theories as to their true identity. Here's what to know about the mysterious icon behind the world's largest cryptocurrency.
The Taihuttu family has previously said they liquidated all of their physical assets in 2017 in favor of investing in bitcoin and a life on the road, and have hidden most of their holdings in secret stashes around the world.
Check the currency rates against all the world currencies here. The currency converter below is easy to use and the currency rates are updated frequently. This is very much needed given the extreme volatility in global currencies lately.
Bitcoin mining, once accessible to individual investors, is now so competitive that it's rarely a profitable venture for those with small setups. However, it's still possible to make money with Bitcoin. You can trade it, lend it, hold it or earn it.
Additionally, a survey conducted by Glassnode in 2020 found that only 23.6% of Bitcoin holders own more than 1 bitcoin, while the majority of holders (76.4%) own less than 1 bitcoin.
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