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10 Crypto magnates make it to the billionaires’ club despite recent market struggles

Market uncertainty, rising inflation, and lower crypto prices are among the hottest topics in 2022. Some analysts believe the worst is yet to come, while others strongly believe bulls will finally make the global economy take off.

In these tense times, the editorial team at TradingPedia decided to have a deeper look at how the moguls in one of the most affected industries rank among the richest people on the planet. It turns out that there are a total of 10 crypto magnates who have a fortune of $1 billion or more.

The most notable name on the list is Sam Bankman-Fried – co-founder of the crypto exchanges FTX and FTX.US. With a net worth of $20.20 billion he is the 72nd richest person in the world and 1st among the crypto moguls.

The top three list is completed with Changpeng Zhao ($17.80 billion) – founder of the crypto exchange Binance, and Gary Wang ($5.80 billion) – the other co-founder of FTX and FTX.US.

“The past several months proved to be very harsh for almost all industries with great levels of inflation, mixed with supply shortages, war, and COVID-19 lockdows dragging the world economy down. Markets are yet to take a breath and it is uncertain when the bearish trends will reverse. However, crypto adoption among not only retail investors, but also among big companies and institutions rose to such high levels that from now on it will be hard for cryptocurrencies to be devalued more than what the general rate of inflation will bring for everyone.”

– Brian McColl, analyst at TradingPedia, comments.

Coinbase’s co-founder and CEO – Brian Armstrong is 9th with $2.30 billion. His net worth is among the most affected by the crypto struggles as his 19% stake in Coinbase dropped greatly in value compared to the initial days of the direct public offering. NASDAQ:COIN peaked to over $420 per share right after the company started trading publicly and declined by over 80%. As of now NASDAQ:COIN is trading between $50 and $55 per share.

Brian Armstong saw his net worth shrunk from $11.5 billion in 2021, which made him part of the prestigious Fortune 400 in 2021 (#60), to $2.30 billion.

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