World’s 11 richest people lost $61.4 billion in the last three months due to the collapse of the cryptocurrency market. Moreover, four of them even lost their status as the world’s billionaires.
In June 2022, FTX founder Sam Bankman-Fried topped the list of the richest crypto billionaires. However, his net worth has dropped by $4 billion since March 2022 and currently amounts to $20 billion.
However, Binance founder Changpeng Zhao incurred more significant losses than Bankman-Fried. Zhao lost $46.3 billion and now his net worth totals $18.7 billion.
Moreover, other world’s billionaires also suffered significant losses from the crypto market collapse. For example, Tesla and SpaceX founder and CEO Elon Musk, Amazon founder Jeff Bezos and even Microsoft co-founder Bill Gates have endured a collective $115 billion hit to their net worth since the start of 2022.
Notably, some crypto billionaires are still bullish on digital currencies despite their substantial losses. Venture capitalist Tim Draper is ranked last among seven crypto billionaires. He is confident that Bitcoin will reach $250,000 by the end of 2022 or the start of 2023.
Former Coinbase co-founder Fred Ehrsam believes that the reason for the crypto market crash is the so-called excessive growth. He is certain that a transition from a new technological infrastructure breakthrough to a dynamic ecosystem of mainstream applications may take years or even decades.
