According to Forbes, 19 of the richest crypto billionaires lost 75% of their wealth. Their losses totaled $110 billion. Last April, the list of cryptocurrency billionaires included seven people. It later expanded to a record of 19 crypto entrepreneurs. By the end of 2022, the fortune of those crypto tycoons reached $140 billion. In 2023, the situation changed dramatically. Many of those people lost their capital due to fraud, government lawsuits, and plummeting digital assets. Currently, the total wealth of the richest crypto entrepreneurs in the world does not exceed $30 billion. At the same time, 10 billionaires dropped out of the Forbes list. In 2022, the total market capitalization of cryptocurrencies plunged by $700 billion. The collapse of hedge fund Three Arrows Capital triggered such a downturn. The sad story of Sam Bankman-Fried, the owner of crypto exchange FTX, was the greatest disaster in the crypto market in 2022. After its bankruptcy and court proceedings, Sam lost his capital of $24 billion. As a result, Changpeng Zhao, founder and CEO of cryptocurrency exchange Binance, became the richest person in the crypto industry in 2023. According to Forbes, his fortune is estimated at $10.5 billion. Although he owned $65 billion in 2022. Economists estimate that the BTC price may reach $60,000-$70,000 in the medium term. The imbalance of the global financial system may become the growth driver for the flagship crypto. If this scenario comes true, investors are likely to resort to alternative financial instruments, primarily Bitcoin.
