Over the past 3 months, crypto billionaires have suffered severe losses due to the market meltdown, with some of them losing most of their fortune or ending up bankrupt altogether. According to Forbes, the total net worth of the 11 richest people in the industry has decreased by $61.4 billion.
Sam Bankman-Fried lost $4 billion and is now worth about $20 billion. Changpeng Zhao’s net worth has nosedived by $46.3 billion. The fortune of Binance’s founder and CEO is now valued at $18.7 billion. Despite these massive losses, a number of businessmen remain bullish on crypto. Venture capitalist Tim Draper, who occupies the 11th place on Forbes’ list of crypto billionaire losers, still insists bitcoin could reach $250,000 by the end of 2022 or early 2023.
Coinbase’s co-founder Fred Ehrsam thinks the crypto crash can end up being a good thing in the long run. “One thing most people don't fully grasp: it takes years, often decades, to go from a new infrastructure-level technology breakthrough (like crypto) to a vibrant ecosystem of mainstream applications,” he noted.
