TEN of the wealthiest crypto investors have lost a combined $26.9 billion since November 2021, according to a new report by Forbes.
Cryptocurrency investing has made some people really rich, however, that same volatile market has just as easily halved the net worth of many.
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In November 2021, the overarching crypto market peaked in value — since then, the market has faced a total loss of 43 percent.
The highest valued cryptocurrency, Bitcoin, has specifically plummeted by 50 percent since it reached its all-time high of $68,622 on November 10, according to CoinMarketCap.
Due to this drop in digital currency valuations, several crypto billionaires’ wallets have faced jaw-dropping losses in the billions.
In fact, three of the ten wealthiest crypto billionaires are worth 50 percent less than they were in early November — including Tim Draper, Matthew Roszak, and MicroStrategy CEO Michael Saylor.
At the time of this article, Bitcoin is worth about $37,344.
Other cryptocurrencies like Ether and even stocks relating to crypto such as Coinbase Global have also dropped in value.
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As a result of Coinbase plummeting, the company’s CEO Brian Armstrong and board member Fred Ehrsam have each lost an average of 40 percent of their net worth.
Indeed, few digital currencies have performed well since November and the prediction by experts is that the downward trend will only continue — especially with the Federal Reserve currently in talks about raising interest rates to combat rising inflation.
Analysts are also saying that investors should prepare themselves for a ‘bear market,’ which is when the market is down 20% for at least a two-month period.
Still, some crypto billionaires like Draper remain optimistic that the market will overcome once more.
“As the interest rate worries drive the markets down I suspect some of the marginal cryptocurrencies will disappear, and more effort and concentration will be applied to Bitcoin and the other important coins,” Draper told Forbes.
Other crypto billionaires who have lost billions include Tyler and Cameron Winklevoss (most famously known for suing Mark Zuckerberg over Facebook’s ownership), Sam Bankman-Fried (CoFounder of FTX), Chris Larsen (Chairman of Ripple), and Jacob McCaleb (CoFounder of Stellar and Ripple).
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I bought a £150,000 Lamborghini with just £80 of Bitcoin after crypto exploded 320,000% in 7 years
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