In Forbes’ first-ever rich list of individuals in the cryptocurrency industry, the Ripple co-founder, Chris Larsen topped the list with a crypto net worth of $8 billion.
In a historic moment for the cryptocurrency and economic sector, Forbes recently published its first ever list of richest individuals in terms of their cryptocurrency holdings. According to this list, Chris Larsen, the co-founder of Ripple, is the richest person in terms of crypto assets.
To compile the list, Forbes considered every individual’s total estimated funds in crypto assets after-tax profits as well as their stakes in crypto companies on January 19.
At this time, Larsen demonstrates a crypto net worth of between $7.5 billion to $8 billion. While this is considerable, Larsen reached a peak of $20 billion in early January before a market dip. This estimate is based on Larsen’s cryptocurrency in his possession which is a total of 5.2 billion Ripple (XRP). In addition, Larsen’s company has control over 61 million of the total 100 billion RP that is in circulation.
Despite XRP experiencing a massive price decline of 65% recently, Larsen still managed to reach the list’s number one spot. Forbes listed a total of 20 individuals who are considered the crypto industry wealthiest.
Other notable entries included the Ethereum co-founder, Joseph Lubin who boasts a crypto net worth of anything between $1 billion and $5 billion, the Winklevoss twins who collectively own between $900 million and $1.1 billion, as well as Chanpeng Zhao who owns the crypto equivalent of between $1.1 billion and $2 billion.
According to Forbes, 2017’s average price change experienced by XRP, bitcoin, and ethereum was estimated at around 14,409%.
The publication adds that there are currently almost 1,500 different cryptocurrencies which are collectively worth $55 billion. This price has upped in value 31 times over ever since January 2017.
Forbes writes that the industry is still subject to severe price volatility and notes that bitcoin has experienced a nearly 50% decline ever since it peaked in December 2017. However, the publication seems optimistic about the future of cryptocurrency and notes that blockchain technology is here to stay while acknowledging the value of cryptocurrencies despite its speculative nature.
All individuals who wished to be considered to be included on the list were required to demonstrate a minimum of $350 million worth of cryptocurrency-related assets. The list added that the age average of the crypto list was 42, which is considerably lower compared to the Forbes 400 list which includes America’s wealthiest individuals where the average age is 67.
According to Randall Lane who serves as the Forbes editor, the cryptocurrency industry is a unique one where the right investment can make its investor a fortune quickly. Lane concluded that the cryptocurrency industry managed to attract investors from all walks of life which makes for a vibrant community.