Bitcoin is one of the most popular versions of crypto currency. Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. Bitcoin was invented by Satoshi Nakamoto in 2009. Bitcoins are completely virtual coins designed to be ‘self-contained’ for their value, with no need for banks to move and store the money. Bitcoins carry value and can be used to purchase goods and services online, or you can be kept as an asset for increase in their value over the years. Bitcoins are traded from one personal ‘wallet’ to another. Although Japan considers bitcoin as a legal tender, JP Morgan Chase CEO James Dimon calls it little more than a “fraud”. Indian government also does not favour the concept of Bitcoin. The Reserve Bank of India is also uncomfortable with “non-fiat” cryptocurrencies like Bitcoin. By the end of last year, on the back of huge increase in its value, Bitcoin plunged over 50 per cent by 2017 December end.
Forbes, the popular American business magazine, has come out with the first-ever list of the richest people in the cryptocurrency market. The cryptocurrency list names various secretive freaks, geeks and visionaries who rode on to the crypto-wave to spectacular highs and pocketed billions. Bitcoin price at the time of reporting today was $8,111. Here are the top-ten richest people in the cryptocurrency world listed by Forbes:
1)Chris Larsen: The 57-year old co-founder of Ripple, a technology that facilitates global payments for banks using blockchain technology, has an estimated cryptocurrency net worth of $7.5-$8 billion. Larsen was the chairman and former CEO of Ripple.
2)Joseph Lubin: The 53-year old co-founder of popular cryptocurrency Ethereum and founder of Consensys holds an estimated cryptocurrency net worth of $1-$5 billion. He is a former Goldman Sachs executive.
3)Changpeng Zhao: The 41-year old CEO of Binance (cryptocurrency exchange) holds an estimated crypto- net worth of $1.1.2 billion. He is known to establish world’s largest cryptocurrency exchange in just 7-months.
4)Cameron & Tyler Winklevoss: The 36-year old twins and founder of Winklevoss Capital own $900 million-1.1 billion net worth of cryptocurrency.Winklevoss brothers, the identical twins, are said to be the first public figures who became millionaires through their investments parked in the popular cryptocurrency Bitcoin. The brothers entered limelight after they sued Facebook CEO Mark Zuckerberg alleging he stole their idea to create popular social media platform Facebook.
5)Matthew Melon: The 54-year old individual investor holds $900 million-1.billion net worth of cryptocurrency.
6)Brian Armstrong: The 35-year old CEO of cryptocurrency exchange Coinbase holds $900 million-1 billion net worth of cryptocurrency.
7)Matthew Roszak:The 45-year old co-founder of Bloq and founder of Tally Capital holds $900 million-1 billion net worth of cryptocurrency.
8)Anthony Di Iorio: The 43-year old co-founder of Ethereum and founder of Jax and Decentral holds own $750 million-1 billion net worth of cryptocurrency.
9)Brock Pierce:The 37-year old chairman of Bitcoin Foundation holds $700 million-1 billion net worth of cryptocurrency.
10)Michael Novogratz:The 53-year old CEO of Galaxy Digital holds $700 million-1 billion net worth of cryptocurrency.
Bitcoin hit an all-time high of almost $18,000 on the the Luxembourg-based Bitstamp exchange on December 15, 2017, up 9 percent on the day, as warnings grew over the risks of investing in the highly volatile and speculative instrument. The cryptocurrency’s staggering price rises — more than 1,700 percent since the start of the year 2017 – led to worries that the market is a bubble that could burst in spectacular fashion. Bitcoin had climbed almost 80 percent by mid-December 2017 alone, putting it on track for its best month in percentage terms since December 2013.
A study by Anglia Ruskin University, Trinity College Dublin and Dublin City University released (December 2017) says that bitcoin could pose a threat to the financial stability of traditional currencies and markets.”Our evidence finds that the price of Bitcoin has been artificially inflated by speculative investment, putting it in a bubble,” said Larisa Yarovaya, one of the report’s authors and a lecturer at Anglia Ruskin University. “Although bitcoin is not regulated by governments, it could still have a knock-on effect on traditional markets due to the interconnectedness of cryptocurrency markets with other financial assets.” Others, however, say bitcoin’s total market size — around $300 billion — mean the impact of any future price collapse would not be large enough to have a knock-on effect on financial stability.