Many billionaires have been open about their skepticism of cryptocurrency in the past. However, many other billionaires have been open about their support and how they have even profited from various forms of cryptocurrency. If you’re interested in learning how people make their money from cryptocurrency, check out these billionaires.
After working for companies like Airbnb for years, Brian Armstrong co-founded the cryptocurrency exchange Coinbase in 2012. The exchange quickly grew over the years to become the biggest crypto business located in the United States. This has led him to gross a net worth of $6.5 billion while owning 20% of the company.
Having launched a public IPO in April 2021, Coinbase is clearly going to be more valuable in the future as more people flock to cryptocurrency. It will be interesting to see how Brian Armstrong can keep upping his net worth.
Michael J. Saylor
To show your belief in cryptocurrency, the most you can do is put your money towards your beliefs. Michael J. Saylor, CEO of MicroStrategy, has shown that he believes in this strategy when he spent $1.1 billion of the company’s money to purchase over 70,000 bitcoins. He has said in a press release that believes that this will be an easy way for the company to make money in the future.
In just a few short months after the purchase, Michael was proven right. The $1.1 billion of bitcoin was able to grow to $2.5 billion, quickly making the company’s venture profitable. In addition to purchasing bitcoin for the company, Michael was able to make a lot of money for himself by spending $175 million on bitcoin, netting him over $400 million in profit so far. Michael Saylor is clear proof of a billionaire that truly supports cryptocurrency.
In 2014, Zhao took a huge risk by selling his house in Shanghai to launch a cryptocurrency exchange called Binance. Over the past couple of years, Binance has grown to become the largest place to sell and trade cryptocurrency across many different countries. In addition to offering trading services, Binance has also been successful as a company mining bitcoins. As cryptocurrency expands, it will be interesting to keep watching the story of Zhao and Binance.