Since its inception, Bitcoin has held a top spot in the cryptocurrency leaderboard. Bitcoin dominates the crypto market cap by holding half of the cake, undoubtedly making the biggest crypto. After envisaging potential long-term benefits, a myriad of wealthy personalities jumped on the bandwagon of Bitcoin.
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Over one decade, Bitcoins also drew the attention of a group of affluents despite their highly volatile nature. But, before directly scrolling the list down, let’s quickly recap Bitcoin’s rolling coaster journey.
Journey of Bitcoin
Deciding to invest in Bitcoin carries a considerable element of risk. Bitcoin is known for its unpredictable and fluctuating worth, with its value capable of experiencing significant fluctuations in either direction. For example, in 2017, Bitcoin attained an unprecedented peak price of almost $20,000, only to plummet to approximately $3,000 in 2018.
Since then, the price has risen exponentially again. Its upward momentum has been untouchable since April 2021, when bitcoin touched its all-time value of $64,800. Unfortunately, the celebration didn’t last long, and after that, Bitcoin was hunted down by the crypto winter. In 2023, numerous factors will decide the Surge or Slump in Bitcoin’s Price.
Now, it’s time to shift our focus to the topic at hand.
Bitcoin Tycoons
While the crypto-critics tag Bitcoin as a highly-volatile asset class, the wealthy class of the world doesn’t want to turn heads from it. In the journey of uncertainty, the bitcoin proprietors played a pivotal role in making it the “largest cryptocurrency.”
In actuality, Billionaires and millionaires across the globe are leveraging Bitcoins and other digital currencies as a part of their investment portfolio, which is quite surprising and lucrative too. While the new financial world is taking shape in the form of DeFi, the elite and super-rich personalities use Bitcoins to diversify their assets and hedge against market fluctuations.
It will be a long list if we talk about the big names who pumped millions or billions of dollars into bitcoin. But here is an exhaustive list of the Bitcoin proprietors that may surprise you.
1.) Tyler and Cameron Winklevoss
The Winklevoss twins gained fame for their role in creating Facebook, and they are now significant players in the world of Bitcoin. They founded Gemini’s cryptocurrency exchange and are estimated to own around 1% of all Bitcoin. Their estimated net worth is about $2 billion.
2.) Michael Saylor
Michael Saylor is the CEO of MicroStrategy, a business intelligence company that made headlines in 2020 when it announced that it had invested $425 million in Bitcoin. Saylor has become a vocal advocate for Bitcoin and said that he believes it is the best store of value ever created. He is estimated to own around $2 billion worth of Bitcoin.
3.) Elon Musk
Elon Musk, the billionaire CEO of SpaceX and Tesla, has been a vocal supporter of Bitcoin in recent years. His company Tesla even invested $1.5 billion in Bitcoin in early 2021. However, Musk’s tweets about Bitcoin have also been known to cause the price to fluctuate, and he has been criticized for his role in promoting cryptocurrency.
4.) Li Ka-Shing
Li Ka-Shing, Aka Superman, is a billionaire from Hong-kong and a business tycoon. He owns CK Hutchison Holdings, a Hong Kong-based infrastructure conglomerate, and CK Asset Holdings, an asset manager and real estate service provider. According to a reliable source, Li Ka-Shing invested nearly 100 million Hong Kong dollars in the Bitcoin market in 2014 and HODL for a long-time. Based on the price calculation at that time, he had acquired around 3,800 bitcoins. Apart from this, he also made investments in the bitcoin and cryptocurrency platform Bakkt through his venture capital firm Horizon Ventures.
5.) Jack Dorsey
Jack Dorsey, a former Twitter CEO and chief of US-based payment company Square is also a big vocal advocate of Web 3. As per the report, Jack Dorsey currently owns 4,709 Bitcoin at an aggregate purchase price of $50 million. Another report published in the Bitcoin Magazine claimed that Jack Dorsey owned Square owns approximately 8,027 bitcoin. He also believes that crypto will outperform Bitcoin in the future.
Lessons Learned
Despite the success of some Bitcoin owners, many others have lost significant amounts of money. Investing in Bitcoin is not for the faint of heart; it is essential to research and understand the risks before diving in.
One of the biggest lessons learned by Bitcoin owners is the importance of holding onto your Bitcoin for the long term. Many waves of panic and sell when the price dips, only to regret it when the price rises again. The key is to have a long-term strategy and to be patient.
Another lesson is the importance of diversification. While Bitcoin has been a good investment for many people, spreading your risk by investing in other assets is essential. No purchase is immune to market fluctuations, and diversification can help mitigate the risks.
Governments worldwide have taken different approaches to regulating cryptocurrencies, with some countries embracing them and others cracking down on them.
There have been many instances of people losing their Bitcoin to scams or hacks, and taking steps to protect your assets is essential. This includes using secure wallets and exchanges and being wary of unsolicited offers or requests for your Bitcoin.
Out of surprise, the arrival of digital collectible projects on the Bitcoin network, like Ordinals, also paved the way for investors to split their investments.
Conclusion:
The gamble that is Bitcoin is only for some. Investing in Bitcoin requires a high tolerance for risk, and it is essential to research and understand the potential rewards and pitfalls. The Bitcoin proprietors we have discussed are just a few examples of people who have become very wealthy thanks to their investments in Bitcoin. As with any investment, risks are involved, and preparing for possible losses is essential.
As cryptocurrency continues to evolve, Bitcoin will undoubtedly remain a significant player. However, as with any investment, caution is advised, and it is essential to approach Bitcoin with a clear-eyed view of the risks and rewards.
