Crypto billionaires feel the pinch amid market slump

Seven of the world’s richest crypto evangelists have lost a combined $114bn since November as digital-asset values crumble. Picture: BLOOMBERG

Worth as much as $145bn on November 9, when bitcoin reached a record high of almost $69,000, seven billionaires with fortunes tied to crypto have since lost a combined $114bn, according to the Bloomberg Billionaires index. Many others who have bet big on bitcoin, from Microstrategy CEO Michael Saylor to El Salvador President Nayib Bukele, are also feeling the effects as the price of the world’s largest digital token slumped below $21,000, the lowest level since December 2020.

Coinbase, the largest US crypto exchange, said on Tuesday it will lay off 18% of its workforce, citing the possibility of a recession that could lead to a “crypto winter”. Bankman-Fried, the CEO of crypto trading platform FTX, is down 66% since his fortune peaked at $26bn. That could dent his plans to give away his money and spend big in politics. He poured $16m into super PACs in April, making him one of the top donors to outside groups, and has said he expects to give more than $100m during the next presidential election to support Democrats.

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