Cryptocurrencies are an unregulated, decentralized and highly secure currency system. The security and anonymity associated with cryptocurrencies have made them a plus for any financial institution.
The world's first cryptocurrency was Bitcoin. It was created by a person or group of persons hiding under the pseudonym "Satoshi Nakamoto." Since then, many other cryptocurrencies such as Ripple and Ethereum have been created with success.
The cryptocurrency world has also proved itself as a money making source over the last decade. Many people gamble with Bitcoin and its drastically fluctuating value, by investing when it's worthless, and withdrawing when it's worth more. Just like the stock exchange scene, various cryptocurrencies are subject to the whims and turns of the market. Investors are granted the opportunity to buy low and sell high thereby turning a profit. Keen investors can also make a killing by investing in initial coin offerings.
For example, in 2017, many investors who took a leap of faith earned a lot from Bitcoin. The world's most valuable cryptocurrency rose in value from $900 to about $16,000. That singular phenomenon opened the eyes of many to cryptocurrency investments.
Today, more and more people are choosing to invest in cryptocurrency. Many businesses which are not even technologically oriented now accept payment in the form of Bitcoins. Like all business ventures, there are those who have made quite a killing from cryptocurrency. These people are referred to as Crypto Kings in mainstream media.
Chris Larsen: Chris Larsen is the co-founder of Ripple. Today, Ripple is one of the world's most valuable cryptocurrencies. A Stanford University alumni, his company controls more than 50% of the total XRP in supply. Chris Larsen has a net worth in the region of 8 billion dollars.
Michael Novogratz: Micheal Novogratz is the chief executive officer of Galaxy Digital. Michael is a shrewd investor. A macro hedge fund manager, he began investing in cryptocurrency in 2013. Today, he has a net worth with figures between $700m – $1b.
Valery Vavilov: In 2008, Valery Vavilov started a company named BitFury that specializes in mining bitcoins. Since then, his company has mined over 800,000 of the total Bitcoins in existence. His net worth sits just a 100 million shy of a billion dollars.
Other notable crypto kings include Dan Larimer, Brendan Blumer, Anthony Di Iorio, Brock Pierce, Brian Armstrong, and the Winklevoss twins.