The crypto lending platform Nexo has been ordered by several California securities regulators to halt its crypto yield product. The state claims that the company’s interest-bearing accounts qualify as unregistered securities that require proper disclosures and legal protections. The enforcement action was announced by the California Department of Financial Protection and Innovation (DFPI) on Monday. The Department said its action was part of a larger investigation of companies offering crypto interest accounts.” “The DFPI has undertaken aggressive enforcement efforts against…
In a bid to solve the current issues faced in the financial world, digital currencies came into play, with Bitcoin being the first of its kind. Twelve years down the line, bitcoin has grown its value from less than a dollar in 2010 to $41,950 in January 2021.
The open-source software possesses distinct yet convenient features that make it a favorable investment option for many. Among the features include aspects such as decentralization, privacy, transparency, and many more.
Due to this reason, most individuals took the initiative of venturing into the lucrative digital currency. Below is a brief overview of key industry players who beat all the odds to invest with bitcoin.
Tyler and Cameron Winklevoss
The Winklevoss twins were among the first bitcoin investors in the crypto space. Before engaging with the decentralized currency, the two brothers had an ongoing case against Mark Zuckerberg.
According to the case, Zuckerberg allegedly stole a software concept initially designed by the duo. After receiving a $65 million settlement, Tyler and Cameron used $11 million to buy bitcoin. At that time, the value of one bitcoin traded at $120.
After working for Fortress Investment Group, Novogratz explored the world of cryptocurrencies with Galaxy Investment Partners. Currently, he is the GIP CEO, which focuses on the investment of digital currencies, particularly bitcoin.
In 2013, Michael Novogratz used personal investments of $7 million to purchase bitcoin meant to fund GIP. In 2017, he revealed that 20% of his net worth was in cryptocurrencies, with bitcoin being the major investment player.
Tim’s investment venture started when he purchased 30,000 bitcoins worth approximately $19 million in 2014. This bold move was during a public auction event conducted by the U.S Marshals, who recovered the digital currency from a black market site.
Asides from investing, Tim has been a vocal figure in predicting an estimated future price of BTC. For instance, BTC hit the $10,000 mark in 2017 right after predicting its price three years before. Come 2023, he projects that BTC would reach a price of $250,000.
Olaf’s passion for bitcoin started way back during his college years where he wrote a thesis on the digital asset. At that time, he was fascinated by the technology that runs bitcoin’s ecosystem.
Due to his bitcoin’s admiration, Olaf Carlson invested most of his savings to buy the cryptocurrency. Luckily, he became one of the earliest employees at Coinbase, where he received his salary in the form of bitcoins.
Popularly dubbed as the “Bitcoin Jesus,” Roger Ver stands as a significant bitcoin promoter. Furthermore, Ver heavily invests in bitcoin-related startups such as Blockchain.info, Kraken, Bitpay, and many more.
Back in 2012, the bitcoin evangelist formulated BTC meetups meant to bring together massive enthusiasts. Roger Ver further became the Bitcoin Foundation founder, a non-profit corporation aiming at changing the negative narrative surrounding bitcoin and campaign for its adoption.
In 2019, he managed to become the Executive Chairman of Bitcoin.com. The American entrepreneur did another noble act in 2013 after donating Bitcoins worth $1 million to the Foundation for Economic Education.
Tony Gallippi is another significant name in the BTC space. He founded a payment processing service popularly known as BitPay on behalf of merchants in the market.
The American payment provider seeks to bring checkout services for companies accepting BTCs. BitPay continues to make huge strides while receiving support from notable companies like Yahoo, Index Ventures, and many more.
Like Tim Draper’s scenario, Barry Silbert acquired his bitcoins from an auction held by the U.S Marshals. He scooped a total of 48,000 BTCs, which traded at $350 in 2014. The American government seized the cryptocurrency from Ross Ulbricht, a suspected dark web operator.
Charlie Shrem is yet another bitcoin enthusiast who became one of the Bitcoin Foundation founding members alongside Roger Ver. He went ahead to create BitInstant, a platform designed to allow bitcoin purchases at a small fee.
In a bid to expand the platform, Charlie received donations from Roger Ver and other investors like the Winklevoss Capital Management. Within no time, Bitinstant could handle 30% of all BTC remittances. Charlie Shrem strongly believes that bitcoin’s technology could help safeguard funds without leveraging banks or any traditional financial institution.
According to Paul Tudor, bitcoin poses as the ideal inflation toolset to propel it even further. Moreover, the hedge-fund billionaire believes investing in bitcoin is similar to investing in shares from well-known companies such as Google and Apple.
Paul is the founder of Tudor Investment Corporation, a Connecticut-based asset management company. At the end of 2020, he stated that he owns a single-digit investment in bitcoin. As per the latest Forbes listings, the hedge fund manager has a $5.8 billion net worth.
Michael Saylor is one of the most popular bitcoin pioneers running MicroStrategy, a business intelligence software company. Through Saylor, MicroStrategy ventured into bitcoin in August 2020 by purchasing 21,454 bitcoins using $250 million.
An additional bitcoin investment took place the following month, whereby the software company invested bitcoin worth $175 million. MicroStrategy invested yet another $50 million in December 2020. By the end of the year, MicroStrategy reportedly had 70,470 bitcoins worth $1.125 billion in purchases.
From the list above, bitcoin clearly shows the positive impacts it brings to every investor’s financial status. Millionaires emerge from every corner of the world after committing their funds towards a worthwhile cause.
At the same time, bitcoin seems to be a risky venture with an unexpected turnout. Its volatile nature affects the earnings or profits of users. However, no matter the considerable risks involved, investors such as the Winklevoss brothers eradicate the current skepticism revolving around bitcoin’s existence and capabilities.
Devoted individuals in the crypto space are usually on the hunt for legitimate crypto insights or content. Crypto Adventure serves as one of those platforms giving you access to crypto news, guides, digital asset sale, project marketing, and much more. At the core of Crypto Adventure lies a dedicated team looking forward to providing in-depth education on cryptocurrencies, especially bitcoin. Check out the top 10 Billionaires who endorsed Bitcoin.