- Billionaire-backers of crypto including Elon Musk and Brian Armstrong set to bear brunt of ‘bloodbath’
- Armstrong, the founder of Coinbase, has seen $11billion vanish from his personal wealth
- Tesla, which took a $1.5billion gamble on Bitcoin last February, has already seen that investment fall flat
- Tyler and Cameron Winklevoss have reportedly lost half of wealth, down to $2.2billion from $4.5billion
Some of the world’s cryptocurrency billionaires are seeing billions wiped from their fortunes as digital currencies plunge in value over fears for the wider global economy.
Trader Brian Armstrong, the founder of Coinbase and was once worth $13.7billion, has seen $11billion vanish from his personal wealth as digital currencies went through the floor when investors started to sell amid fears of a new recession, high inflation and global economic turmoil.
He and Tesla founder Elon Musk are among the billionaires who have had $20billion wiped from the value of their investments as the great online currency crash continues today – with one mega-rich trader reportedly losing $800million in a day.
Tesla, which took a $1.5billion gamble on Bitcoin last February, has already seen that investment fall flat with its estimated value already $300million lower than it was 15 months ago.
Mr Musk is one of four so-called ‘Crypto Bros’ whose combined gigantic wealth, which for years has helped prop up the online currency market, has now taken the most colossal hit despite believing crypto would be a safe haven during the pandemic. But more than $20billion has been wiped off the cryptocurrency market today alone.
Coinbase’s shares are down 84 per cent since their first day of trading in April 2021.