Vitalik Buterin is no longer a billionaire

May 20, 2022 - 18:12
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Vitalik Buterin is no longer a billionaire

Buterin had the status of a billionaire back in November last year if the value of the cryptocurrency he owns is taken into account. With the great decline of that market, it lost that status.

The man who was one of the main initiators of the blockchain Ethereum and the related cryptocurrency ETH, Vitalik Buterin, "boasted" on Twitter that he no longer has the status of a billionaire. 

Buterin was born in Russia, and today he has citizenship in Canada and, more recently, Montenegro. He wrote a “white paper” on the founding of Ethereum in November 2013, only to eventually launch it a year later, with some modifications.

Like Satoshi Nakamoto, the mysterious initiator of bitcoin, Buterin has preserved a large amount of "his" cryptocurrency for himself. At its peak in November last year, its cryptocurrency was about $ 1.5 billion. After that, a significant decline began, not only in Ethereum but also in other cryptocurrencies, so Buterin’s financial “weight” also sank.

In February, it was not on the Forbes list of the richest owners of cryptocurrencies, and the value of one ether has fallen further since then - compared to the peak of about $ 4,800, today this cryptocurrency is traded at 60% lower prices, below $ 2,000. 

Thus, Buterin fell from "1.5 billion" to "only" about 600 million US dollars, which he confirmed on Twitter in a passing conversation.

His "colleague" in wealth, the founder of Binance Changpeng "CZ" Zhao, lost far more in the fall of the crypto market. Since the beginning of this year, he has lost about 85% of his financial wealth, ie the value of his assets has been reduced from 96 to "only" 14.9 billion dollars, according to Bloomberg's list of billionaires, which ranks 113th in the world. 

The first is still Elon Musk with $ 201 billion and the second is Jeff Bezos with $ 131 billion. Their wealth is in the shares of their own companies, not in cryptocurrencies, so their decline in net worth - although noticeable - is smaller than that of crypto billionaires.