Cryptocurrencies are turning astute investors into overnight rich listers. But with increased government oversight on the way and warnings of a market bubble, is the sun setting on the much-hyped sector?
Everyone is talking about cryptocurrencies. Once relegated to the shadowy realms of the internet, they have hit the big time.Indeed, digital currencies such as Bitcoin, Ethereum and XRP are now so popular that the word ‘cryptomania’ has been coined to indicate the depth of the obsession .
The explosion of blockchain technology has been so momentous that more than 1,500 crypto-assets now exist, valued at around US$600 billion, making it abundantly clear that digital-based currencies have significant – but volatile – value.
Bitcoin, the most famous and highest priced cryptocurrency at this time, is a case in point.
It surged to more than US$19,000 per unit in December 2017, transforming it from an obscure digital asset into an enormously attractive and internationally recognised one.
And despite having tumbled substantially from its apex, Bitcoin remains the de facto standard for cryptocurrencies, with some analysts predicting it will soar to a staggering US$50,000 per unit in 2018.
CRYPTOCURRENCY BILLIONAIRES
In such a turbocharged market, there have already been notable winners.
Riding the crest of the wave is the world’s richest man in cryptocurrency – Chris Larsen. A veteran Silicon Valley operator, Larsen amassed a fortune generated from his US$5.2 billion worth of XRP currency, the token of the Ripple platform. At the time of writing his net worth is estimated at between US$7.5 billion and US$8 billion.
Canadian entrepreneur, and former Goldman Sachs banker, Joseph Lubin has also struck gold with his cryptocurrency investments. The co-founder of the Swiss-based Ethereum decentralised crypto platform, Lubin is thought to be worth US$1 billion to US$5 billion, making him the world’s second richest individual in the burgeoning sector.
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