Not even crypto’s kingpins know if you should buy bitcoin

Not even crypto’s kingpins know if you should buy bitcoin A recent estimate figures that 95% of bitcoin’s wealth is held by 4% of the market — AKA the kings of the Crypto Castle (home to some of the most prominent crypto investors), AKA the people everyone laughed at 4 years ago, AKA the world’s […]


January 17, 2018

Not even crypto’s kingpins know if you should buy bitcoin

A recent estimate figures that 95% of bitcoin’s wealth is held by 4% of the market — AKA the kings of the Crypto Castle (home to some of the most prominent crypto investors), AKA the people everyone laughed at 4 years ago, AKA the world’s newest breed of billionaires.

But as crypto explodes and starry-eyed investors rush in, this inner circle leads a life of paranoia and secrecy, plagued by the fear that it could all go away at any moment.

Who are these crypto kings?

There’s Jeremy Gardner, 25 (head honcho of the Crypto Castle), whose startup Augur is now worth over $1B via ICO.

Then there’s Chris Larsen, the co-founder of Ripple, who, after a spike in token price, was worth $59B — more than Mark Zuckerberg.

And, of course, there’s 23-year-old crypto prodigy Vitalik Buterin, creator of Ethereum (the 2nd largest cryptocurrency after bitcoin). Vitalik doesn’t publicize his net worth, but Ethereum’s market cap currently sits around $100B.

But it’s not easy at the top

Grant Hummer, who runs a $100m crypto hedge fund, told The New York Times that his “neurons are fried from all the volatility,” and he views the rise of crypto as a sign that people have lost faith in civilization.

After a death hoax sent Ethereum’s price into a tailspin, Vitalik had to prove he was still alive, from a secure location.

And when people ask Pieter Wuille, a key developer of bitcoin, if they should buy in, he tells them the truth: He has “no idea.” That may be the safest answer.

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