Which High Net-Worth Individuals are Backing Cryptocurrency?
Cryptocurrency seems to be a subject on everyone’s lips these days and something we are all talking about. Since the first coin launched in the late 2000’s, this is a market which has grown considerably and which is now as mainstream as investing in stocks or bonds.
But why has crypto been able to grow and move into the mainstream so successfully in recent years? One thing you have to factor in is the number of safe and simple to use crypto exchanges to use. Market leaders like okx.com give everyone a secure way to access the cryptocurrency market online and make it easy to put money into this asset.
In addition, you also have to look at the positive effect high net-worth individuals have had on crypto becoming mainstream. The backing these individuals give has enabled digital cash to become more credible as an investment and also find favor in the commercial sector. Of course, high net-worth individuals investing in crypto also helps bring liquidity to the market and encourages other people to get involved.
But which are some of the most important high net-worth people who have backed crypto to date?
Checking out the net worth of top celebs is always cool and it is also fun to look at which super-rich people back crypto.
One example is Stanley Druckenmiller. As well as being an investor and philanthropist, this business leader is also known as former chairman and president of Duquesne Capital. Although this closed in August 2010, it was believed to have over $12 billion in assets at the time. Druckenmiller also spent a couple of years in the late 1990’s managing the Quantum Fund for George Soros.
In terms of his backing for the thriving cryptocurrency market, Druckenmiller tellingly commented in November 2020 that he had invested money into Bitcoin. Although it is not known if he has invested in other coins as yet or has any plans to, this shows that he feels the crypto market is one that is worth getting behind.
American entrepreneur Michael Saylor is a name many know for being co-founder and CEO of business intelligence firm MicroStrategy. This is a very successful business which delivers cloud-based services, mobile software and business insights to the commercial sector. In addition, he is a published author and the sole trustee of the Saylor Academy. With an estimated net worth of around $2.9 billion, he is a high-flying executive with plenty of cash behind him.
Saylor is also another high-net worth person firmly behind cryptocurrencies. In October 2020 for example, he stated that he had brought $175 million worth of Bitcoin! It is also believed that he invested some MicroStrategy profits into Bitcoin. This saw over 70,000 Bitcoins purchased with a value of $1.1 billion. As this shows, Saylor is someone who is very active in the crypto market.
Elon Musk’s purchase of Twitter might have been what he is in the headlines for right now – but he also makes major news for his estimated personal fortune of over $190 billion. His backing for crypto has also got people talking too! The tech entrepreneur for example has been on record many times in the past talking favorably about digital cash and the investments he has made in things like Dogecoin.
In addition to the above, it also appears that Musk’s company Tesla is also firmly behind cryptocurrencies. This saw the company purchase $1.5 million in Bitcoin in early 2023 and also release plans around the same time for allowing people to buy Tesla vehicles with crypto coins soon. This all shows the positive view that tech behemoth Musk appears to hold on crypto and this should only strengthen over time.
While Elon Musk is a name most are familiar with who appears to be backing crypto, Tim Draper might not be so well-known. He is however another very successful businessperson who has amassed a high net worth – this is thought to be $2 billion at present.
Draper started out as the founding partner of the Draper Fisher Jurvetson venture capital firm. As well as making money by investing in companies like Tesla, Draper has also built his own wealth by getting involved with the cryptocurrency market. This saw him buy $18.7 million of Bitcoin in 2014 and become an early champion of this type of money. It is thought that this investment is now worth $1.8 billion and you can be sure he is glad he decided to get behind crypto.
Known simply as ‘Pomp’ in crypto circles, this American business leader and venture capitalist is also a major champion of cryptocurrencies. As well as publishing his crypto focused ‘The Pomp Letter’ each day to subscribers and hosting the popular ‘Pomp Podcast’, he is co-founder of Morgan Creek Digital.
This is the cryptocurrency arm of investment firm Morgan Creek Capital and shows what a major player he is in the sector. With a net worth of around $200 million, ‘Pomp’ is certainly someone who has been backing crypto for a long time.
As of January 2023, Roszak was believed to have personal wealth amounting to $1.2 billion. He is also well known for not only being a successful venture capitalist but also a major backer of crypto. This has seen him invest money into cryptocurrencies – indeed, it is thought that Roszak was an early crypto champion and began buying coins in 2012.
In addition to putting his own money into the market, this billionaire entrepreneur is also the co-founder of leading Blockchain start-up, Bloq. This sees him enjoying a key position in the sector as a Blockchain advocate and shows the backing he has for crypto overall.
High-net worth figures who champion crypto
When you start to look around at high net-worth individuals, you soon start to come across many that not only back crypto but also invest money into it. This has helped the whole cryptocurrency industry gain more credibility with other investors over time and grow as a financial market in its own right.