Blockchain & Exchange

Whales React as Their Cryptocurrency Fortunes Get Wiped Out

Whales React as Their Cryptocurrency Fortunes Get Wiped Out

Several cryptocurrency whales have expressed their sentiments lately as they witnessed huge portions of their cryptocurrency fortunes disappear amid the current meltdown in the crypto-asset space.

Their reactions affirm that the cryptocurrency market collapse is real and has adversely impacted their billionaire statuses. We are interested in sharing this update with our readers regarding virtual currency billionaires’ cryptocurrency fortunes.

We believe it will enable them to understand the repercussions of the present crisis in the cryptocurrency field.

According to the Monday, May 23, 2022 news posted online by Australian news outfit the Brisbane Times, Vitalik Buterin confirmed in a Twitter post that he is not a billionaire anymore.

The Ethereum blockchain platform’s co-founder is among the latest casualties in cryptocurrency fortunes’ dramatic downfall. Buterin concocted Ethereum in 2014.

He owns the digital wallet containing holdings worth approximately US$1.5 billion as recently as November. The trading price of the Ether token associated with the blockchain has plummeted by 55 percent since then.

Buterin previously suggested he would welcome lower virtual coin trading prices. Last February, he mentioned that many people deep into cryptocurrency, especially building things, welcome a bear market.

The Winklevoss twins are cryptocurrency whales like Buterin, who recently commented about the decimated portions of their cryptocurrency fortunes. They had insisted that their virtual asset investments are long-term.

Last Thursday, May 12, Cameron Winklevoss used an acronym for “hold on for dear life.” He tweeted that cryptocurrency investing is all about HODLing for the long game and perspective.

Michael Novogratz, who founded cryptocurrency merchant bank Galaxy Digital, acknowledged that TerraUSD was a massive idea that did not succeed.

He referred to the challenging international macroeconomic backdrop as the reason for whales’ depleting cryptocurrency fortunes.

The former hedge fund trader remarked that the TerraUSD coin’s collapse had dented confidence in the decentralized finance and crypto-asset space.

Furthermore, Novogratz described how the downward pressure on $UST withdrawals and reserve assets triggered a stress situation similar to a bank run.

He cited those reserves were insufficient to prevent the $UST stablecoin’s disintegration. We feel sad for the ultra-wealthy cryptocurrency backers like Mr. Vitalik Buterin, Mr. Cameron Winklevoss, Mr. Tyler Winklevoss, and Mr. Michael Novogratz.

We gathered that many of these virtual currency whales are early investors. Additionally, we learned that many of them have philanthropy as a priority for them, which is why they engaged in cryptocurrency investment.

However, we think the current bloodbath in the cryptocurrency space is temporary. We believe these virtual currency whales can rebuild again later on.

Once they accumulate massive cryptocurrency fortunes again, we think they can realize their shared goal of philanthropy and a better life for cryptocurrency backers and humanity.

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