China’s Anti-Crypto Stance Doesn’t Halt Their Citizens from Becoming Crypto Billionaires

The Hurun report is released annually, and reported that Greater China is the “ world’s absolute No 1 with 819 billionaires, a staggering 210 more than last year. In what some may seem as a surprising twist due to China’s government stance on cryptocurrency, and the claim that they undermine national interest, 13 cryptocurrency-related individuals have made the cut. The Hurun report ranks individuals with at least a net worth of 2 billion yuan, or $289 million USD.

China’s cracking down on the cryptocurrency sector would make you think breaking drawing wealth from the industry would be hard. With news such as China’s Central Bank issuing warnings concerning cryptocurrency exchanges and banning initial coin offerings, the country seemed poised to lock down the whole industry. The ban even led to cryptocurrency exchange BTCC closing, the world’s oldest bitcoin exchange. This however hasn’t deterred determined citizen from getting wealthy from cryptos.

While the top spots are relegated to the usual faces of Jeff Bezos, taking first place, Warren Buffett, Bill Gates, and Mark Zuckerberg, there have been some new names added to the list, coming from China. The only cryptocurrency-related person to break into the list of the 100 wealthiest people in China, was Micree Zhan Ketuan, who touted an estimated net worth of 29.5 billion yuan. Micree Zhan is a co-founder of Bitmain, the largest bitcoin mining company in the world, which is currently valued over $10 billion. Bitmain’s other co-founder Jihan Wu, also made the list with an estimated worth of 16.5 billion yuan. The crypto mining industry has been good for Chinese companies Bitmain, , Canaan Creative and Ebang International Holdings, as nine of the thirteen Chinese crypto-related businessmen come from these respective companies. Another major player in the crypto ecosystem, Binance’s own Zhao Chenpeng, came in at #230, with a staggering 15 billion yuan.

Despite bear markets and Chinese crackdowns, 2018, has certainly been a good year for Chinese crypto businessmen.