Coinbase CEO Brian Armstrong has been one of the top billionaires lately. But the recent Bitcoin and crypto crash has hit his fortune in the most brutal way. The latest Bloomberg billionaire index reports that Coinbase CEO Brian Armstrong’s net worth has taken a hit, making him slip away from the top 500 Bloomberg billionaire list.
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How Much Loss Has Armstrong Encountered As Of Late?
Per the latest Bloomberg report, Coinbase CEO Brian Armstrong’s net worth has taken a massive hit, shedding nearly $10B in losses after hitting a peak at $17.7B. His net worth earlier is now steady at $7.7B, with his investments spanning a 17% stake in Coinbase alongside owning a part of NewLimit, a biotech startup.
Armstrong’s wealth has taken a significant hit due to the recent crypto crash narratives. Moreover, leading banking institutions JP Morgan and Chase have also updated their COIN share forecast, cutting the share target by nearly 27%. This new development has also taken a toll on Armstrong’s net worth, injuring his wealth status at present.
Apart from Coinbase’s Armstrong, other leading crypto billionaires such as Cameron and Tyler Winklevoss, Galaxy Digital’s Mike Novogratz, and Michael Saylor have also encountered a significant dip in their wealth status and net worth.
Armstrong’s Comments on Latest Coin Price and Market Pullback
Despite such odds, Coinbase CEO Brian Armstrong seems unfazed by the aforementioned development. Speaking about the recent crypto market crash, Armstrong commented that these volatile market patterns have always been present and that this outlook does not impact his vision in any way.
“It’s been a volatile few days in the crypto markets. This is nothing new. Crypto has gone through many market cycles at this point. Personally, this doesn’t change my outlook—I don’t see how you can be anything but long-term bullish on crypto. It’s eating financial services at an incredible rate. Coinbase is going to keep shipping through any market conditions, as we’ve always done. We’ve got a financial system to update.”
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