Daily Traders Edge

Bitcoin’s Price Surge Is Creating Billionaires Overnight. And Then Bringing Them Back to Earth

December 14
16:04 2017

The skyrocketing price of cryptocurrencies had one very happy customer in Michael Poutre this week.

Poutre, CEO and one-fifth owner of unknown company Crypto Co., briefly became one of the world’s richest billionaires—on paper at least.

On Monday, the company hit a high of $3.9 billion, performing better than bitcoin. Its market value, in turn, jumped to $12.6 billion, which is equal to the 381st biggest member of the S&P 500, reports The Wall Street Journal. That market value made Poutre one of the richest people in America, but only on paper, and only briefly. By Tuesday the share price crumbled, only to partially bounce back on Wednesday.

Continue Reading at Fortune

Related Articles

Newsletter Signup

Sign up for our free newsletter