Bitcoin, the virtual currency, created a massive craze among people globally. Even though cryptocurrencies have dried many people's fortune, virtual currencies made some people billionaires. Among them is Ben Delo, a 34-year-old Oxford graduate. Delo, who lives in Hong Kong, founded BitMex in 2014 and became the youngest billionaire in Britain. Delo and co-founders of BitMex, a cryptocurrencies exchange, have a fortune of around $3.6 billion. They have earned it from this enterprise. Delo is said to lead a simple life and work 18 hours a day. The BitMex co-founder is said to follow Warren Buffet and Bill Gates.
Delo, a science graduate, reportedly has put in a lot of effort to build the platform. This might be an example for many young entrepreneurs. According to a Daily Mail report, the bitcoin billionaire and his wife even use vouchers to buy food at McDonald's. They own only three pairs of shoes. Notably, the billionaire intends to give most of his wealth to philanthropic causes.
Last year the popular virtual currency Bitcoin rose to record high. The virtual currency had become the biggest economic bubble in history and crashed thereafter. With onset of new year, Bitcoin prices saw downhill trend by 12 per cent, leaving it at a two-month low. The fall in prices came before cryptocurrency exchange Coinrail said that it had suffered a hack and thereafter the crypto suffered a massive fall, the report said.
Virtual currencies lost over $42 billion (£31 million) in value across the world. The hack incident also sparked concerns about the security of virtual currency exchanges. In India, the government and the RBI have expressed their suspicion over the legality and security of the virtual currencies. The Finance Ministry last year said that virtual currencies like Bitcoin are not legal.
