Dangote Drops 60 Places in Billionaire List But Would have been 6th If 5% of his Wealth were in Bitcoin

Dangote Drops 60 Places in Billionaire List But Would have been 6th If 5% of his Wealth were in Bitcoin

  • In the last three years, Aliko Dangote has fallen down 60 places in the Forbes list of richest men in the world
  • Elon Musk who, during that period has jumped to become number one in the world, is a staunch promoter of cryptocurrency
  • If Dangote had chosen to take that part of investing a fraction of his wealth on Bitcoin, he would have been the 6th richest man alive

Forbes has revealed that Africa's richest man Aliko Dangote has dropped more places in its list of richest men in the world.

Dangote according to the respected media ended 2021 at 191st position despite making over $3.2 billion to close the year with $11.5 billion.

2021 position is a massive drop compared to 162th it ended 2020 with N8.3 billion and 136th as at 2019 when he was worth $10.4 billion.

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Dangote Drops 60 Places in Billionaire List, Would have been 6th, If 5% of his wealth were Invested on Bitcoin
Dangote wealth movement chart Photo Credit: forbes
Source: Facebook

Dangote could have been a multi-trillionaire

However, Dangote, who gained the majority of his fortune from cement manufacturing through his cement firm, Dangote Cement, would have risen to sixth place if he had put 5% of his fortune in Bitcoin 7 years ago.

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Dangote's fortune reached an all-time high in July 2014, when it was valued at $16.1 billion, according to Bloomberg.

If on December 7, 2014 (7 years ago), Dangote's wealth stood at $16.1 billion, and he decided to allocate 5% of his holdings, which would be approximately $805 million at the time, into Bitcoin, which was trading at $375 at the time, he would have seen that allocation rise by 13,416 percent to currently stand at approximately $109 billion. Nairametrics reports.

Using Bitcoin's market price of $50,700 as of December 7th, 2021. All else being equal, this would put his total fortune at $127.9 billion, making him the world's sixth richest man.

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At Bitcoin’s all-time high of $68,789.63, Dangote’s wealth would stand at $166.7 billion, all things being equal, making him richer than Bill Gates, to be the fourth richest man in the world.

More money

If, as of August 2020, Dangote allocated just 2% of his wealth, which at the time, stood at around $13 billion, to meme coin sensation Shiba Inu, Aliko would no doubt be the richest man to ever live, and the world’s first multi-trillionaire.

Cryptocurrency trading not allowed in Nigeria

Meanwhile, Legit.ng reported that the Central Bank of Nigeria (CBN) has insisted that all cryptocurrency trading is an illegal forex transaction in the country.

On Tuesday, August 17, 2021, the federal high court in Abuja approved the Central Bank of Nigeria's plea to freeze the accounts of several technological trading platforms that provide local and foreign equities.

Justice Ahmed Mohammed allowed the apex bank's request to freeze the accounts of RiseVest Technologies Limited, Bamboo Systems Technology Limited, Chaka Technologies Limited, and Trove Technologies Limited for 180 days in his judgment.

Source: Legit.ng

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