Meet the Bitcoin Millionaires

Early adopters of the virtual currency are suddenly rich
Max Raskin
From left: Charlie Shrem, Jered Kenna, and Yifu Guo Shrem and Kenna: Photographs by Aaron Wojack for Bloomberg Businessweek; Guo: Photograph by Damien Maloney for Bloomberg Businessweek; Illustrations by Dorothy Gambrell

Many people have lost some data while reformatting a computer hard drive. Jered Kenna lost more than that. In 2010 he erased from his computer 800 Bitcoins that have been worth more than $200,000. Kenna isn’t upset: He has plenty more. He says he bought his first batch of virtual currency, 5,000 coins, at 20¢ each. On April 10, Bitcoins traded for as much as $258 each, according to Tradehill, a Bitcoin exchange in San Francisco, before plunging more than $100. Like other enthusiasts, Kenna shrugs off the volatility. While he won’t disclose his total holdings, he says, “I’m happy to be considered a member of the Bitcoin millionaires’ club.”

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