..Nice to see I'm not the only person on this Crazy Train.
Mellon Banking Heir's New Crypto Fortune: Almost $1B In Ripple's XRP
This story appears in the February 28, 2018 issue of Forbes.
This heir to one of America's great banking fortunes, and a former chair of the New York Republican Party's finance committee, has struggled with drug addiction. So when he began dabbling heavily in cryptocurrencies years ago, his friends and family tried to dissuade him, figuring it was another erratic obsession. And, indeed, he abandoned some early investments and sold his Bitcoin a few years ago.
But then Mellon got turned on to XRP, spending some $2 million to acquire coins, which he liked because it's one of the few cryptocurrencies that are working within the banking system. "Crypto is scary and dark. It's anti-America," says Mellon, 54. "I am pro-America, pro-business and pro-bank. That's why I went with Ripple."
Mellon's XRP is worth around $1 billion. Recently divorced, he parties in a posh Los Angeles house he rents for $150,000 month. "It's $1 billion virtually for free. I actually have earned it because I was the only person who was willing to raise his hand," says Mellon. "My family thought I was insane, when I knew it was a home run."