As bitcoin soars people ask who is Giancarlo Devasini, Italy's richest man?

Bitcoin is back in the spotlight after a week-long rally pushed the cryptocurrency above $79,000, with gains of more than 20% in just a few days.

The rally has been driven by fresh flows into spot Bitcoin ETFs, expectations of greater liquidity in the United States, a more favourable climate for cryptocurrencies in Washington and a squeeze on traders betting against Bitcoin.

But there is a distinctly Italian twist to the story. While Bitcoin returns to centre stage, Italy's richest man is someone who built his fortune at the heart of the crypto economy.

At 62, Giancarlo Devasini, chairman of Tether — the company behind USDT, the world's largest stablecoin — has amassed a fortune estimated by Forbes at $89.3 billion, making him the world's 23rd-richest person.

His fortune is almost twice the $48.8 billion attributed to Italian businessman Giovanni Ferrero and also well ahead of Andrea Pignataro, whose wealth is estimated at $42.6 billion. It is the first time since 2007 that an Italian other than a member of the Ferrero family has occupied the top spot.

He didn't get rich by buying Bitcoin

To say that Devasini made his money "with Bitcoin" is striking, but not entirely accurate. His wealth was built through the broader crypto economy, above all through Tether and the ecosystem that has developed around cryptocurrencies.