News

Crypto Billionaire Fortunes Increase Strongly After Donald Trump’s Win

Key Points:

  • Bitcoin’s surge to record highs has increased crypto billionaire fortunes by about $70 billion since late 2022, with Binance’s Changpeng Zhao leading the gains.
  • Other prominent figures like Michael Novogratz, Brian Armstrong, and the Winklevoss twins also saw substantial net worth increases amid renewed crypto market optimism.
According to Bloomberg, Bitcoin’s recent surge to an all-time high propelled crypto billionaire fortunes by about $70 billion since late 2022.

Read more: Binance Founder CZ Increases Net Worth to $53 Billion After Trump Win

Bitcoin Surge Sends Crypto Billionaire Fortunes to New Heights

Bitcoin has already been leading since the change in political outlook following the victory of Donald Trump in the U.S. election. Now, it has boosted crypto billionaire fortunes and fired up fresh optimism within the crypto space.

Leading the wealth increase is Binance Chief Executive Officer Changpeng Zhao, known as CZ, whose net worth swelled by about $49 billion, according to the Bloomberg Billionaires Index.

CZ, who settled a U.S. inquiry into Binance earlier this year, is one of those seeing their fortunes rebound sharply. He encapsulates the roller coaster ride crypto billionaires have been on since many were pounded by the repercussions from the collapse of FTX two years ago, a meltdown that was among the most traumatic in a series of shocks to have hit high-profile figures around the industry.

Crypto’s Top Stars Rebound by Billions

The head of Galaxy Digital, Michael Novogratz, also increased his wealth substantially to $5.6 billion, up from $1.8 billion since 2022. Brian Armstrong, a co-founder of Coinbase, increased his net worth nearly tenfold, pegged at $14 billion.

Other notable winners of the windfall include Winklevoss twins, who have almost had their fortunes double to a value of $5 billion each. This wider rally has also ballooned the smaller cryptocurrency exchanges and mining firms.

Trump’s friendly approach to Bitcoin is a whole different matter compared to the Biden administration that put Gary Gensler as SEC Chairman to target fraud and misconduct in the sector. Trump’s return brings fresh hope that he might appoint crypto-friendly regulators, signifying possible regulatory relief, which will continue the euphoria in the crypto market.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

3,200 Holders Strong: Experts Believe Qubetics Could Be the Best Crypto to Buy Today After Missing ChainLink

If you’re regretting missing that wave, here’s some exciting news: Qubetics ($TICS), with its ongoing…

26 minutes ago

Ethereum Spot ETF Inflows Hit $91.2M After Six-Day Outflow

Ethereum Spot ETF Inflows reached $91.2M on Nov 22, marking the first net inflow in…

4 hours ago

Kraken Token Listing Roadmap Includes 19 New Coins

Kraken Token Listing Roadmap adds 19 tokens like BNB and DYDX, boosting its offerings. Trump’s…

4 hours ago

Qualified Stoner Cats NFT Investors Will Receive $1 Million In Compensation

Investors who held or sold Stoner Cats NFTs before September 2023 are eligible for compensation…

4 hours ago

SEC Commissioner Lizárraga Announces Departure From Agency

SEC Commissioner Lizárraga announces plans to leave in January after Gensler’s exit, focusing on family…

5 hours ago

FTX Liquidator Transfers RAY Worth Millions To Binance

FTX Liquidator Transfers RAY worth $3.79M to Binance Deposit after receiving 1.853M RAY from an…

5 hours ago

This website uses cookies.