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.